The Government of Cross River State has officially taken possession of the Tinapa Business Resort, one of the state’s flagship projects, following a resolution with the Asset Management Corporation of Nigeria (AMCON). Governor Bassey Otu made this announcement on Tuesday during a media parley with select journalists in Calabar, detailing the state’s efforts to regain control of the resort.
Governor Otu explained that the recovery of the resort was made possible by the state government’s financial commitment to AMCON, though the exact amount paid to secure the asset was not disclosed. The governor expressed confidence that the government’s investment in regaining the property will play a crucial role in revitalizing the resort, which had been struggling to maintain its operations.
“The state spent a humongous amount to construct Tinapa, and I cannot sit back and do nothing to put the place in order,” Otu stated, highlighting the strategic importance of the resort to the state’s economy. He also emphasized that the government did not take out a loan for the recovery, as financial institutions were unwilling to grant loans due to the existing debt on the facility.
In addition to the Tinapa Business Resort, Otu outlined his administration’s broader plans to resuscitate other moribund cottage industries that had been established by previous administrations. The governor assured that nothing would be left to waste under his leadership, signaling his commitment to turning around neglected projects to stimulate economic growth and development in the state.
The Tinapa Business Resort, which opened its doors to the public on April 2, 2007, was originally established by former Governor Donald Duke with the aim of promoting business and tourism in Cross River State. The resort spans 265 hectares and is located within a free trade zone. It houses various facilities, including a shopping mall, a business center, a hotel, a water park, and an artificial tidal lake. It also features “Studio Tinapa,” a film production studio, as well as an entertainment strip with a casino.
Despite its promising start, the resort struggled with financial difficulties, leading to its takeover by AMCON in 2013. Under an agreement between the state government and AMCON, the corporation assumed control of Tinapa after buying out its debts, which amounted to N18.5 billion. However, with the state government now back in control, the focus has shifted toward revitalizing the resort and restoring it to its former glory.
The Tinapa Business Resort is considered a critical component in the state’s efforts to attract both local and international businesses and stimulate economic activity in the region. Governor Otu’s administration is now poised to take the necessary steps to revive the facility and ensure it plays a central role in boosting the state’s economic prospects.
NAN
