Governor Bassey Otu says Tinapa’s handover marks a major step in Cross River’s drive to rebuild and revitalise its economy.”

the state government as a turning point for the state’s economic revival, describing it as “the renewal of Cross River’s economic vision.”

The Asset Management Corporation of Nigeria (AMCON) handed over the resort after years of federal control, a move widely seen as a major step toward repositioning the state as a key investment destination.

Governor Otu said the takeover signals not only the recovery of a strategic asset, but also the beginning of a new phase of economic ambition under his administration’s People First agenda.

“After years under the Asset Management Corporation of Nigeria, AMKON, the Tinapa Business and Leisure Resort has officially returned to the Cross River State Government,”he said. “The handover represents not just the recovery of a key asset, but the renewal of Cross River’s economic vision.”

He added that discussions with credible investors were already underway to transform Tinapa into “a hub for trade, tourism and creative enterprise.”

Otu stressed his determination to restore Tinapa’s original purpose and potential. “We are determined to ensure that Tinapa becomes not just a free zone, but a free zone of excellence, one that demonstrates what visionary governance, sustained commitment and shared responsibility can achieve,” he said.

“To our investors and partners, we say Tinapa is open again. To our people, we say Tinapa is ours again. And to Nigeria, we say Tinapa will rise again as a symbol of renewed faith in our collective future.”

Commissioner for Finance,Mike Odere, said the financial settlement that enabled the return was a moment of pride for the administration and the state.

“We stand here today tall and proud with our shoulders up high to tell Cross Riverians, Nigerians and indeed the world that the state government, through the wisdom of our governor and his support team, the executive committees and the House of Assembly, has met all financial agreements and arrangements to take over Tinapa and to tell the world that Tinapa officially belongs to Cross River State Government,” he declared.

AMCON Executive Director, Shola Lamide, explained that the corporation acquired Tinapa in 2011 to recover debts owed by investors but had struggled to secure new private partners. “We tried to do a JV with private investors. We couldn’t get many people to be interested. So I think working with the government was the best solution for us,”he said.

Lamide added that cooperation with the state proved the most viable path forward. “We basically went back and fought with the Cross River State Government and we are very happy that we were able to get a resolution and hand over the facility back to Cross River State Government.”

The return of Tinapa is being welcomed as the beginning of a new economic dawn for Cross River State, boosting confidence in its potential as a competitive investment hub. (ARISE NEWS)