Cross River Government Reclaims Tinapa Business Resort from AMCON
The Cross River State Government has officially taken possession of the Tinapa Business Resort following an agreement with the Asset Management Corporation of Nigeria (AMCON).
Governor Bassey Otu made the announcement on Tuesday during a media briefing in Calabar, stating that the state secured the resort after fulfilling certain financial commitments to AMCON.
Although the governor did not disclose the exact amount paid, he assured that his administration has already begun revitalization plans for the once-thriving business and tourism hub.
"The state invested a huge amount in constructing Tinapa, and I cannot sit back and do nothing to restore it. We did not consider taking a loan because no financial institution would approve one with an existing facility running on Tinapa," Otu explained.
Reviving Moribund Industries
Beyond Tinapa, the governor pledged to revive abandoned cottage industries established by previous administrations, emphasizing that no government asset would be left to waste under his watch.
Tinapa’s Journey Under AMCON
The News Agency of Nigeria (NAN) reports that AMCON took over Tinapa in 2013 after reaching an agreement with the state government to acquire controlling interest in the resort. As part of the deal, AMCON absorbed Tinapa’s debts, which amounted to N18.5 billion.
A Vision for Business & Tourism
Commissioned on April 2, 2007, during the administration of former Governor Donald Duke, Tinapa was designed to boost business and tourism in Cross River.
The 265-hectare free trade zone features:
- A shopping mall
- A business center
- A luxury hotel
- A water park
- An artificial tidal lake
- Studio Tinapa, a film production facility
- An entertainment strip with a casino
The resort was envisioned to attract both local and international investors, stimulating economic growth in the state and the region.
With the state government now fully in control, efforts are underway to restore Tinapa to its former glory and maximize its potential as a business and tourism hub.
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