SWF: S/Court gives FG, states time for settlement

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SWF: S/Court gives FG, states time for settlement

Written by Tunde Oyesina Wednesday, 26 September 2012

The Supreme Court, on Tuesday, gave the Federal Government and the 36 state governments more time to resolve the legal tussle which arose from the decision of the Federal Government to transfer the sum of $1 billion from the Excess Crude Account to the recently created Sovereign Wealth Fund.

The apex court consequently fixed November 22 for reports of settlement.

The 36 states of the federation had, through their counsel, Adegboyega Awomolo SAN, instituted a suit challenging the legality of the Federal Government’s action.

The decision of the apex court was the result of the appeal by the Federal Government through its counsel, Austin Alegeh SAN, that it was genuinely committed to settling the matter out of court.

Alegeh had earlier informed the seven-man panel of the court headed by Justice Chukwuma Eneh, that attempts by the Federal Government aimed at resolving the dispute amicably, had started yielding fruits.

According him, “we are happy to report that the settlement moves have started yielding results. We received only last week, a new proposed terms of settlement by the plaintiffs and the Attorney-General is currently studying the proposed terms of settlement and we believe now, more than ever before, that the settlement move is yielding very useful results.”

He, therefore, pleaded with the court for more time for the parties to reach an amicable resolution of the dispute and enable them actualise the settlement process.

Responding, Awomolo reminded the court that the plaintiffs had approached the court since 2008 over the issue and that there had been discussions, offers, counter offers and moves to resolve the matter.

He, however, expressed gladness over the presumed genuine commitment of the Federal Government to resolve the matter and promised that his clients would embrace such moves.