The Cross River State Executive Council has ratified the shareholders’ agreement governing the ownership and operations of its deep seaport project.
Under the agreement, Arise IPP Ltd; the United Arab Emirate (UAE) based firm, will acquire 80 percent stake in the project, while the Cross River State Government retains 20 percent.
With ordinary shares totaling 100 million, the arrangement allows Arise IPP Ltd. to fulfill key obligations, including securing project financing—an effort already initiated through an Afreximbank facility.
A press release dated February 6, by the Chief Press Secretary to the Governor, Comrade Nsa Gill, said the agreement mandates the restructuring of Bakassi Deep Seaport Ltd., the Special Purpose Vehicle (SPV) established for the project, as part of the state’s partnership with Arise IPP Ltd; specializing in port development.
Presiding over the Exco meeting , Governor Bassey Otu emphasized 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.
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As the project moves into the construction phase in few months, the governor announced plans to send select 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.
Additionally, the State 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 also 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 as he criticized poor record-keeping of state assets and called for immediate corrective measures.
Furthermore, he 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.
To enhance administrative efficiency, the governor tasked the Vice Chairman of the State Planning Commission and the Secretary to the Government’s office with developing a scientific tool to assess the performance of Exco members.
He said this assessment, due in two weeks, “will be conducted by an external body for objectivity” and reaffirmed his commitment to supporting MDAs in achieving their mandates.
The executive council members observed a minute silence in honour of late Hon. Abubakar Ewa, the Commissioner for culture and tourism who died on the day of the last exco meeting in January 2025.
Governor Otu used the opportunity to emphasize the need for regular personal health checks by all.
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