The Asset Management Corporation of Nigeria (AMCON) has handed over the management of the Tinapa business resort back to the Cross River state government Governor Bassey Otu made this known on Tuesday, at a media parley in Calabar.
According to Out, 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.0:00 / 0:00
The governor said “The state spent a humongous amount to construct Tinapa and I cannot sit back and do nothing to put the place in order. We didn’t contemplate taking a loan for it, because no financial institution will grant such when there is an existing facility running on Tinapa,” he said.
AMCON took over the 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, a 265-hectare free trade zone, which includes a shopping mall, a business centre, a hotel, a water park, and an artificial tidal lake, was established by former Gov. Donald Duke to promote business and tourism in the state. It also has a film production studio called “Studio Tinapa”, and an entertainment strip with a casino.
