N18b debt: Imoke moves to privatise Tinapa

Worried by the huge debt burden imposed on the economy of Cross River State by the multi-billion naira Tinapa Business Resort Limited (TBRL), Governor Liyel Imoke has initiated moves to privatise the outfit, popularly referred to as Africa’s Premier Resort.
Daily Independent gathered that the governor’s move followed the inability of the foremost tourists and retail outfit to break even since it was commissioned on April 2, 2007 by former President Olusegun Obasanjo during the regime of Donald Duke, Imoke’s predecessor.
Already Imoke has forwarded a Bill to the State House of Assembly seeking approval for the government to hand over its shares in Tinapa to the Assets Management Company of Nigeria (AMCON) ahead its final privatisation.
According to a letter accompanying the Bill, which was sent last week, Imoke said the purpose for which Tinapa was established has not been fully realised due to numerous challenges, despite series of efforts by the state government to make it succeed.
The letter stated that AMCON will inherit the N18 billion debt as well as other assets and liabilities of Tinapa.
The governor said AMCON is expected to inject N29 billion to revive business activities in Tinapa before inviting the private sectors to takeover majority shares in the outfit.
House of Assembly Speaker, Larry Odeh, who read the letter on the floor of the House, said the step adopted by the governor is in the best interest of the state, as it would get the economy of the state on the right track.
The speaker said the lawmakers would give necessary attention to the Bill and ensure that their decision would be in the best interest of Tinapa and the state’s economy.

Daily independent
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