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 was when AMCON bought back Tinanapa’s debt of about N18.5bn with the aim of providing N26bn for the revitalization 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 Timapa and made worse by the ENDSARS vandalisation of equipment at the Resort.
Timapa, a legacy project of Mr. Donald Duke, tickled the state governor, Prince Bassey Otu during the handover and 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 said.
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 represents a revival of what many thought was lost forever.
“It means pride, it means reawakening, it means renewed hope,” Odere said, 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. 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.
“We tried to do a joint venture with private investors, but interest was low,” he said. “Working with the government was therefore the best solution. We are happy that we’ve been able to resolve the issues and hand the facility back to Cross River State.”
He added that the resolution would create opportunities for employment and growth, describing the handover as “a win for both AMCON and the people of Cross River State.”
Delivering his goodwill message, former Minister of Culture and Tourism, High Chief Edem Duke, hailed Governor Otu for his proactive and visionary leadership in reclaiming Tinapa.
“For decades, this asset had gone into decadence. But today, we see the commencement of a new lease of life, the beginning of the Tinapa odyssey,” Duke said.
He commended the Governor and his team for their courage in repossessing the facility for the benefit of the people and lauded AMCON for its understanding and cooperation, noting that the agency has always maintained that it is not in the business of managing enterprises.
Duke urged the government to recalibrate the project, restore investor confidence, and enable early stakeholders to achieve their aspirations. “Your Excellency, tomorrow begins today,” he declared.