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Tinapa Resort Debt: Cross River Govt In Fresh Trouble With ECOWAS Over Loan Agreement

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Tinapa Resort Debt: Cross River Govt In Fresh Trouble With ECOWAS Over Loan Agreement

 

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

EBID accused Cross River 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.

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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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Tinapa Resort Debt: Cross River Govt In Fresh Trouble With ECOWAS Over Loan Agreement

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Jake Clifford

Jake Clifford is a Nigerian Born blogger and a fast growing Journalist, whose aim is to inform Nigerians with happening across Nigeria. Send story tips to him via [email protected] or

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