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SWF: States, FG Know Fate Nov

Posted by on Sep 26th, 2012 and filed under News. You can follow any responses to this entry through the RSS 2.0. Responses are currently closed, but you can trackback from your own site.

The Supreme Court yesterday fixed Nov. 21 for the federal
and state governments to brief it on the out-of-court settlement option over
the one billion dollars (N5.5 trillion) Sovereign Wealth Funds controversy.

Justice Christopher Chukwuma-Ene gave the date after parties
had briefed the court on the latest steps toward amicable settlement of the matter.

“The court shall for the last time indulge parties with the
application for adjournment filed by the defendant.

“This matter is, therefore, adjourned to Nov. 21 for parties
to brief the court on the finality of the settlement option.

“The court shall, however, commence hearing of the case if
agreement was not reached on that date,’’ he said.

Earlier, counsel to the defendant (Federal Government), Mr
Austin Alegeh (SAN),  said his client
required a short adjournment to understudy the fresh proposal for a new term of
settlement issued to it by the plaintiffs (36 states).

“We need to study the new proposal because it contains fresh
items that need to be investigated. We are praying that agreement could be
reached because my client is amenable to the out-of-court settlement,’’ he
said.

Counsel to the states, Chief Andrew Awomolo (SAN),  however, urged the court to make the
adjournment the last one on the matter.

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