The 36 state governors have resolved to return to the
Supreme Court for adjudication on the dispute with the Federal Government over
the operation of the Excess Crude Account (ECA).
If the governors get a ruling in their favour, this could
stymie the operation of the Sovereign Wealth Fund (SWF), whose management board
the Federal Government named last month with the appointment of Alhaji Mahey
Rasheed, as chairman and Mr Uche Orji, as Managing Director/Chief Executive of
the Nigeria Sovereign Investment Authority.
The fund is meant to take off with a seed capital of $1
billion, drawn from the ECA. The governors have decided to allow the legal
battle to run its full course following the failure of both parties to reach an
out-of-court settlement, after a series of meetings.
In a communiqué issued at the end of the Nigeria Governors’
Forum (NGF) meeting in Abuja and read to reporters by the NGF Chairman and
Governor of Rivers State, Hon. Chibuike Amaechi, the governors said they would
go back to the Supreme Court to compel the Federal Government to obey the
constitution.
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