Tuesday, 25 October 2011

SWF: Govs drag FG to Supreme Court

Governors of the 36 states of the federation, yesterday, initiated fresh legal war against the Federal government over the proposed creation of a Sovereign Wealth Fund.The Governors yesterday applied to the Supreme Court for an order restraining the Federal Government from making any withdrawals howsoever from the account styled the “Excess Crude Account” (or any account replacing same by any name howsoever) pending the hearing and determination of a subsisting suit they initiated in 2008.

Besides, the plaintiffs/applicants, are also praying the apex court to order that all sums standing to the credit of the said “Excess Crude Account”, (or any account replacing same by any name howsoever) be paid into court or be otherwise secured as the court may deem fit pending the hearing and determination of the substantive suit.
The Governors maintained that unless the order of injunction was granted, the Federal Government would continue to disregard, disrespect and ignore the pending suits before the Supreme Court.
The governors have briefed a Senior Advocate of Nigeria, Chief Adegboyega Awomolo, to kick-start the fresh legal fireworks on their behalf.

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