The Cross River State Government, under the leadership of Governor Bassey Otu, has reclaimed ownership of the Tinapa Business Resort, a significant development marking a new chapter in the resort’s history. The acquisition comes after a period of management under the Asset Management Corporation of Nigeria (AMCON), which took control in 2013 due to accumulated debts. Governor Otu announced the takeover during a media briefing in Calabar, emphasizing the state’s commitment to revitalizing the once-prominent business and tourism hub. While the specific financial details of the agreement with AMCON remain undisclosed, Governor Otu confirmed a substantial financial commitment was made to regain control of the asset. This move underscores the government’s determination to restore Tinapa to its former glory and maximize its potential as a driver of economic growth and tourism.
Tinapa Business Resort, envisioned as a premier destination for business and leisure, has faced financial challenges since its inception. The ambitious project, initiated by former Governor Donald Duke, aimed to transform Cross River State into a major player in the tourism and business sectors. The resort boasts a wide array of facilities, including a shopping mall, a business center, a hotel, a water park, an artificial tidal lake, a film production studio known as “Studio Tinapa,” and an entertainment strip featuring a casino. These features were designed to attract both domestic and international visitors, fostering economic activity and creating employment opportunities. However, the resort’s financial burdens eventually led to AMCON’s intervention, marking a period of uncertainty for its future.
The takeover of Tinapa by the Cross River State Government signals a renewed effort to unlock the resort’s untapped potential. Governor Otu’s administration has prioritized the resuscitation of Tinapa and other dormant cottage industries within the state, viewing them as crucial components of economic revitalization. The governor has expressed a commitment to ensuring no resources are wasted under his watch, highlighting the importance of maximizing the state’s assets for the benefit of its citizens. This strategic focus on revitalizing existing infrastructure, rather than incurring further debt through new projects, underlines the government’s commitment to fiscal responsibility and sustainable development.
The ambitious scale of the Tinapa project, encompassing a 265-hectare free trade zone, presented significant financial challenges. The resort’s complex infrastructure and diverse offerings, while envisioned as a major draw for investors and tourists, ultimately contributed to its financial difficulties. The state government’s initial investment in Tinapa was substantial, a fact highlighted by Governor Otu when explaining the decision to regain control. He stated that the considerable sum spent on Tinapa’s construction necessitates proactive measures to ensure its viability. This commitment reflects an understanding of the importance of salvaging past investments and leveraging existing infrastructure for future economic growth.
Governor Otu’s decision to prioritize the revitalization of Tinapa over seeking new loans underscores his administration’s pragmatic approach to economic development. He explicitly stated the improbability of securing loans for Tinapa given the existing outstanding facility. This approach demonstrates a commitment to responsible financial management and a focus on maximizing the value of existing assets. By addressing the underlying financial challenges and implementing a sustainable recovery plan, the government aims to position Tinapa for long-term success. This strategy of revitalizing existing infrastructure represents a fiscally responsible approach compared to accumulating further debt through new ventures.
The recovery of Tinapa Business Resort marks a significant milestone in Cross River State’s economic development journey. Governor Otu’s administration has signaled a clear commitment to restoring the resort’s former glory and maximizing its potential as a driver of economic growth and tourism. By addressing the underlying financial challenges and implementing a strategic revitalization plan, the government aims to transform Tinapa into a thriving hub of activity, generating economic opportunities and enhancing Cross River’s image as a premier destination for business and leisure. This renewed focus on Tinapa holds the promise of realizing its original vision as a catalyst for economic prosperity and a symbol of the state’s potential.