Cross River State Government has approved the appointment of Investment Banking and Trust Company (IBTC) as the lead transaction adviser in the proposed privatisation of the Obudu Ranch Resort.
Similarly, Lead Bank Plc which was one of the three financial institutions which expressed interest in the resort has been picked as \"Reserved Adviser\" in case the deal with IBTC does not sail through.
Obudu Ranch Resort in Cross River State, with a temperate climate, is located on a height of more than 5,000 metres above the sea level. IBTC has the mandate to source for core investors for the resort between September this year and May next year in order to realise the state government\'s policy of diversifying its economy and make it private sector driven.
Chief Press Secretary to the governor, Mr Joseph Ushigiale disclosed this at the weekend to newsmen in Calabar, at the end of the weekly State Executive Council meeting. He explained that IBTC was appointed among the three financial houses that indicated interest in the resort.
Besides, IBTC and Lead Bank, Access Bank was the third financial house that showed interest in the deal.
According to Ushigiale, the Commissioner for Justice and Attorney-General, Mr Eyo Ekpo headed the Committee that appraised the three banks and its recommendation led to the choice of IBTC.