Cross River takes over Tinapa from AMCON

The government of Cross River, says it has taken over the possession of the foremost Tinapa Business Resort following an agreement with the Asset Management Corporation of Nigeria (AMCON).

Gov. Bassey Otu made the disclosure on Tuesday at a media parley with selected journalists in Calabar.

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

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

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

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 (NAN) 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 N18.5bn.

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

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

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

It also has a film production studio called “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.