Investors Table 500m Euros For Governor Ayade’s Signature Projects

In Breaking News, Business & Economy, National News, Politics, Reports

By Jonathan Ugbal; Government House Correspondent

Governor Ayade and the investors at a meeting in his office in Calabar today
Governor Ayade and the investors at a meeting in his office in Calabar today

The promise by the Cross River State governor, Senator Ben Ayade that he will not require the state resources to finance his proposed signature projects seem to be taking shape gradually with the involvement of private investors who say they are confident that the governor has demonstrated enough clout and political will to push through with the seemingly impossible ideas.

In a courtesy call today to the governor’s office in Calabar today, Mr. Mr Michael Le Havre, CEO of Broad Spectrum Industrial Services Limited, an Isreali firm with over 30 years experience in project financing, energy/power, civil engineering/agriculture presented to the governor, a document which they say grants their firm mandate to fund the governor’s signature projects, which include a state owned Seaport, a 240km superhighway from Calabar to Obudu and cement/mining corporation, to the tune of 500 Million Euro.

According to Mr. Le Havre, “Your (Cross River State) part of the financial involvement will be very minimal.”

He asked the state government to issue a bank guarantee to her bank so that work can begin in earnest while legal agreements were been discussed by the legal teams.

He further disclosed that 500million Euros has already been voted in favor of the projects from their account with Deutsche Bank which he is signatory to.

The investors led by Michael Le Havre of Broad Spectrum Industrial Services met with the state team led by Governor Benedict Ayade in the conference room of the governor’s office in Calabar where he disclosed they were interested in the project which the governor stressed was not a loan.

Governor Ayade in his response maintained that “This is not a debt, this is not a loan but project financing and the project has the capacity to pay back by itself. The state has meticulously studied the projects and concluded they will add value to the lives of Cross Riverians as the seaport and evacuation corridor will be serving not just Nigerians but landlocked countries like Niger and Chad with deep dredging to be carried out to accommodate mother vessels.” He said.

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6 commentsOn Investors Table 500m Euros For Governor Ayade’s Signature Projects

  • This is great news but I hope these are genuine investors. I Googled the company in question and the results was not encouraging to say the least. The company in question is no Israeli conglomerate neither is the CEO named as such. The only person with such name is a French citizen who happens to be the director of finance& administration at DNL engineering One hopes these are not fake investors looking for who to dupe.while not sounding pessimistic, I would advise the media to make a background check of the company in question.

  • Lord thanks for answering our prayer.

  • I have followed the different opinion of commentators/writers on the how, what, when and where questions as to the action/inaction and projects of the new Governor. Sincerely we should give him time. It’s just too early to criticise. I hope we pray for his success. This activity of dismissing or been critical for any reason should not be. I seriously hope and pray that the new administration succeed. This will automatically translate to better deal for our people. I so wish that the various activity of State government result in better economy, services, industrialisation and help improve our IGR to meet it’s financial obligation to the workforce and creditors. God bless Cross River State.

  • Please I do not doubt the possibility of His Excellency ‘S signature projects. But how will this project benefit Niger and Chad? .


    His Exellency has proof with all reasonable dougt his good intention to crossriveriance even b/4 he becomes de governor. words will not be enough to mention them. God will help him to acomplish all his heart desires in 8 year before he leaves office.

  • Indeed, we now have a Governor that walks the talk. We are in for good times and our history will be re-written. God bless and sustain His Excellency, Senator Prof. Ben Bengioushuye Ayade with good health, long life and the right mental attitude. Soon, this State will overtake lagos and kano States in revenue generation. It is well.

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