Obudu Resort: Appeal Court okays hearing on N3.8bn investment dispute
An investment company, Zedici Capital Ltd, has filed an appeal at the Court of Appeal in Abuja seeking to recover the N3.8bn it put into the remodelling of the Obudu Mountain Resort in Cross River State. The clerk of the court said a hearing date would be communicated to the parties. Senator Smart Adeyemi: An […]
Obudu Mountain Resort has been a major tourist destination for years
An investment company, Zedici Capital Ltd, has filed an appeal at the Court of Appeal in Abuja seeking to recover the N3.8bn it put into the remodelling of the Obudu Mountain Resort in Cross River State.
The clerk of the court said a hearing date would be communicated to the parties.
The company had, through its lawyer, Moses Ofeoshi, filed the appeal against the Cross River State Government and the Attorney-General of the state following a judgment of an FCT High Court in 2019 refusing to affirm the arbitral award to Zedici Ltd over its investment of N3.8bn in the resort.
It contended that the FCT High Court, presided by Justice Angela Otaluka, erred in law when it held that the replacement of the arbitrator for the state after the withdrawal of its arbitrator Nella Andem-Rabana was not in compliance with the Arbitration and Conciliation Act, 2004.
Zedici said as a result of the agreement, it invested N3.8bn fixing all the facilities and providing infrastructure and security at the resort and the host Becheve community.
In its counter affidavit, the Cross River State Government, through its counsel, Tawo Eja Tawo, said the Arbitration Tribunal was not properly constituted and that the withdrawal of its arbitrator denied it the opportunity to participate in the arbitration proceedings.