CEC Africa Investment Limited and KANN utility company have agreed to settle the matter regarding the takeover of AEDC outside the court.
They had both instituted a suit against the Attorney General of the Federation (AGF) and Central Bank of Nigeria (CBN) over a directive for the companies takeover. They sought an order of the court restraining the AGF and others from interfering with the operations of AEDC.
However, at the resumed hearing on Wednesday, the plaintiffs informed the court that the parties have agreed to settle between themselves out of court.
When the matter was called up, counsel to the plaintiffs, Etigwe Uwa, SAN, told the court that his clients were already taking steps to resolve the matter out of court.
Counsels to the defendants were all happy with the development and they all described the move as a welcome development.
Justice Ekwo then made an order granting the parties leave to settle out of court. He then adjourned the matter until April 25 for a report on the out-of-court settlement.
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