Cross River, UAE firm sign agreement on Bakassi deep seaport
The Cross River State Government has signed an agreement with a United Arab Emirates-based firm, Arise IPP, for the development of the Bakassi Deep Seaport.
The agreement, ratified by the State Executive Council on Friday, grants Arise IPP an 80% stake in the project, while the Cross River State Government retains 20%, according to a statement by the governor’s Chief Press Secretary, Nsa Gill.
The restructuring of Bakassi Deep Seaport Ltd., the Special Purpose Vehicle for the project, is also part of the deal.
The statement read, “In a significant step toward 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 established for the project, as part of the state’s partnership with Arise IPP Ltd., a UAE-based firm specialising in port development.
“Under the agreement, Arise IPP Ltd. will acquire an 80% stake in the project, while the Cross River State Government retains 20%. With ordinary shares totalling 100 million, this arrangement enables Arise IPP Ltd. to fulfil key obligations, including securing project financing—an effort already initiated through an Afreximbank facility.”
Governor Bassey Otu, who presided over the meeting, said the project would boost maritime infrastructure, enhance West Africa’s trade links, and drive economic growth in Cross River State.
The governor also announced plans to send select Cross River indigenes to Asian countries for specialised training in port operations.
In addition to the Bakassi Deep Seaport project, the State Executive Council approved several other initiatives, including the procurement of compressed natural gas and electric vehicles, as well as electronic motorcycles, to enhance public transportation.
The council also approved 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.
The governor 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.
