In a significant step towards realising the Bakassi Deep Seaport project, the Cross River State Executive Council has 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 United Arab Emirate (UAE)-based firm specialising in port development.
Under the agreement, Arise IPP Ltd will acquire an 80 per cent stake in the project, while the Cross River State Government retains 20 per cent. With ordinary shares totalling 100 million, this arrangement enables Arise IPP to fulfil key obligations, including securing project financing—an effort already initiated through an Afreximbank facility.
Presiding over the Exco meeting, Governor Bassey Edet Otu emphasised 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.
As the project moves into the construction phase in a few months, the governor announced plans to send select Cross River indigenes to Asian countries for specialised 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 Council.
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 criticised poor record-keeping of state assets, calling for immediate corrective measures.
