{"id":78243,"date":"2021-02-05T22:47:06","date_gmt":"2021-02-05T21:47:06","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=78243"},"modified":"2021-02-05T22:47:06","modified_gmt":"2021-02-05T21:47:06","slug":"ecowas-court-orders-c-river-to-repay-us6-4m-to-ecowas-bank","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/ecowas-court-orders-c-river-to-repay-us6-4m-to-ecowas-bank\/","title":{"rendered":"ECOWAS Court orders C\/River to repay US$6.4m to ECOWAS Bank"},"content":{"rendered":"
\n
\n
\n

The ECOWAS Court of Justice has ordered the government of Cross River
\nState to repay the sum of US$6,455,846 to the ECOWAS Bank for Investment
\nand Development (EBID).<\/p>\n

In its ruling on Friday, the court also ordered the Nigerian State
\ngovernment to pay an interest of 6.5 per cent per annum on the amount
\nstarting from 31 August, 201.<\/p>\n

It said that the repayment accrued from an outstanding loan granted the
\ngovernment in 2005.<\/p>\n

Delivering judgment in a suit brought by the bank, an arm of ECOWAS,
\nJustice Edward Amoako Asante, said the \u201csum represents the situation of
\nthe Tinapa Free Zone Project loan in the Applicant\u2019s book as at 31
\nAugust 2018.<\/p>\n

He asked the government of Cross River to submit to the Court within two
\nmonths a report on its measures to implement the Court\u2019s orders relating
\nto the loan with which the government financed the Tinapa business
\nresort.<\/p>\n

Although the Court granted most of the reliefs sought by the Applicant,
\nit declined the Applicant\u2019s claim for immediate execution of the
\nIrrevocable Standing Payment Order (ISPO).<\/p>\n

The ISPO is a loan condition precedent mandating the Accountant General
\nof the Federal Republic of Nigeria tagged \u201cGuarantee\u201d in Clause 7.05 of
\nthe loan agreement to satisfy the indebtedness.<\/p>\n

The Court also refused to grant the Applicant\u2019s claim for solicitor\u2019s
\nfees on the ground that it was not backed by documentary evidence.<\/p>\n

The Applicant EBID had filed suit no ECW\/CCJ\/APP\/14\/19 on 2nd April,
\n2019 urging the Court to declare its Loan Agreement No
\n7\/AP\/LAR\/FRDF\/04\/05 with Cross River State Government (CRSG) as valid,
\nbinding and subsisting between the parties.<\/p>\n

The applicant also urged the court to declare the Respondent as having
\nfailed to fulfil a loan condition precedent and compel the Respondent to
\nrepay the loan with interest.<\/p>\n

The Applicant had alleged that despite several demands, the Respondent
\nrefused and\/or neglected to repay the loan with duration period of seven
\n(7) years after a two-year moratorium.<\/p>\n

The Respondent, the Government of the Cross River State of the Federal
\nRepublic of Nigeria, admitted it approached EBID, an investment and
\ndevelopment bank, to part finance its TINAPA business and resort
\nproject.<\/p>\n

It further admitted that both parties signed a loan agreement on May 20,
\n2005 for a sum of UA6, 525,371 equivalent of US$10,000,000.<\/p>\n

The Respondent claimed it made repayments until 2010 when it defaulted
\ndue to an administrative issue and that the repayment schedule for the
\noutstanding payment was restructured to run from 7 January 2010 to 1
\nJanuary 2020.<\/p>\n

But the Court noted that the Respondent defaulted on its repayment
\nschedules. (NAN)<\/p><\/div>\n<\/div>\n

<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The ECOWAS Court of Justice has ordered the government of Cross River State to repay the sum of US$6,455,846 to the ECOWAS Bank for Investment and Development (EBID). In its…<\/p>\n","protected":false},"author":1,"featured_media":76602,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-78243","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nECOWAS Court orders C\/River to repay US$6.4m to ECOWAS Bank - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/ecowas-court-orders-c-river-to-repay-us6-4m-to-ecowas-bank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ECOWAS Court orders C\/River to repay US$6.4m to ECOWAS Bank - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"The ECOWAS Court of Justice has ordered the government of Cross River State to repay the sum of US$6,455,846 to the ECOWAS Bank for Investment and Development (EBID). 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