Cross River Govt reclaims Tinapa resort from AMCON

The Cross River State Government has officially regained control of the renowned Tinapa Business Resort after reaching an agreement with the Asset Management Corporation of Nigeria (AMCON).

Speaking at a press conference in Calabar on Tuesday, Governor Bassey Otu announced the acquisition, revealing that the state secured the resort through a financial commitment to AMCON.

While he did not disclose the exact amount involved, he assured that plans are already in motion to revitalize the facility.

Governor Otu underscored the state’s substantial investment in Tinapa, stressing his determination to restore it to full operation.

“We didn’t consider taking a loan for this because no financial institution would approve one with an existing facility running on Tinapa,” he stated.

In addition to revamping Tinapa, the governor reaffirmed his administration’s commitment to revitalizing dormant cottage industries established by previous administrations, ensuring that no state-owned asset goes to waste.

AMCON assumed control of Tinapa Business Resort in 2013 after acquiring its outstanding debts, which amounted to ₦18.5 billion.

Originally developed by former Governor Donald Duke, the resort was launched on April 2, 2007, to boost business and tourism in Cross River State.

Spanning 265 hectares, Tinapa operates as a free trade zone and features a shopping mall, business center, hotel, water park, and artificial tidal lake. It also houses Studio Tinapa, a film production studio, and an entertainment hub that includes a casino.

The resort was designed to attract both local and international businesses, positioning itself as a key driver of economic growth in Cross River State and the surrounding region.