ECA, SWF: Supreme Court adjourns FG vs states’ suit to March 8, 2016

The Supreme Court on Tuesday adjourned till March 8, 2016 the suit filed by the 36 states against the Federal Government over the dispute arising from the maintenance of the Excess Crude Account and the transfer of $1 billion from the account to the Sovereign Wealth Fund (SWF).
The 36 states are praying the court to decide whether they have a share in the SWF.
The Supreme Court had earlier granted a request by the parties to settle the matter out of court and to explore an amicable resolution of the disagreement.
At the resumed hearing, the Federal Government, through its counsel from Wole Olanipekun and Austin Alegeh’s Chambers informed the court that a new Attorney General of the Federation had just resumed in office and will need time to study the case file for necessary actions.
While adjourning, the Chief Justice of Nigeria, Justice Mohammed Mahmud, who presided over the matter, urged the parties to try as much as possible to settle the disputes before the next adjourned date‎ or the court will go into full trial.
The CJN noted that the matter had lingered for long, and such matter is better resolved outside the court.
The Sovereign Wealth Fund manages the surplus income produced from Nigeria’s excess oil reserves on behalf of the states and federal government.
The 36 governors are seeking an order declaring the proposed creation of the Sovereign Wealth Fund as illegal and unconstitutional.