The Cross River State government is to retain 20% equity in the proposed Bakassi Deep Seaport Project while Arise IPP Ltd will acquire 80% stake.
This share allotment enables Arise IPP Ltd., a major partner to fulfill key obligations, including securing project financing—an effort already initiated through an Afreximbank facility.
This was part of the decisions reached by the state executive council presided over by Governor Bassey Otu late Thursday.
Otu said that the Bakassi Deep Seaport would 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.
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.
The council had earlier ratified the shareholders’ agreement governing 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, as part of the state’s partnership with Arise IPP Ltd., a UAE-based firm specializing in port development.
Additionally, the State Executive Council approved the procurement of compressed natural gas (CNG) and electric vehicles, along with electronic motorcycles, to enhance public transportation.
It also gave approval for remedial works on the Ikom-Boki-Obudu road; and a N200m 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. He criticized poor record-keeping of state assets and called for immediate corrective measures.
