The Asset Management Corporation of Nigeria (AMCON) has officially returned the Tinapa Business and Leisure Resort to the Cross River State government, nearly 14 years after acquiring it in 2011.

Under an agreement between AMCON and the state government, the corporation had purchased Tinapa’s debt of about ₦18.5 billion, intending to provide ₦26 billion for its revitalization and repositioning as a private-sector-driven enterprise. However, AMCON struggled to attract investors, a challenge compounded by the ENDSARS vandalization of equipment at the resort.

Governor Prince Bassey Otu described the handover as a “rebirth of a legacy project that once defined the state’s vision for enterprise, trade, and tourism.”

“Tinapa was once a symbol of innovation and pride for Cross River. Today, we are bringing it back to life, not just as a business resort, but as a hub for tourism, manufacturing, and technology,” Otu said.

The Governor commended AMCON for its cooperation and pledged to re-engineer the complex into a self-sustaining economic ecosystem.

Commissioner for Finance, Dr. Mike Odere, described the handover as a revival of what many thought was lost, stating:

“It means pride, it means reawakening, it means renewed hope. With full ownership restored, the government can attract investors and reposition the facility for maximum economic impact. We are already redesigning the framework to ensure Tinapa becomes viable again, exploring opportunities in agriculture, manufacturing, warehousing, ICT training, and tourism.”

AMCON’s Executive Director, Shola Lamide, explained that the corporation acquired Tinapa in 2011 but struggled to attract private investors.

“We tried to do a joint venture with private investors, but interest was low. Working with the government was therefore the best solution. We are happy that we’ve resolved the issues and handed the facility back to Cross River State,” Lamide said, noting that the move will create employment and growth opportunities.

Former Minister of Culture and Tourism, High Chief Edem Duke, commended Governor Otu for his proactive leadership in reclaiming Tinapa.

“For decades, this asset had gone into decadence. But today marks the beginning of a new Tinapa odyssey. We commend the Governor and his team for their courage, and AMCON for its cooperation,” Duke said.

He urged the government to restore investor confidence and enable early stakeholders to achieve their aspirations, declaring:

“Your Excellency, tomorrow begins today.”