The Supreme Court of Nigeria has fixed March 19 for hearing of the Sovereign Wealth Fund suit before it to enable the parties – the Federal Government and the 36 State Governors – file all relevant documents.
At the resumed hearing on Tuesday, counsel to the 36 states, Mr Yusuf Ali, accused the Federal Government of frustrating all attempts to settle the matter out of court.
The representative of the Federal Government, Ahmed Abdulmalik, told the court that there is no money called excess crude fund in the account of the states.
Having listened to both parties , the Chief Justice of Nigeria, who presided over the case, urged the counsels to advise the parties to settle out of court.
The 36 states had gone to the Supreme Court seeking for an order declaring the proposed creation of the Sovereign Wealth Fund illegal and unconstitutional.
The states are also praying that the court would issue an order to the effect that all sums standing to the credit of the excess crude account be paid to court or be otherwise secured as the court may deem fit pending the hearing and determination of the substantive suit.
