DEBT: Creditors Want To Liquidate Tinapa – Cross River Assembly Speaker, John Gaul

In Breaking News, Business &Economy, International News

By Jonathan Ugbal

The Speaker of the Cross River State House of Assembly, Honorable John Lebo has said creditors have proceeded to courts to liquidate their investments in the controversial USD470 million Tinapa Premier Business and Leisure resort.

Mr. Lebo said the most tasking thing now is to pacify creditors not to liquidate their investments and called for a conversation on the Tinapa issues which he described as “humongous.”

This formed part of Mr. Lebo’s posturings on Facebook on a thread which CrossRiverWatch is yet to verify where it began but seemed to had continued on the wall of Mr. Prince will Odidi.

The resort which was commissioned by Nigeria’s former President, Mr. Olusegun Obasanjo in 2007 has failed to kick off fully 10 years after.

And, Mr. Lebo said that: “We need a conversation on the Tinapa future, the issues are humongous, most of the creditors have proceeded to court to liquidate their investment, while others want return on investment like the Rivers state government, etc.

“We can’t lay claim to the project without pacifying our creditors and co investors.

“The biggest challenge is how to get the creditors not to liquidate Tinapa for now until we find away around the return on investment.

“Secondly, how to get customs and other federal government agencies to create a friendly Tax regime for Tinapa? The issues are humongous.”

CrossRiverWatch had reported that Mr. Lebo said only the Federal Government has the capacity to fund the project.

In another report, Mr. Lebo also said that the Federal Government feels threatened by the concept and vision of the project which it perpetrated through agencies like the Revenue Service, Customs, Immigrations and several others to push businesses away.

Also, CrossRiverWatch had reported that the ECOWAS bank had recently visited the state and threatened to shut down the state due to the government’s failure to pay its debt which had put Governor Ben Ayade under pressure.

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2 commentsOn DEBT: Creditors Want To Liquidate Tinapa – Cross River Assembly Speaker, John Gaul

  • Really? Your comment seems a bit short sighted. How will the resort make money, when there is no workable port anywhere in the south-south. The taxes levied on businesses in Tinapa is uncalled for and unworkable. If the federal government actually wants Tinapa to work, all efforts should have been made to support the state government by way of tax heaven and promotion of the resorts. Resorts like Tinapa wasn’t meant for a place like Cross River state, rather for the south-west and the North. Anything that will bring progress and development to South of the country, is usually dead on arrival. As far as Nigeria is constituted the way it is currently, the southern region of the country will forever remain under developed. That is the gospel truth.

  • Hmmmmmm. Mr Donald Duke placed us in this mess as a state. He didn’t adequately concieve the tinapa idea. They had better sell off the thing, and turn it into a shopping mall and hotel lodging. Imagine 470million dollars of debt. That amount is obscenely discombobulating.

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