Obudu Resort: A/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 remodeling 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.

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 remodeling 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.