Home Economy CRSG, AMCON disagree over N26bn Tinapa investment

CRSG, AMCON disagree over N26bn Tinapa investment

by Business News Report

Negotiations between the Cross River State government and the Asset Management Company of Nigeria (AMCON) over its investment at the Tinapa Business and Leisure Resort may hit a brick wall following disagreement between the two.

 Negotiations between the two, according to reliable sources have broken down owing to  the refusal of the Cross River  State government  to include the water park and the film studio being operated by Ebony Television as part of the agreement.

 AMCON had, in October last year, indicated interest to invest the sum of N26 billion in Tinapa  but negotiations have been stalled and now “the asset company may be planning  to withdraw as it feels those negotiating on the side of government are not putting all the cards on the table”. Our source said.

 Meanwhile, operators of businesses at Tinapa have given the state government 60 days ultimatums to address the issue of N150, 000 Customs charges on all Tinapa-bound consignments or they would  relocate. This was disclosed by the Comptroller of Customs in charge of Cross River and Akwa Ibom states, Mr. Akande Bamidele during a courtesy call on the Security Adviser to the Governor, Mr. Rekpene Bassey at the weekend in Calabar.

 Mr. Bamidele who did not give reasons for such charges as Tinapa is officially designated a free trade zone, also told his host that bad roads and the non-dredging of Calabar sea port were major constraints to making Tinapa work. Rekpene Bassey on his part admitted having knowledge of the 60 days ultimatum given by business owners at the resort but said government is not resting on its oars and will do everything to address their concerns.

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