Calabar, Nigeria- The Cross River State Government has officially regained control of the Tinapa Business Resort after reaching an agreement with the Asset Management Corporation of Nigeria (AMCON).
During a media briefing on Tuesday, Governor Bassey Otu announced this significant development.
The governor explained that the state government committed funds to AMCON, aiming to recover the landmark resort.
However, he did not reveal the exact amount paid.
He emphasized his administration’s determination to revitalize the facility and restore it as a hub for business and tourism.
Moreover, Governor Otu highlighted the significance of Tinapa. “The state spent a tremendous amount to build Tinapa,” he stated.
“I cannot sit back and do nothing to put the place in order.”
He also remarked, “We didn’t consider taking a loan for this because no financial institution would grant such a loan with an existing facility running on Tinapa.”
Cross River Plans for Revitalization
Governor Otu announced that his administration has initiated plans to revitalize the resort, which has underutilized in recent years.
Furthermore, he reiterated his commitment to reviving other struggling cottage industries established by previous administrations, ensuring effective resource management.
The governor’s announcement signals a fresh start for Tinapa, once celebrated as a flagship project for Cross River State’s tourism development.
Originally designed to attract local and international businesses, the resort aimed to stimulate economic activity and establish the state as a premier destination.
Background on Tinapa and AMCON’s Involvement
Tinapa Business Resort, located on a sprawling 265-hectare site, was inaugurated on April 2, 2007, during the tenure of former Governor Donald Duke.
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The multi-faceted facility includes a shopping mall, a business center, a hotel, a water park, an artificial tidal lake, and “Studio Tinapa,” a film production studio.
It also features an entertainment strip with a casino, making it one of the most ambitious projects in the region at the time.
However, financial challenges plagued the resort shortly after its launch.
In 2013, AMCON took over management of Tinapa after acquiring its debts, which totaled N18.5 billion.
The move was part of an agreement with the state government to transfer controlling interest in the facility to AMCON.
Cross River Renewed Optimism for Economic Growth
The recovery of Tinapa Business Resort represents a significant milestone for Cross River State.
As the state seeks to reclaim its leadership in business and tourism development, Governor Otu’s administration remains optimistic about revitalizing Tinapa.
This revitalization will boost economic activity and attract new investments, thereby creating job opportunities for residents.
“Tinapa represents a major investment by the state,” said Governor Otu. “We are determined to ensure it fulfills its purpose.”
“This is just one step in our broader strategy to drive economic growth and development across Cross River.”
The state government has yet to provide a detailed timeline or budget for the rehabilitation of the resort.
However, stakeholders and residents are hopeful that this renewed focus on Tinapa will bring about tangible benefits for the region.
