The government of Cross River says it has retaken the possession of the foremost TINAPA Business and Leisure Resort following an agreement with the Asset Management Corporation of Nigeria [AMCON].
Gov. Bassey Otu made this known Monday night at a media parley with journalists in Calabar said that the recovery of the resort was made possible after the state made some financial commitment to AMCON.
The governor who did not mention the amount paid or to be paid to retakes the possession of the asset, hinted that the government has already initiated plans to resuscitate the business resort.
His words:” The state spent humongous amount to construct 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,” he stated.
Otu also revealed his administration plans by resuscitate all moribund cottage industries set up by his predecessors.
According to him nothing will be left to waste under my watch,” he stated.
AMCON took over management of TINAPA in 2013 following an understanding with the state government for the transfer of its controlling interest.
By that agreement, AMCON bought over TINAPA’s debts totalling N18.5bn.
The first phase of TINAPA Business Resort & 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 centre, a hotel, a water park, and an artificial tidal lake.
The resort was intended to attract local and international businesses and stimulate economic activities in the state and region that was finally looted by youths and thieves from the communities around Calabar during the #EndSARS protests across Nigeria in October 2020.
By Lucky George