C’River govt reclaims Tinapa Business Resort from AMCON

The Cross River State Government has officially taken over possession of the Tinapa Business Resort following an agreement with the Asset Management Corporation of Nigeria (AMCON).  

Governor Bassey Otu announced the development on Tuesday during a media parley with select journalists in Calabar.

According to Otu, the state government secured the resort’s recovery through a financial commitment to AMCON, though he did not disclose the exact amount paid.

He further stated that plans were already underway to revive the once-thriving business hub, signaling a new chapter for the iconic resort.

“The state spent humongous amount to construct Tinapa and I cannot sit back and do nothing to put the place in order.

“We didn’t contemplate taking loan for it, because no financial institution will grant such, when there is an existing facility running on Tinapa,” he said.

The governor also revealed his administration’s plans to resuscitate all moribund cottage industries established by his predecessors.

According to him, nothing will be left to waste under my watch.

The News Agency of Nigeria (NAN) reports that the AMCON took over management of Tinapa in 2013, following an agreement with the state government for the transfer of its controlling interest.

By the agreement, AMCON bought over Tinapa’s debts totalling N18.5bn.

The first phase of Tinapa Business Resort & Free Zone was opened to the public on April 2, 2007.

The resort was established by former Gov. Donald Duke to promote business and tourism in the state.

The resort is a 265-hectare free trade zone, which include a shopping mall, a business centre, a hotel, a water park, and an artificial tidal lake.

It also has a film production studio called “Studio Tinapa”, and an entertainment strip with a casino.

The resort is intended to attract local and international businesses and stimulate economic activity in the state and region.