Contact: +2347033996028 ECOWAS Bank Drags Cross River To Court Over $7m Tinapa Debt - Grassroot Reporters | Nigeria's No. 1 Online Newspaper

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Friday, November 20, 2020

ECOWAS Bank Drags Cross River To Court Over $7m Tinapa Debt



 

 By Wale Odunsi 



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.


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.


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.


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