A Review of the Nigerian Energy Industry

Excess crude account: FG, states to settle out of court

18 July 2012, Sweetcrude, ABUJA – RISING from the National Economic Council, NEC, meeting at the Presidential Villa in Abuja, Wednesday, Nigeria’s Federal and states governments resolved to settle the current disagreement over funds from the Excess Crude Account (ECA) out-of-court.

Based on the directive of the Supreme Court, they have until September to settle the crisis, failuure of which the court will make a pronouncement on the matter.

Lawyers representing the two parties were mandated, after the NEC meeting presided over by Vive President Namadi Sambo, to come up with a plan for an out-of-court settlement.

This would be discussed at next month’s NEC meeting.
The NEC, presided over by the Vice President, is made up of governors, Ministers of Finance, National Planning, Justice and the Governor of the Central Bank of Nigeria (CBN).

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