Mathew Amaechi
In a significant move to rejuvenate its flagship commercial hub, the Cross River State Government has successfully reclaimed management of the Tinapa Business and Leisure Resort from the Asset Management Corporation of Nigeria (AMCON).
This strategic decision aims to revitalize the once-thriving $600 million resort, positioning it as a premier destination for business and tourism in West Africa.
Established in 2007 under the administration of former Governor Donald Duke, Tinapa was envisioned as a catalyst for economic growth, with projections to generate up to ₦300 billion annually. However, financial challenges led to a transfer of controlling interest to AMCON in 2013, as part of a debt resolution strategy. AMCON assumed responsibility for Tinapa’s debts, totaling over ₦18.5 billion, and committed an additional ₦26 billion for its revitalization.
Despite these efforts, the resort struggled to achieve its intended potential. In a renewed bid to transform Tinapa into a self-sustaining, privately-driven enterprise, the Cross River State Government has now resumed control.
This transition is expected to pave the way for new investments, infrastructure enhancements, and strategic partnerships aimed at restoring Tinapa’s status as a premier business and leisure destination.
Governor Bassey Otu expressed optimism about the future of Tinapa, stating, “Reclaiming Tinapa signifies our unwavering commitment to economic diversification and tourism development. We are dedicated to unlocking the full potential of this asset for the benefit of our people and the broader region.”
As the state government embarks on this revitalization journey, stakeholders and observers alike are keen to witness the transformation of Tinapa into the vibrant commercial nexus it was originally designed to be.
