Enyimba Economic City Development Company FZE has issued a detailed rebuttal to what it described as social media spins by the Abia State Government claiming victory in the arbitration dispute between both parties over the N50 billion Enyimba Economic City project.
![](https://thenigerialawyer.com/wp-content/uploads/2024/11/TheNigerialawyer-WhatsApp-Channel1.jpg")
In a statement signed by C. Darl Uzu on behalf of the company, it clarified that while the Majority Ruling ordered the refund of N400 million paid by the state government, the core issue of whether Abia State can withdraw the Certificate of Occupancy was decided in the company’s favour by both the Majority and Dissenting rulings.
The company said it was compelled to respond after receiving close to 200 enquiries through calls, emails, WhatsApp and other channels from well-meaning individuals, investors locally and internationally, partners and development institutions connected with the project.
“Before now, we have desisted/resisted war of words with Abia State Government on social media on the matter,” the statement said.
The company noted that it has processed Approval in Principle from the Securities and Exchange Commission (SEC) to submit a proposal towards raising money from the public for the project.
Enyimba Economic City is a Public-Private Partnership (PPP) project of Crown Realties Plc, Abia State Government and Federal Government of Nigeria conceived under the Made in Nigeria for Export (MINE)/Economic Recovery and Growth Program (ERGP) of President Muhammadu Buhari, GCFR.
The project consists of 9,803 hectares of greenfield vibrant integrated city, planned to be “The Strategic Global Business Hub in Africa,” a Special Economic Zone with growth sectors in Manufacturing, Logistics, Healthcare, Entertainment, Education, Innovation and Technology Hub, Commercial, Lifestyle Residential and Aviation.
The economic positioning was carried out by Coldwell Banker Richard and Ellis (CBRE) and Master Plan produced by Surbana Jurong Pte Ltd of Singapore. The project garnered support of development institutions including African Development Bank (AfDB), World Bank through International Finance Corporation (IFC) and African Export Import Bank (Afreximbank).
The company noted that the project won the first prize of Business Plan of new cities coming up in the world in 2019 at Charter Cities Institute, Washington DC, beating Blackstone Charter City in Australia to second prize and Novgorod New Hanse Town in Russia to third prize. The award included a cash prize of $25,000.00.
The project is projected by CBRE to provide 625,000 direct jobs.
Nigerian Export Processing Zones Authority (NEPZA) granted the Special Economic/Free Zone status to the project in September 2018 and it received Development and Municipal Management Licences from NEPZA on August 10, 2020 and October 08, 2020 respectively.
Federal Government of Nigeria through the Federal Ministry of Justice published a gazette on the project, Official Gazette No. 99 Vol. 107 Government Notice 81 2022.
The company stated that by December 2022, the last Audited Account by BDO Professional Services, it had spent N11,120,752,532 in project development, preparation, and financing costs.
“If we add 3 years of unaudited accounts, the expenditure profile is more than 15 Billion Naira. Note, that the expenditure on the project started in 2017 when exchange rate was averagely N305/$1, meaning that in real money value today, our commitment on the project will be in excess of 50 Billion Naira,” the statement said.
The company disclosed that it took three years from 2020 to December 2023 to process a $201.7 million debt on the project from Afreximbank at close to $1 million costs, including $470,000 for Due Diligence (Legal, Financial, Environmental, Technical etc.) and $310,000 for Legal Documentation upon approval of the loan from the Board of Afreximbank.
“By the time we completed the documentation and nominated the EPC, CCECC Nigeria Limited and completed negotiation for a construction contract, a new Government led by Dr. Alex Otti came into power in May 2023, in Abia State,” the statement said.
The company alleged that when it received a tip that Governor Otti was determined to abort the project by siting his Abia Integrated and Innovation Park (AIIP) on part of the land in Owaza area, it sought and received appointment to meet with the Governor.
“The meeting turned out to be a very hostile one in which the Governor threatened to withdraw the Certificate of Occupancy issued by Abia State Government on the project in 2017, if we fail to surrender 1,000 hectares of land of the project to Abia State,” the company alleged.
The company said it tried to bring to the Governor’s attention that the city is a Special Economic Zone regulated by NEPZA and approved by Federal Executive Council and published in a gazette, for which it would run foul of the law to either increase or decrease its size.
When NEPZA was approached about surrendering 1,000 hectares, the agency responded that this would entail surrender of existing Development and Operating Licences which took over three years to process and $600,000 fees paid to Federal Government.
NEPZA also required submission of a new feasibility study and master plan for the reduced territory, which the initial study and master plan cost $1.2 million to produce between CBRE and Surbana Jurong Pte Ltd.
The company said it offered to release the 1,000 hectares of land to Abia State under sublease from Enyimba Economic City, as it would still be protected under the law once the 1,000 hectares is not under a separate Certificate of Occupancy.
“Abia State Government refused and severed communication with us,” the statement said.
The company disclosed that it sought the intervention of prominent Nigerians to appeal to the Governor, including His Royal Majesty, the Obi of Onitsha, Igwe Nnaemeka Alfred Achebe CFR; President General Ohanaeze Ndigbo at the time, Dr. Emmanuel Iwuanyanwu; Chief Emeka Anyaoku; General Ike Nwachukwu; Chief Arthur Eze; and President Olusegun Obasanjo.
“When all the entreaties failed, we activated the Arbitration Clause contained in our PPP Agreement with Abia State dated January 27, 2017 and declared dispute on March 05, 2024,” the statement said.
The company alleged that Abia State Government employed all tricks to frustrate and delay the Arbitration process including smuggling in parties into the dispute that were not part of the Agreement, change of Counsels, adjournments etc.
The Arbitral process was concluded on August 15, 2025 and the Tribunal ruled on February 13, 2026, almost two years after the dispute was declared.
The company explained that there are two rulings: Majority Ruling by two members of the Tribunal and Dissenting Ruling by one member.
“However, the kernel or core of the dispute is whether the Abia State Government has the power(s) to withdraw the Certificate of Occupancy of Enyimba Economic City issued by previous administration of the State by overriding the powers of NEPZA, Federal Government of Nigeria, its own law and decided cases. The unequivocal rulings of both the Majority and Dissenting Ruling are CAPITAL NO,” the statement declared.
“Therefore, the threatened withdrawal of the Certificate of Occupancy of Enyimba Economic City by Abia State Government and attempted seizure of 929.87 hectares of land of Enyimba Economic City are declared unlawful, null and void by both the Majority and Dissenting rulings.”
The company acknowledged that Abia State Government paid N400 million out of N3 billion of their 6% share of N50 billion capitalisation of the project company, Enyimba Economic City Development Company FZE.
“At no time did we deny that, at no time did Abia State Government ask for refund or repudiation of its investment in the project, nor did the Government plead the refund in their amended Statement of Defense and Counter Claims of September 25, 2024,” the statement said.
The company noted that Abia State Government was represented on the Board of the project from day one by Mr Chinenye Nwaogu, and former Governor Dr. Okezie Ikpeazu attended all major engagements on the project locally and internationally including trips to China, Dubai Ports World, and Afreximbank in Egypt.
“By what the Majority Ruling described as ‘Resulting Trust Theory’ in law, it ordered us to refund the 400 million Naira deposit made on Abia State Government shares of 3 Billion Naira to the Government. That particular order with the other unbelievable inconsistencies of the Majority Ruling, we have referred to our Counsels,” the statement said.
The company disclosed that the Dissenting Ruling dismissed the refund order and all other inconsistencies and awarded damages of N15 billion out of the $50 million requested, considering the investment made on the project starting from 2017, interest payments on investment and loss of income.
“Our Expert Witness calculated and defended at the Tribunal at $501.580 million for which Abia State Government did not dispute,” the statement said.
The company concluded: “We restate that we have all along avoided engaging Abia State Government on war of words on social media on the project because we had hoped that by some miracle that Abia State Government may one day see us as partners in progress and realize that our efforts are laudable and geared towards the growth of the state, the Region and the Nation.
Award 1“Besides, we initially considered ourselves possibly an unfair victim of lack of love between current Abia State Government and its predecessor. In closing, we believe that in the end, justice will prevail.”
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