*Says resort remains economic future, regional leisure hub

By Ike Uchechukwu, Calabar

The Cross River State Government has formally reclaimed ownership and control of the Tinapa Free Zone from the Asset Management Corporation of Nigeria AMCON, marking a new phase for the once thriving business and leisure resort.

Speaking at the handover ceremony in Calabar, Governor Bassey Otu described the recovery of Tinapa as a major milestone for the state, stating that the facility would once again serve as a key driver of economic growth and a regional hub for trade, innovation and tourism within Nigeria and the Gulf of Guinea.

“This milestone aligns perfectly with the Renewed Hope Agenda of the Federal Government. It shows that when the state and the centre collaborate in good faith, Nigeria wins,” Otu said.

He recalled the turbulent history of the multibillion naira project, explaining that regulatory uncertainty, inconsistent federal policies and inter agency rivalry hindered its initial takeoff.

“By 2013, the weight of debt obligations became unbearable, and to salvage what remained, the state entered a debt buyback agreement with AMCON,” the governor noted.

Under the 2013 Memorandum of Understanding, AMCON purchased Tinapa’s debt valued at about N18.5 billion and pledged an additional N26 billion to revitalise the project through fresh capital injection, management restructuring and private sector driven operations.

However, Otu said the plan failed to materialise due to a shift in AMCON’s internal priorities from 2015, leaving Tinapa in a state of suspended animation that discouraged investors for nearly a decade.

The governor commended AMCON for the constructive engagements that facilitated the seamless handover, assuring that his administration has developed a blueprint to revive Tinapa sustainably.

“To our 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 faith in our collective future,” he declared.

Commissioner for Finance, Dr Mike Odere, said the resort conceived over two decades ago as a world class business and tourism hub, suffered setbacks due to political and financial constraints that eventually led to the loss of state ownership.

He confirmed that the current administration has fulfilled all financial obligations necessary to repossess the facility.

“We are ready to unlock the potential this magnificent edifice holds,” Odere assured.

Executive Director of AMCON, Shola Lamide, said the corporation acquired Tinapa in 2011 but could not attract sufficient private sector interest to revive it.

“We attempted joint ventures with private investors, but interest was low. Working with the government became the best solution, and we are glad to hand the facility back to Cross River,” she stated.

She said the resolution would spur job creation and growth, describing it as a win for both AMCON and the people of Cross River.