N18.5bn Debt: AMCON To Take Over TINAPA - Politics - Nairaland
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| N18.5bn Debt: AMCON To Take Over TINAPA by abagoro(m): 1:04pm On Oct 16, 2013 |
The Asset Management Corporation of Nigeria 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. By the agreement, AMCON is to buy back Tinapa’s debts totalling N18.5bn and provide N26bn for the revitalisation and resuscitation of the resort to reposition it as a private sector driven enterprise. Speaker of the state House of Assembly, Mr. Larry Odey, who informed members through a letter with reference no SSG/GSA/300VOLXV1/223 and captioned Re-approval for the transfer of controlling interest in Tinapa to AMCON, said the development was a thing of joy to the people of the state. The circular was obtained by our correspondent in Calabar on Tuesday. Odey said, “The negotiation has been concluded and this is cheery news to members of the Cross River State House of Assembly.” The Tinapa Business and Leisure Resort was inaugurated in 2007 by President Olusegun Obasanjo with the aim of boosting the socio-economic development of Cross River State. Unfortunately, the huge edifice, which would have been the ‘Dubai of Africa,’ had been faced with several challenges which had hampered the achievement of its objective. Over the years, the state government had explored several avenues to ensure the realisation of the objective for which Tinapa was established. Following the inability of the resort to meet desired expectations of the state government, core investors, especially banks and some LGAs, it was realised that the most viable option to salvage Tinapa was to seek a private sector equity investment and divestment of significant interest of the state in the project. The matter, which has been presented to the Cross River State Executive Council, is being given express consideration. A member representing Ikom 1 Constituency in the assembly, Mr. Agbiji Agbiji, however, observed that the content of the letter did not mention the contributions of local government areas in the state. He said, “The LGAs have invested, so the state government and they want to know the cost of ceding ownership to AMCON and other details of the Memorandum of Understanding.” Another member, Mr. Jake Enyia, commended the wisdom of the state government, but added that the LGAs’ interest must be taken into consideration. He noted that the idea behind the establishment of Tinapa was elitist, even though the intention was to transform the Cross River State economy and improve its revenue profile. “We should not just pass it because it will amount to legislative rascality; we need to put things straight because when I was chairman of council, I contributed N180m, so also other council areas.” http://www.punchng.com/business/business-economy/n18-5bn-debt-amcon-to-take-over-tinapa/ |
| Re: N18.5bn Debt: AMCON To Take Over TINAPA by asha80(m): 1:09pm On Oct 16, 2013 |
oh well another great idea down the drain....is it a case of working on the basics first? |
| Re: N18.5bn Debt: AMCON To Take Over TINAPA by Fitzy4real(m): 1:09pm On Oct 16, 2013 |
Make I reserve my comments |
| Re: N18.5bn Debt: AMCON To Take Over TINAPA by Nobody: 2:15pm On Oct 16, 2013 |
3 Key Problems with TINAPA 1: Local Economy not enough to drive even a 5% marginal revenue unlike Lagos 2: Industries such as ports and related services have no need for a resort, Oil/Gas have estates and recreation for their members 3: Tourists even local ones dread the idea of local conflicts (kidnapping, Witch-killing, communal clashes,local politics with violence) Even when AMCOM takes over, it will be interesting to see how they re-position from a position of collapse 1 Like |
| Re: N18.5bn Debt: AMCON To Take Over TINAPA by gregg2: 2:20pm On Oct 16, 2013 |
Wow, AMCON to buy back 18.5b naira debt and invest fresh 26b naira. Sounds like a good idea. 1 Like |
| Re: N18.5bn Debt: AMCON To Take Over TINAPA by Sloan: 4:24pm On Oct 16, 2013 |
gregg2: Wow, AMCON to buy back 18.5b naira debt and invest fresh 26b naira. Sounds like a good idea. That is a [size=18pt]VERY BAD IDEA! Covering LOSSES with more LOSSES is MEGA LOSSESSES![/size] Ask Blackberry, a multi-billion dollar company! I will propose a PERFECT solution to Tinapa's problem: Move the ENTIRE TINAPA to somewhere between Lagos - Oyo - Ogun States! Even if they will buy it for 18.5 B, They can move the entire facility for LESS than N 2 B! Hire Nigerians, there are millions looking for work! Is the rail good enough yet? If not use TRAILERS or HIRE A SHIP and roundtrip the southern Nigerian coast to Lagos / Ogun ports. Go and lease land somewhere in the intersection of those 3 states (close to more than 40% of the entire population of Nigeria) for how much per year say N 500 M / Year and re-install the resort there! They will have so much business they would have nowhere to save all the money! Think of the huge populations in those states who will be more than happy just to go there on a weekend or weekday, tourists, church programs that usually cannot find enough accomodation and end up sleeping on the field? Install the cable cars to possible stride somewhere around Redeemed Camp, Canaan Land (Winners Chapel, Sango-Otta) and the Deeper Life church around that axis. That is the ultimate solution to all the problems of Tinapa. - Huge traffic - Best security in Nigeria - The areas with people with the most dispensable income - The areas most people coming from foreign countries will most likely pass or live - The areas with the most educated people and superior workforce and quality - The area with the best power infrastructure - The area that attracts people from other countries and other investments - The area where you will have to worry least about kidnapping, armed robbers and ritualists. In all, they will not even burn through N 15 B out of their budget of N 26 B before being able to restart operations, assuming they are not planning to steal most of the money in the first place. Other than this, it doesn't matter if they invest N 2 Tr, without people and traffic, it will still be a loss. Can they make the best business decision or they are too ignorant to do what the Americans / Europeans (even Dubai) do to attract foreigners to their country, making a killing in the process? 1 Like |
| Re: N18.5bn Debt: AMCON To Take Over TINAPA by otokx(m): 5:01pm On Oct 16, 2013 |
This was a bad idea from the very beginning. |
| Re: N18.5bn Debt: AMCON To Take Over TINAPA by godello: 7:26pm On Oct 16, 2013 |
Sloan:Did you smoke marijuana?. Who told you that if the ports are functional and things are cheap that people would not find their way there?. Your yoruba saturated custom have been witch hunting the progress of that port. Why must everything be in lagos? The time has come for the south-south to develop their region. Crude is drilled in the south-south,and companies involve would go and have their headquarter in lagos why we suffer the spill. You west folk cannot kill our dream of having a free trade zone. Get it into your skull. 5 Likes |
| Re: N18.5bn Debt: AMCON To Take Over TINAPA by godello: 7:28pm On Oct 16, 2013 |
Sloan: |
| Re: N18.5bn Debt: AMCON To Take Over TINAPA by Sloan: 8:05pm On Oct 16, 2013 |
godello: Did you smoke marijuana?. Who told you that if the ports are functional and things are cheap that people would not find their way there?. Your yoruba saturated custom have been witch hunting the progress of that port. Why must everything be in lagos? The time has come for the south-south to develop their region. Crude is drilled in the south-south,and companies involve would go and have their headquarter in lagos why we suffer the spill. You west folk cannot kill our dream of having a free trade zone. Get it into your skull. What is this lazy scum saying? The West is responsible for your wretched life after 100 years? Are all the people killing their children and others by witchcraft or accusations of witchcraft also the fault of the West? Which foreigner / tourist will come over there to see such gruesome killings or patheticness? Assuming it is even el-dorado, how are they going to get through to the place? Are you suggesting they take a drive through hell of kidnapper's den and murder capitals of Nigeria spanning from Delta to Anambra, Imo, enugu, Abia, Ebonyi to get to where people are still eating dogs just because they want to see Obudu ranch? You see how silly your reasoning is? Why do you think they won't come or you think we don't know what is happening in your hell hole because we live in a foreign country? Even Nigerians in Nigeria especially in the West will travel to Ghana or Benin Republic rather than be the sacrificial goat passing through places like Anambra, even though he is only going there to spend his hard earned money. Well, keep your useless Obudu, and wait until a private company catches on my idea here and builds something even on a smaller scale and use the proceeds to expand it until your cattle ranch depreciates to 0 and everything rusts aways! Today when it is still worth something, your brain is not working. Is it after your state uses all your monthly allocation to pay interest charges to your creditors? 1 Like |
| Re: N18.5bn Debt: AMCON To Take Over TINAPA by bloggernaija: 8:46pm On Oct 16, 2013 |
Sloan is actually right. The coastal areas of ondo ,OGUN and Lagos are natural wonders which will be ideal for such a project. Add to this the consumer economy and no expense spared attitudes of the SW and you get a winner. 1 Like |
| Re: N18.5bn Debt: AMCON To Take Over TINAPA by Abagworo(m): 9:14pm On Oct 16, 2013 |
bloggernaija: Sloan is actually right. If sited between Port-Harcourt and Aba, it would have worked as well. The problem with Calabar is that it is located at a blocked end of Nigeria. If we had good roads from Aba to Calabar and Port-Harcourt to Calabar, the story would have been different. |
| Re: N18.5bn Debt: AMCON To Take Over TINAPA by Nobody: 11:14pm On Oct 16, 2013 |
What I see about tinapa is the lack of political will by the present cross river govt to allow tinapa move to the next level and the situation is made worse by a conspiracy by third columnist who do not want to see development elsewhere apart from their own zone.the maritime sector needs to be opened up so that calabar port can be fully functional.with a non functional port,tinapa would struggle.road and rail networks between calabar,ph,uyo and aba need to be improved upon. |
| Re: N18.5bn Debt: AMCON To Take Over TINAPA by Samxiulee: 1:40am On Oct 17, 2013 |
Sloan:Its not necessarily,that resort would have worked of the current cross river state government key into the idea of tinapa,people are currently saving money to be part of the biggest party in Nigeria,the calabar carnival, Nigerians will go anywhere as long as they will have fun there. Btw who is supervising AMCON?they cannot be raking in debt for the federation everytime,there must be a limit or else they would not b able to manage the debt. |
| Re: N18.5bn Debt: AMCON To Take Over TINAPA by Nobody: 7:43am On Oct 17, 2013 |
Abagworo: Since its not a federal project you can't expect it to be anywhere else na except in the state financing it. |
| Re: N18.5bn Debt: AMCON To Take Over TINAPA by SLIDEwaxie(m): 8:16am On Oct 17, 2013 |
Sloan:u're dead for this beautiful analysis. Tribal warriors will dress u down. U watch! |
| Re: N18.5bn Debt: AMCON To Take Over TINAPA by drnoel: 8:48am On Oct 17, 2013 |
voltron: 3 Key Problems with TINAPAUnless they uproot tinapa and site it some else more favourable. |
| Re: N18.5bn Debt: AMCON To Take Over TINAPA by Nobody: 8:57am On Oct 17, 2013 |
Lmaoooooo calling Tinapa or cross river Dubai of Africa |
| Re: N18.5bn Debt: AMCON To Take Over TINAPA by Brimmie(m): 10:07am On Oct 17, 2013 |
It's an insult to Dubai to call Tinapa Nigeria' Version of Dubai. |
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