Supreme Court decides on Sovereign Wealth Fund today

The Supreme Court will, this morning, decide on the lingering legal battle between the 36 states of the federation and the Federal Government over the Sovereign Wealth Fund.
The 36 states of the federation had dragged the Federal Government before the Supreme Court over plans to transfer $1 billion from the Excess Crude Account to a new account to be known as the Sovereign Wealth Fund.
The apex court had earlier ordered the two parties to go and settle out of court and later bring the report of settlement.
But there was an outright collapse of an out-of-court mediation between the parties.
At the last adjourned date, counsel for the Federal Government, Austin Alegeh (SAN), told the court that the state government had just submitted additional terms of settlement and that he would need time to study and respond to them.
Though the case was filed by the 36 states governors last October 23, however, the Federal Government approached the court pleading it to allow the parties to explore amicable resolution of the case through negotiation.
The plaintiffs had in their consolidated suit, prayed the apex court for an order restraining the Federal Government from making any withdrawals whatsoeve 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 legal action they had initiated in 2008.
They further urged the 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.
Their lead counsel  Chief Adegboyega Awomolo, SAN and Yusuf Ali SAN had maintained that their clients were forced to approach the apex court for redress in view of the fact that the Federal Government and its officers, had, consistently and in total disregard for the pending suit, withdrawn, utilized, disbursed and allocated funds from the Account.
They alleged that the Federal Government had nearly depleted the sum of N5.51 trillion being the balance on the account as at 2008 when the case was instituted.
The federal government in its defence had accused the states of mischief because they took part in the deliberation of the National Economic Council where the decision to transfer the $1 billion from the Excess Crude Account to the SWF was taken.
It added that the states had also been receiving their shares from the money and accused them of insincerity.
In response, the states insisted that they had shared only the legitimate funds deposited in the Federation Account and not from the funds illegally deposited in the Excess Crude Account.
While asking the Supreme Court to refuse the application by the states to stop the federal government from transferring $1 billion from the Excess Crude Account to the SWF, the federal government’s counsel said his client would run into problem if the application was granted.
He said the day-to-day running of the nation’s economy would be put in danger if the application is granted.