Friday, 21 September 2012

Excess Crude Account: Govs Back to Supreme Court

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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