Arab Contractors appeal N163m judgment on debt

A construction giant, the Arab Contractors Ltd, appeals the judgement debt of N163 million awarded against it by an Arbitration Panel in Calabar over the destruction of a house.

The firm’s appeal was filed before the Cross River High Court challenging the order of the panel for the landlord of the house to deduct the money from source.

The Arbitration Panel had in August 2015 heard a Garnishee Proceedings against the Arab Contractors by Mr Essien Bassey Edem, the owner of a property rented by staff of the company executing projects in Calabar.

The property, a six bedroom mansionette semi-detatched duplex incorporating two rooms servants’ quarters on each side, was gutted by fire in August 25, 2010.

The fire resulted in the destruction of furniture, fittings, artifacts, books, certificates and other valuables estimated at N85 million.

Edem’s counsel Abang Odok Ogar applied to freeze the accounts of the Arab Contractors with Zenith Bank PLC, FCMB, UBA, Eco Bank, GTB and nine others until the completion of the debt.

Counsel to the Arab Contractors from the firm of Dada, Okey and Opara chambers, claimed that the fire was caused by high voltage electricity power surge. They submitted that the firm had initially offered N5m for the reconstruction.

No date has been fixed for hearing of the appeal.