Otu takes back ownership of TINAPA RESORT from AMCON; vows to transform facility quickly

In a landmark move to restore Cross River State’s economic assets, Governor Bassey Otu has successfully reclaimed the Tinapa Resort from the Asset Management Corporation of Nigeria (AMCON). This development marks the beginning of a new chapter for the once-thriving commercial and tourism hub, which had faced years of neglect and challenges.

Speaking during a recent media parley, Governor Otu reaffirmed his administration’s commitment to reviving abandoned state assets, emphasizing that Tinapa was too valuable to be left to waste.

“When I assumed office, I made it clear that we could not allow such a massive investment to deteriorate. We conducted feasibility studies, explored possible uses for the facility, and initiated discussions with AMCON to take back ownership,” the governor stated.

As a finance expert, Governor Otu personally supervised due diligence on the debts tied to Tinapa, ensuring transparency in negotiations. According to the Governor, his administration successfully reached an agreement with AMCON, completing the necessary payments and securing full ownership of the facility for Cross River State.

“I am very happy to announce that Tinapa now fully belongs to the state, and we are ready to bring it back to life. Soon, when you step into Tinapa, you will see its transformation. This is a fulfillment of our campaign promise to restore and maximize our state’s assets,” he declared.

Originally conceived as a world-class business and leisure hub, Tinapa was expected to position Cross River as a leading commercial and tourism destination in Nigeria. However, operational and financial setbacks led to its decline. With this successful reacquisition, Governor Otu’s administration is set to reactivate the facility, attract investors, and unlock its full economic potential.

The revival of Tinapa is expected to boost tourism, create jobs, and stimulate economic growth in the state thereby reinforcing Cross River’s position as a key player in Nigeria’s hospitality and business sectors. Residents and investors eagerly anticipate the next phase of development as the government rolls out its reactivation plans.

By: Archibong Emmanuel

(Snr. Reporter)