Court to hear N500bn oil derivation suit March 31

Vanguard

16 March 2011

Court to hear N500bn oil derivation suit March 31

A Federal High Court in Abuja, yesterday, fixed March 31 to commence hearing on a suit filed before it by 21 traditional rulers of mineral producing communities in Nigeria, seeking a declaration that the acts of the Federal Ministry of Finance in non-disbursement of N500 billion from the federation account, being part of the statutory funding contribution to the Niger Delta Development Commission, NDDC, between 2001 to 2009, was unlawful and ultra vires the powers of the Minster of Finance.

The Niger Delta monarchs, who approached the court under the aegis of the Traditional Rulers of Oil Mineral Producing Communities of Nigeria, TROMPCON, are contending that the said funds meant for the NDDC between 2001 and 2009 was withheld by the Federal Government under President Olusegun Obasanjo