MIRIAM NNOLI 
The Cross River State Government led by Governor Bassey Otu on Tuesday said it 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, the Governor who announced the acquisition revealed that the state secured the resort through a financial commitment to AMCON.
Governor Otu underscored the state’s substantial investment in Tinapa, stressing his determination to restore it to full operation.
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.
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“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.
Recall that 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 centre, 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.
