In a pivotal step towards the realization of the Bakassi Deep Seaport project, the Cross River State Executive Council has ratified the shareholders’ agreement for the port’s ownership and operations.
The agreement, which involves a strategic partnership with UAE-based Arise IPP Ltd., outlines the restructuring of Bakassi Deep Seaport Ltd., the Special Purpose Vehicle (SPV) established for the ambitious project.
Under the terms of the agreement, Arise IPP Ltd. will take an 80% stake in the project, while the Cross River State Government will retain 20%. This arrangement, with 100 million ordinary shares in play, positions Arise IPP Ltd. to secure crucial project financing, a process already underway through an Afreximbank facility.
Governor Bassey Edet Otu, who presided over the Exco meeting, highlighted the transformative potential of the Bakassi Deep Seaport: “The 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 construction set to begin in the coming months, Governor Otu also announced plans to send select Cross River indigenes to Asian countries for specialized training in port operations, stressing the importance of having skilled artisans ready to support the project. “We need skilled artisans ready to take up jobs in the seaport,” Otu emphasized.
In addition to the seaport developments, the Exco approved several initiatives aimed at boosting infrastructure and public services. These include the procurement of compressed natural gas (CNG) and electric vehicles, along with electronic motorcycles, to improve public transportation. Remedial works on the Ikom-Boki-Obudu road and a N200 million funding package for the newly established University of Education and Entrepreneurship in Akamkpa were also approved.
Governor Otu also addressed the distribution of solar power systems to rural homes, committing to ensuring that the 10,000 units are distributed to the most vulnerable. “We need to ensure they reach the most vulnerable,” he stated, also criticizing poor record-keeping of state assets and calling for immediate corrective measures.
In another key directive, Governor Otu issued a warning to officials against revenue leakage, stating that any commissioner or head of a ministry, department, or agency (MDA) continuing to use private revenue consultants after February 15 would face sanctions.
To improve 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, with the assessment due in two weeks. “This assessment will be conducted by an external body for objectivity,” he noted.
The meeting also included a moment of silence in honor of late Hon. Abubakar Ewa, the Commissioner for Culture and Tourism, who passed away on the day of the last Exco meeting in January 2025. Governor Otu used the occasion to stress the importance of