The Cross River government has taken over Tinapa Business Resort after reaching an agreement with the Asset Management Corporation of Nigeria (AMCON).
Governor Bassey Otu announced this on Tuesday during a media parley in Calabar, stating that the state made financial commitments to AMCON to recover the asset.
He did not disclose the amount paid but assured that the government had begun efforts to revamp the resort.
“The state spent a huge amount to build Tinapa, and I cannot sit back and do nothing,” Otu stated.
He ruled out taking loans for the project, citing existing financial constraints on the facility.
The governor also pledged to revive all abandoned cottage industries established by previous administrations.
AMCON took control of Tinapa in 2013 after acquiring its N18.5 billion debt under an agreement with the state government.
Established in 2007 by former Governor Donald Duke, Tinapa Business Resort was designed to boost trade and tourism.
Spanning 265 hectares, the free trade zone features a shopping mall, business center, hotel, water park, artificial tidal lake, and entertainment facilities.
The resort also houses “Studio Tinapa,” a film production hub, along with a casino and recreational areas.
The government aims to restore Tinapa’s economic potential and attract both local and international investors.
