The Cross River State Government has revoked the 25-year concession agreement with CIBA Construction Company Limited for the management of Obudu Cattle Ranch, citing the company’s failure to meet its contractual obligations.
The termination was conveyed in a letter signed by the state’s Attorney General and Commissioner for Justice, Ededem Ani, as reported by the News Agency of Nigeria (NAN) on Wednesday.
According to the letter, CIBA breached key provisions of the agreement, particularly Sections 5.0, 6.0, and 14.0(b), leading to the cancellation of the contract.