By Joy Umo
The Cross River State Government has regained full control of the Tinapa Free Trade Zone and Resort from the Asset Management Corporation of Nigeria, marking a major turning point for the once-celebrated business and leisure hub.
Speaking in Calabar during the formal handover, Governor Bassey Otu said the return of Tinapa signalled a new chapter for the state’s economic revival. He described the development as a strategic leap that would reposition the resort as a regional commercial, innovation and tourism destination serving Nigeria and the Gulf of Guinea.
“This milestone aligns with the Renewed Hope Agenda of the Federal Government. It demonstrates that when the state and the centre work together sincerely, Nigeria benefits,” Otu stated.
The governor traced Tinapa’s struggles to regulatory setbacks, inconsistent federal policies and inter-agency conflicts which frustrated its operations from inception. He recalled that by 2013, heavy debt and dwindling viability forced the state to enter a debt-buyback arrangement with AMCON.
According to him, the 2013 Memorandum of Understanding saw AMCON acquire Tinapa’s debt estimated at about ₦18.5 billion and commit roughly ₦26 billion to revive the project, restructure its management and reposition it as a private-sector-driven enterprise.
However, Governor Otu noted that AMCON’s shift in focus from 2015 stalled the revitalisation efforts, leaving Tinapa in limbo and dampening investor confidence for nearly 10 years.
He commended AMCON for its role in eventually resolving the ownership issues, assuring that his administration has developed a comprehensive roadmap to restore the project to profitable and sustainable operation.
“To investors and partners, Tinapa is open again. To our people, Tinapa is ours again. And to Nigeria, Tinapa will rise again as a symbol of renewed belief in our shared future,” he affirmed.
Commissioner for Finance, Dr Mike Odere, noted that Tinapa, envisioned over two decades ago as a world-class commercial and leisure destination, suffered setbacks arising from political and financial challenges which led to the state forfeiting ownership and liabilities to AMCON.
He disclosed that the current administration has fulfilled all financial obligations required for Tinapa’s return and is now set to unlock the value and economic potential of the facility.
AMCON’s Executive Director, Shola Lamidẹ, said the corporation acquired Tinapa in 2011 but was unable to attract viable private investors to resurrect the project.
“We explored joint-venture options, but interest was low. Partnering with the government became the best solution. We are pleased that the issues have been resolved and the asset is now back with Cross River State,” she said, adding that the agreement would spur job creation and economic growth.
Former Minister of Culture and Tourism, High Chief Edem Duke, and former Chief of Staff, Martins Orim, praised Governor Otu for his resolve and vision, expressing optimism that Tinapa’s revival would boost the state’s economy and improve citizens’ livelihoods.