COURT ORDERS CROSS RIVERS GOVERNMENT TO REPAY $6.45m TINAPA DEBT

The ECOWAS Court of Justice has in a suit heard in November 2020 ordered the Cross River Government to repay to the ECOWAS Bank of Investment and Development (EBID) the sum of US$6,455,846 concerning the Tinapa business resort.

Also, the court on Friday ordered the state to pay starting from 31 August 2018 an interest of 6.5 per cent per annum on the amount.

The repayment accumulated from an outstanding credit allowed the public authority in 2005.

Equity Edward Amoako Asante said the aggregate addresses the circumstance of the Tinapa Free Zone Project credit in the Applicant’s book as at 31 August 2018.

He requested that Cross River submit to the Court, inside two months, a report on its measures to execute the Court’s requests identifying with the credit.

Albeit the court conceded the vast majority of the reliefs looked for by the Applicant, it declined the Applicant’s case for guaranteed execution of the Irrevocable Standing Payment Order (ISPO).

The ISPO is a credit condition point of reference commanding the Accountant General of the Federal Republic of Nigeria labelled “Guarantee” in Clause 7.05 of the advance consent to the obligation.

The court likewise wouldn’t give the Applicant’s case for specialist’s expenses on the ground that it was not upheld by narrative proof.