$7m Tinapa Resort Debt: ECOWAS Court To Hear Suit Against Cross River

In Breaking News, Business & Economy, International News

By CrossRiverWatch Admin

Monday, November 30, 2020 has been set by ECOWAS Court of Justice to hear suit no. ECW/CCJ/APP/14/19 involving ECOWAS Bank for Investment and Development (EBID) and Cross River State Government.

Cross River State Government is accused of failure to adhere to the terms of the loan agreement no. 7/AP/LAFRDF/04/05. The accord was entered by both parties on May 20, 2005.

The applicant claimed that the respondent secured the loan for the partial financing of the Tinapa Free Trade Zone and Resort.

EBID said Cross River has refused to follow the agreed repayment terms.

The bank is seeking orders declaring the agreement as valid, binding and subsisting, and mandating the respondent to immediately repay the sum of $6,999,679, among others.

EBID relied on Article 9 (6) of the Court’s Supplementary Protocol, Section 10.4 and Article 3 of the loan agreement.

The Court also fixed November 30 to adopt the terms of settlement in a suit by representatives of some Nigerian communities.

The towns in Rivers, Imo, Akwa Ibom, Delta, Ebonyi, Cross River, Abia, Enugu, Anambra and Benue States were victims of mines and explosives remnants of Nigeria’s civil war.

The defendants are the Federal Government, Ministry of Defence, Minister of Defence, Attorney General and Minister of Justice, and two companies that undertook the demining exercise.

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