Governor Bassey Otu of Cross River State has described the formal return of the Tinapa Business and Leisure Resort to the State government as “a battle fought and won for all the people of the State,” marking what he called a new dawn for the State’s economy.
AMCON assumed control of the resort in 2013, after taking on the resort’s debts, which amounted to N18.5 billion.
Speaking at the handover ceremony in Calabar, at the weekend, Governor Otu said the recovery of Tinapa symbolized not just the reclaiming of a major asset but the revival of a vision that once placed Cross River on the global economic map.
“The return of Tinapa is not merely an event; it is a rebirth, the triumph of faith, patience and resilience. The takeover signals a major step towards revitalizing this key asset, which was once considered a major catalyst for economic growth in the region,” he said.
The Governor revealed that the State government’s financial commitment to AMCON facilitated the recovery of the resort, although he did not disclose the exact amount paid to regain control.
He gave the assurance that plans were already underway to revitalize the resort.
“We spent a significant amount to construct Tinapa, and I cannot allow it to remain in its current state,” Governor Otu noted.
He clarified that the State government did not seek loans to secure the asset, noting that no financial institution would approve a loan due to the existing liabilities tied to the resort.
Recalling its conception under former Governor Donald Duke, Prince Otu said Tinapa once showcased the State’s capacity for bold, investment-driven development.
He assured the people of the State that his administration, under the People First Agenda, would reposition the Free Zone as a hub for trade, tourism and creative enterprise.
““Then, like a dream that triumphed over doubt and circumstance, Tinapa emerged, radiant, ambitious, visionary; and became the spark that changed the narrative of our State forever,” he said. “By its conception, Tinapa redefined how the world saw us, lifting Cross River from the shadows into the global spotlight. We are breathing new life into Tinapa, not as a relic of abandoned ambition but as a living symbol of Cross River’s resilience.”
The Governor disclosed that the State is already engaging credible investors and partners to transform the facility into a vibrant centre of commerce and job creation, operating under a transparent and accountable management structure.
“This moment is a collective victory, for our past leaders whose dreams gave birth to it, for the government that fought to reclaim it, and for the future generations who will inherit its promise. Together, we shall turn this symbol of struggle into a testament of triumph,” Governor Otu said.
He also extended appreciation to the Federal Government and relevant agencies for their cooperation in the transition process, commending all stakeholders who worked behind the scenes to make the return possible.
Governor Otu concluded with a note of hope and determination, reaffirming that the rebirth of Tinapa would mark the beginning of a new economic dawn for Cross River State.
“We are a people of faith and courage. Tinapa is once again ours, and under our watch, it shall flourish. Let the world know that Cross River has reclaimed her pride, and from this soil, we shall build the future we have always dreamed of,” he assured.
Governor Otu recalled that prior to the establishment of Tinapa in 2007, Cross River State had little by way of landmark projects that drew national and international attention.
The Governor also stated his administration’s intention to revive other moribund cottage industries established by previous governments, promising that no assets would be left unused under his leadership.
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,” Dr 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.
In his remarks, the Executive Director of AMCON, Mr. Shola Lamide, said the corporation acquired the Tinapa asset in 2011 but struggled to attract private investors to revive the project.
He expressed satisfaction that the facility has now been fully handed back to Cross River State, describing the resolution as “a win for both AMCON and the people of Cross River.”
Tinapa Business Resort, a 265-hectare free trade zone, includes a shopping mall, business center, hotel, water park, artificial tidal lake, and “Studio Tinapa,” a film production studio.
The resort also features an entertainment strip with a casino.
