Cross River Govt Confirms It Has Taken Over Tinapa Resort

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.

Governor Otu revealed that the state government’s financial commitment to AMCON facilitated the recovery of the resort, although he did not disclose the exact amount paid to regain control. He assured that plans were already underway to revitalize the resort.

“We spent a significant amount to construct Tinapa, and I cannot allow it to remain in its current state,” Otu stated. He clarified that the government did not seek loans to secure the asset, noting that no financial institution would approve a loan due to the existing liabilities tied to the resort.

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The governor also stated his administration’s intention to revive other moribund cottage industries established by previous governments, promising that no assets would be left unused under his leadership.

Tinapa Business Resort, a 265-hectare free trade zone, was inaugurated in 2007 by former Governor Donald Duke with the aim of boosting business and tourism in the region. The facility includes a shopping mall, business center, hotel, water park, artificial tidal lake, and “Studio Tinapa,” a film production studio. The resort also features an entertainment strip with a casino.

AMCON assumed control of the resort in 2013, after taking on the resort’s debts, which amounted to N18.5 billion. The state government’s takeover signals a major step toward revitalizing this key asset, which was once considered a major catalyst for economic growth in the region.

Governor Otu’s administration further expressed hope that the recovery of Tinapa will contribute to the revival of Cross River’s economy, benefiting both the state and the wider region.