Tinapa goes to private sector

TINAPA

Apparently bordered by the debt burden of N18 billion owed by the Tinapa Business Resort Limited (TBRL), the State Governor, Liyel Imoke of Cross River State recently initiated moves to privatise the outfit popularly referred to as “Africa’s Premier Resort.”

Imoke stated the desire of government to privatise Tinapa through a letter he sent to the State House of Assembly for deliberation on the proposed privatisation which has already gotten the approval of the State Executive Council (SEC).

In the letter dated September 30, 2013 addressed to the Speaker of the House, Imoke said “the Asset Management Corporation of Nigeria (AMCON) is to take over the management of Tinapa Business Resort following a settlement agreement with the Cross River State government for the transfer of its controlling interest in Tinapa.

By the agreement, AMCON is to buy back Tinapa’s debts totalling N18, 509.744.797.05 and also provide the sum of N26billion for the revitalization and resuscitation of the Resort to reposition it as a private sector driven enterprise.

The letter and the move made by Imoke captures the realty of Tinapa for most of the period since it was commissioned in April, 2007 by President Olusegun obasanjo , just over a month before the exit from office of the former Governor, Donald Duke, whose regime started and completed the construction of Tinapa.

Perhaps the challenges were not envisaged at the point of conception and construction of the business and tourism resort, but no sooner than the outfit was commissioned that the problems for its effective take-off and functionality became obvious.