Cross River Have Taken Back Tinapa From AMCON, Gov
Judex OKORO
Governor Bassey Otu of Cross River has disclosed that the state government has taken over the possession of the foremost Tinapa Business Resort from AMCON.
The decision to take over TINAPA was possible after reaching an agreement with the Asset Management Corporation of Nigeria (AMCON).
Speaking at a media parley in Calabar on Monday night, Otu said the recovery of the resort was made possible after the state made some financial commitment to the AMCON.
The governor, who did not disclosed the amount paid to regain possession of the asset, noted that the government has already initiated plans to resuscitate the business resort.
He said: "The state spent homogous amount to contruct Tinapa and I could not sit back and do nothing to put the place in order.
"We didn't contemplate taking loan for it because no financial institution will grant such when there is an existing facility running on Tinapa.
"My administration has concluded arrangements to resuscitate all moribund cottage industries set up by my predecessors.
"We will not leave anything to waste under my watch. We will get back the economy of the state by bringing back all these industries. We call on our people to be patient with us as we move the state to next state of development with the people first."
Recall that AMCON took over mamangement 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 totalling N18.5bn.
The first phase of Tinapa Business Resort and Free Zone was opened to the public on April 2, 2007.
The resort was established by Governor Donald Duke to promote business and tourism in the state.
The resort is a 265-hectare free trade zone that includes a shopping mall, a business center, a hotel, a water park, and an artificial tidal lake.
The resort was intended to attract local and international businesses and stimulate economic activity in the state and region.
The project was financed by Nigeria's biggest banks.
The resort includes a film production studio called “Studio Tinapa” and an entertainment strip with a Casino.
