Cross River Govt, AMCON Disagree Over N26 Billion Tinapa Investment

In Breaking News, Business & Economy, National News, Reports

by crossriverwatch admin

Studio Tinapa
Studio Tinapa

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

The negotiations 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 inTinapa 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.

But in a telephone chat with CrossRiverWatch, Managing Director of Tinapa Business and Leisure Resort, Arch. Bassey Ndem described the allegation of disagreement between AMCON and the state government as ‘tissues of lies’.

He said, “If there was anything like AMCON raising issues over the transaction, they would have first contacted me and not on pages of newspapers. No official of AMCON has raised the matter with me either officially or privately. To the best of my knowledge the transaction between AMCON and Tinapa is ongoing.”

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