Asset Management Corporation of Nigeria (AMCON) has finally handed over the Tinapa Business and Leisure Resort to the Cross River State government, after the former acquired it in 2011.
An agreement between the state government and AMCON signaled AMCON buying back Tinapa’s debt of about N18.5 billion with the aim of providing N26 billion for the revitalisation and resuscitation of the resort to reposition it as a private sector driven enterprise.
However, since then, AMCON has not been able to get private sector investors to do business with, a situation that compounded the state of Tinapa and made worse by the ENDSARS vandalisation of equipment at the Resort.
Tinapa, a legacy project of Mr Donald Duke, tickled Governor Bassey Otu during the handover and he didn’t mince words when he joyfully described the handover as “the 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,” the governor remarked. Otu commended AMCON for its cooperation and pledged that his administration would re-engineer the complex into a self-sustaining economic ecosystem.
Also speaking, the Commissioner for Finance, Dr Mike Odere, said the handover represented a revival of what many thought was lost forever. He said: “It means pride, it means reawakening, it means renewed hope,” Odere stated, adding that with full ownership now restored, the government would be free to attract investors and reposition the facility for maximum economic impact.
“We are already re-engineering the framework to ensure Tinapa becomes viable again, looking into forward integration in agriculture, manufacturing, warehousing, ICT training and tourism.”
In his remarks, Mr Shola Lamide, the Executive Director of AMCON said the corporation acquired the Tinapa asset in 2011 but struggled to attract private investors to revive the project.
