asked the Minister for Industry and Commerce if any further repayments have been obtained from the Nigerian company under export credit guarantee arrangements which were referred to in his reply to Parliamentary Question No.17 of 7 April 1988.
Written Answers. - Export Credit Guarantee Arrangements.
93.
I would refer the Deputy to the reply to Parliamentary Question No.33 of 27 January 1988 which outlined recent efforts made to recover outstanding debts of US$3.7 million in nigeria.
Since then we have received a promissory Note for US$1,197,314 in respect of principal of US$864,124 and capitalised interest of US$333, 190 under the terms of an internationally agreed Nigerian debt rescheduling programme over an extended period. The Promissory Note received covers two out of five claims lodged by us with the Central Bank of Nigeria.
The first payment of approximately US$15,000 under the Promissory Note was received in May 1988. Under the rescheduling programme further payments are due on a quarterly basis over a 22 year period to January, 2010. Total payments of principal and interest due over the 22 year period amount to approximately US$2.035 million.
My Department, with the help of the Irish Embassy in Lagos, are continuing to exert pressure both on the buyer and the appropriate authorities in Nigeria until a recovery has been made in respect of the three outstanding claims.