By Sylvia Akpan, Government House Correspondent
The Cross River State Executive Council has moved towards developing the Bakassi Deep Seaport project by ratifying the shareholders’ agreement that governs the port’s ownership and operations.
The agreement mandates the restructuring of Bakassi Deep Seaport Ltd., the Special Purpose Vehicle (SPV) established for the project. This is part of the state’s partnership with Arise IPP Ltd., a United Arab Emirates-based firm specializing in port development.
Under the agreement, Arise IPP Ltd. will acquire an 80% stake in the project, while the Cross River State Government retains 20%. With ordinary shares totaling 100 million, the arrangement enables the company to fulfill key obligations, including securing project financing, an effort already initiated through an Afreximbank facility.
Presiding over the Exco meeting, Otu said that the Bakassi Deep Seaport will address maritime infrastructure challenges, enhance trade between West Africa and the global market, and drive economic development in Cross River State through job creation and ancillary industry growth.
With the project moving into the construction phase in a few months, Otu announced plans to send selected Cross River indigenes to Asian countries for specialized training in port operations. “We need skilled artisans ready to take up jobs in the seaport,” he stated.
The Executive Council approved the procurement of Compressed Natural Gas (CNG) and electric vehicles, along with electronic motorcycles, to enhance public transportation; remedial works on the Ikom-Boki-Obudu road; and a N200 million funding package to upgrade infrastructure at the newly established University of Education and Entrepreneurship in Akamkpa Local Government Area.
Governor Otu assured that the distribution of 10,000 recently acquired solar power systems for rural homes will be strictly managed to ensure they reach the most vulnerable. He criticized poor record-keeping of state assets and called for immediate corrective measures.
According to his Chief Press Secretary, Mr. Gill Nsa, the governor issued a directive against revenue leakage, warning commissioners and heads of MDAs that, effective February 15, any official continuing to use private revenue consultants will face sanctions.
The council meeting witnessed a minute of silence in honor of the late Commissioner of Culture and Tourism – Hon. Abubakar Ewa, who passed on last exco meeting in January 2025.
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