The Government of Cross River has announced that it has taken back control of the Tinapa Business Resort, following an agreement with the Asset Management Corporation of Nigeria (AMCON).
Governor Bassey Otu shared this development on Tuesday during a media parley with selected journalists in Calabar. He explained that the state government’s recovery of the resort was made possible after making a significant financial commitment to AMCON. However, Otu did not disclose the exact amount paid to regain possession but mentioned that plans to revitalize the business resort have already been initiated.
“The state spent a humongous amount to construct Tinapa, and I cannot sit back and do nothing to put the place in order. We didn’t contemplate taking a 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 revive all moribund cottage industries established by previous administrations, stating that nothing would be left to waste under his leadership.
Background on Tinapa’s Management and Facilities
The AMCON had taken over the management of Tinapa in 2013 following an agreement with the state government, which involved transferring its controlling interest. As part of the agreement, AMCON purchased Tinapa’s debts, which totaled ₦18.5 billion.
The Tinapa Business Resort & Free Zone opened its doors to the public on April 2, 2007, during the administration of former Governor Donald Duke, with the aim to promote both business and tourism in the state.
The resort spans 265 hectares and features various facilities, including:
- A shopping mall
- A business centre
- A hotel
- A water park
- An artificial tidal lake
- A film production studio called “Studio Tinapa”
- An entertainment strip with a casino
Intended to attract both local and international businesses, Tinapa aims to stimulate economic activity in Cross River State and the wider region.
