The Speaker of the Cross River State House of Assembly Larry Odey has expressed happiness at the recent sale of the Tinapa Business Resort Ltd following its inability to break even since establishment.
Speaker Odey informed members through a circular with reference number SSG/GSA/300VOLXV1/223 with caption ‘Re-Approval for the Transfer of controlling interest in Tinapa Business Leisure Resort to Asset Management Corporation of Nigeria (AMCON)’ that the development is a thing of joy to the people of the state.
He explained that the negotiation for the takeover of Tinapa by Asset Management Corporation of Nigeria has been concluded and that it is a cheering news to members of the Cross River State House of Assembly. By the development, 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.
Finding indicates that AMCON will buy back Tinapa’s debts totalling N18,509.744.797.05 and also provide the sum of N26 billion for the revitalization and resuscitation of the Resort to reposition it as a private sector driven enterprise.
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