…says it will be the beating heart of CrossRiverians
By Onwa Ekor
Cross River government has formally taken over the ownership and stewardship of the Tinapa Free Zone from the Asset Management Corporation of Nigeria (AMCON).
The governor, Prince Bassey Otu, at the handing over ceremony in Calabar, averred that the facility would once again be the beating heart of CrossRiverians, economic future and a regional hub for trade, innovations and leisure serving Nigeria and the Gulf of Guinea.
“This milestone,” Otu said, “aligns perfectly with the Renewed Hope Agenda of the federal government to prove that when the state and the centre collaborate in good faith, Nigeria wins all the way.”
The governor recalled that Tinapa’s journey was not without turbulence due to regulatory uncertainty, inconsistent federal policies and interagency rivalry that slowed its takeoff, pointing out that “by 2013, the weight of debt obligations became unbearable and in the interest of salvaging what remained of the investment, the state government entered into a debt buyback agreement with AMCON.”
He explained that “under the 2013 Memorandum of Understanding, AMCON purchased Tinapa outstanding debt valued at approximately N18.5b and further pledged a commitment of about N26b for its revitalisation,” with a mandate for AMCON to inject new capital, restructure management and position Tinapa as a private sector driven enterprise of global appeal.
This noble intention, the governor argued, “did not materialise because of the shift in AMCON’s internal focus in 2015,” adding that, “Tinapa rather remained in a state of suspended animation legally held by operational uncertain procedures that created an ownership that stifled investors confidence for nearly a decade.”
He commended AMCON for its cooperation, sustained dialogue and constructive engagement that cleared the path for the formal handover of the resort, admitting that his administration through a comprehensive blueprint, would make Tinapa work again, better and sustainable.
“To our investors and partners, we say, Tinapa is open again, to our people, we say Tinapa is ours again and to Nigeria we say, Tinapa will rise again as a symbol of renewed faith in our collective future,” Otu assured.
For Commissioner of Finance, Dr. Mike Odere, the resort conceived over two decades ago by the Cross River government with the intention of creating a world class hub for business, leisure and trade was short-lived owing to a couple of factors from political to financial leading to the state forfeiting legal ownership and corporate interests, assets and liabilities to AMCON.
Affirming that the present administration in the state has met all financial agreement and arrangements for its takeoff, Odere said, “we are ready to unlock the potential that this magnificent edifice possesses.”
Executive Director of AMCON, Shola Lamide, said the Corporation acquired the Tinapa asset in 2011 but struggled to attract private investors to revive the project.
“We tried to do a joint venture with private investors, but interest was low,” Lamide explained, maintaining that, “working with the government was therefore the best solution and we are happy that we have been able to resolve the issues and hand the facility back to Cross River.”
Lamide pointed out that the resolution would create opportunities for employment and growth, describing the handover as “a win for both AMCON and the people of Cross River.”
In their goodwill messages, former Minister of Culture and Tourism, High Chief Edem Duke and immediate past Chief of Staff, Martins Orim, hailed Otu for his proactive and visionary leadership in reclaiming Tinapa which would offer the citizenry a new lease of life.
