…Gov Otu says move marks economic rebirth
Ben Eguzozie
Cross River government has finally taken back the ownership of $600 million Tinapa Business and Leisure Resort, Calabar, from the Nigerian toxic bank, Asset Management Corporation of Nigeria (AMCON) after an 18-month moratorium during which the state government was able to pay up all outstanding indebtedness owed by the resort.
Checks by Business A.M. indicated that Tinapa was indebted by over N44.5 billion to a number of financial institutions, being funds borrowed to finance its construction. It was built and inaugurated by former governor, Donald Duke, in April 2007.
Governor Bassey Otu, while receiving documents transferring ownership of the multi-million-dollar resort back to the state, said, the formal return of the business and leisure resort to the state government was “a battle fought and won for all Cross Riverians”.
He also said, the move marks what he called “a new dawn for the state’s economy”.
The executive director of AMCON, Shola Lamide, said the corporation acquired the Tinapa asset in 2011 but struggled to attract private investors to revive the project.
He expressed satisfaction that the facility has now been fully handed back to Cross River State, describing the resolution as “a win for both AMCON and the people of Cross River.”
In June 2024, AMCON cleared the path for Tinapa business resort to begin to receive new investments leading up to its revitalisation. This followed series of meetings held between the owner Cross River government and the nation’s bad bank. At that time, Business A.M. had reported that, in about 18 months, the multi-million-dollar trade and tourism estate in Calabar would begin baby steps to its rebirth.
AMCON offered the state government a respite by allowing it to pay up, by instalments, the resort’s outstanding indebtedness over the 18 months agreed period.
Governor Otu said the recovery of Tinapa symbolized not just the reclaiming of a major asset but the revival of a vision that once placed Cross River on the global economic map.
“The return of Tinapa is not merely an event; it is a rebirth, the triumph of faith, patience and resilience,” he said.
Recalling its conception under former Governor Donald Duke, Otu said Tinapa once showcased the state’s capacity for bold, investment-driven development. He assured that his administration, under the “People First Agenda”, would reposition the Free Zone as a hub for trade, tourism and creative enterprise.
“We are breathing new life into Tinapa, not as a relic of abandoned ambition but as a living symbol of Cross River’s resilience,” he stated.
The Governor informed that the state was already engaging credible investors and partners to transform the facility into a vibrant centre of commerce and job creation, operating under a transparent and accountable management structure.
“This moment is a collective victory — for our past leaders whose dreams gave it birth, for the government that fought to reclaim it, and for the future generations who will inherit its promise. Together, we shall turn this symbol of struggle into a testament of triumph,” Governor Otu said. He also extended appreciation to the federal government and relevant agencies for their cooperation in the transition process, commending all stakeholders who worked behind the scenes to make the return possible.
A memorandum of understanding (MoU) in 2013 indicated AMCON to buy back Tinapa’s debts totaling more than N18.50 billion; and also provide N26 billion for the revitalization and resuscitation of the resort to reposition it as a private sector-driven enterprise. On the whole, the business resort is indebted by over N44.5 billion.
