Cross River Recovers Tinapa From AMCON

The Cross River State Government says it has recovered Tinapa Business Resort from the Asset Management Corporation of Nigeria.

The State Governor, Bassey Otu, made the disclosure on Tuesday at a media parley with select journalists in Calabar, the state capital.

Otu explained that the recovery of the resort was made possible after the state government made some financial commitments to the AMCON.

He however did not disclose the amount paid to regain possession of the asset, but said that the government had already initiated plans to resuscitate the business resort.

He said: “The state spent a humongous amount to construct Tinapa and I cannot sit back and do nothing to put the place in order.

 “We didn’t contemplate taking a loan for it because no financial institution will grant such a loan when there is an existing facility running on Tinapa.”

The governor also revealed his administration’s plans to resuscitate all moribund cottage industries established by his predecessors.

According to him, nothing will be left to waste under my watch.

The News Agency of Nigeria reports that the AMCON took over management of Tinapa in 2013 following an agreement with the state government for the transfer of its controlling interest.

By the agreement, AMCON bought over Tinapa’s debts totaling N18.5 billion.

The first phase of Tinapa Business Resort and Free Zone was opened to the public on April 2, 2007.

The resort was established by former Governor Donald Duke to promote business and tourism in the state.

The resort is a 265-hectare free trade zone, which includes a shopping mall, a business centre, a hotel, a water park, and an artificial tidal lake.

It also has a film production studio: “Studio Tinapa,” and an entertainment strip with a casino.

The resort is intended to attract local and international businesses and stimulate economic activity in the state and region.