The Cross River Government has announced that it has regained possession of the Tinapa Business Resort following an agreement with the Asset Management Corporation of Nigeria (AMCON).
Governor Bassey Otu made this disclosure on Tuesday during a media briefing with selected journalists in Calabar.
Governor Otu explained that the state’s recovery of the resort was facilitated by its financial commitment to AMCON, although he did not specify the amount paid to regain control of the asset.
He also mentioned that the government had already begun plans to revive the business resort.
“The state invested a huge amount in constructing Tinapa, and I cannot stand by and do nothing to restore it,” Otu stated. “We did not consider taking a loan for it because no financial institution would approve such a loan with an existing facility at Tinapa,” he added.
Additionally, the governor shared his administration’s intention to revive all defunct cottage industries set up by previous governments, emphasizing that nothing would go to waste under his leadership.
The News Agency of Nigeria reports that AMCON took over the management of Tinapa in 2013 after an agreement with the state government to transfer its controlling interest.
As part of the deal, AMCON assumed responsibility for Tinapa’s debts, totaling N18.5 billion.
The first phase of the Tinapa Business Resort & Free Zone opened on April 2, 2007.
Established by former Governor Donald Duke to promote business and tourism in the state, the resort covers 265 hectares and includes a shopping mall, business center, hotel, water park, and an artificial tidal lake.
It also features “Studio Tinapa,” a film production studio, and an entertainment strip with a casino.
The resort was designed to attract both local and international businesses while boosting economic activity in the state and surrounding region.
