The Cross River State Executive Council has approved the shareholders’ agreement for the Bakassi Deep Seaport project, marking a major milestone in the state’s maritime infrastructure ambitions.
The agreement paves the way for the restructuring of Bakassi Deep Seaport Ltd and its Special Purpose Vehicle (SPV), as part of the state’s partnership with Arise IPP Ltd., a UAE-based firm specializing in port development. Under the terms, Arise IPP Ltd. will hold an 80% stake in the project, while the Cross River State Government retains 20%.
With 100 million ordinary shares allocated, this arrangement enables Arise IPP Ltd. to spearhead financing efforts, a process already in motion through an Afreximbank facility.
Presiding over the Exco meeting, Governor Bassey Edet Otu highlighted the seaport’s strategic role in boosting trade between West Africa and global markets. He stressed that the project would not only address maritime infrastructure gaps but also drive economic growth in Cross River through job creation and the expansion of ancillary industries.
As the seaport moves into the construction phase in the coming months, Governor Otu unveiled 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.
In addition to the seaport deal, the Executive Council approved a major transportation upgrade, including the procurement of compressed natural gas (CNG) and electric vehicles, as well as electronic motorcycles to enhance public transportation.
Read also: Cross River Assembly applauds Gov. Otu’s development strides
Otu also announced remedial works on the Ikom-Boki-Obudu road and approved a ₦200 million funding package to upgrade infrastructure at the newly established University of Education and Entrepreneurship in Akamkpa Local Government Area.
On rural electrification, he assured that the recently acquired 10,000 solar power systems for rural homes would be distributed transparently, ensuring they reach the most vulnerable communities.
In a move against financial mismanagement, the governor condemned the poor record-keeping of state assets and demanded immediate corrective action. He also issued a strict directive to curb revenue leakages, warning that from February 15, any official still engaging private revenue consultants would face sanctions.
To improve governance efficiency, Governor Otu tasked the Vice Chairman of the State Planning Commission and the Secretary to the Government’s office with developing a scientific tool to evaluate the performance of Exco members. He emphasized that an external body would conduct the assessment within two weeks to ensure objectivity, reinforcing his administration’s commitment to accountability and results-driven leadership.
