A consortium, Broad Spectrum Industrial Services, has raised 500 million Euros for the financing of the proposed Calabar Deep Seaport.

Observers believe the move signalled a firm commitment to the signature projects initiated by the Cross River State Governor, Senator Ben Ayade.

Other signature projects which attracted the interest of Broad Spectrum include the dual carriage super highway, modular refinery, cement factory, agriculture, among others. 


Speaking during a presentation at Governor’s Conference Room in Calabar on Tuesday, Managing Director /Chief Executive Officer (CEO), Michael Havre said that the figure neither represented a loan nor a grant but purely that of project financing.

According to him, the project which would be executed on Public Private Partnership arrangement required only a 25 per cent bank guarantee from the state government.

Havre disclosed that a leading Nigerian bank had already agreed to look into the possibility of issuing the guarantee on behalf of Cross River.


According to him: “I have spoken this morning (yesterday) to one of the banks, and it has agreed to issue a guarantee on your behalf, and from the details of what we have analysed, your involvement is going to be very minimal.”

Continuing, the Broad Spectrum boss said: “I don’t need your money, what I just need you to do is get to your bank and give us a bank guarantee, and we are good to go and that is why we are here. We are here to work with you to bring progress to Cross River.”


An excited Governor Ayade also clarified that the 500 million Euros was not a loan, just as he maintained that Cross River State was not going to incur any debts arising from the funding of the signature projects.   

Similarly, Governor Ayade yesterday revealled that the state had concluded plan to set up a hydro power plants that would generate about 90 megawatt of electricity.


The governor who disclosed this when he received some investors from China in his office in Calabar, hinted that the Kwa Falls was projected to generate 30mw, Agbokim 30mw while the canalisation and  channelisation from either Ikom, Calabar and Itigidi Rivers would generate 30mw, bringing the total output to 90mw.

His words: “We are happy because we understand the power generation mechanics and how it works. A lot of states that invested in gas turbines today have their hands burnt, because it is always very difficult to sustain the turbines. The huge gas supply per day at high running cost makes turbines more expensive to operate. 


“So if we go hydro, the water is free. It is obvious that we are taking the right path, and we are lucky to have this team which is tested and proven with long history of successes as experts in the field.

“As a people and a state who understands the difficulty of gas powered turbines, we as a state decided to develop a culture that will insist on hydropower. The decision for hydro is specific. In spite of the fact that it has high cost of initial investment, the downstream over time will kneel out the initial cost operational cost and therefore, from longevity operational efficiency and sustainability, it is imperative that we have to go for hydro, more so we are a coastal state.”

He added: “Our thinking is that since we have opportunity to have about three locations where we can generate hydroelectricity, our requirement as a state is little. From our projections we shall be generating 90mw at the three locations, utilising only 30 as a state and selling out the remaining 60mw to the Federal Government.”

‎In his remark, the Managing Director, Power China Huadong Engineering Corporation, Rao Jiangiang, stated: “With the warm reception accorded us by the state government and the people, we will swing into action by visiting the proposed sites to complete feasibility studies so as to actualise the dream in the shortest possible time.” He solicited collaboration from all the stakeholders.

R

Lagos will soon turn to Lome

Gradually, we'll get there

And yellowbars will soon come here to bash us Long live niger delta Long live biafra

That is the news I want to hear...not sham Chanji. Governors with vision are in mission for development. If he stays 8 yrs without distraction he can achieve this and the rest of both industrial and infrastructural need of the state with fall in.

It doesn't matter if it is APC or PDP what we need is 2 successive Governors to do 2 consecutive tenures each and every state will develop. Nigeria has a lot of material, Natural and Capital resources to brake even.

Let the regions eg SE and SS develop a common trust fund for development.

FreeBiafra:
Biafra on the rise to the envy of Hausa/Fulani cattle and yorubaboons. Calabar cannot be intimidated by any napalm bomb from the jihads.

despite showing ur ignorance to the world...may i ask u a queston...IS CALABAR IN BIAFRA ....

Good news, nice development.

Hope to seeing this in future time.

tobtap:

despite showing ur ignorance to the world...may i ask u a queston...IS CALABAR IN BIAFRA ....

Help me ask the mofo.

OREMUSSANCTUS:
And yellowbars will soon come here to bash us
Long live niger delta
Long live biafra

Do you have to be trabilistic in everything?

To think your type still resides in Lagos, people you desest so much, baffles me.

despite showing ur ignorance to the world...may i ask u a queston...[b]IS CALABAR IN BIAFRA


Go check the biafra map ,by the way the ibo are not only biafra,biafra is made up of tribes from lower kogi,benue,part of edo,all so called concocted niger delta name

After GEJ dregded the calabar river, a seaport is been constructed by our man - Ayade

Better days ahead for CRS...

Yorubas will not like this

LeOstrich:
Yorubas will not like this

Mumu, the OP is from the SW. You people think through your anuses, obviously. At this rate Biafra will be a mumu/dummy/zombie state filled with hopeless idiots. Smh.

OduaVanguard:


Mumu, the OP is from the SW. You people think through your anuses, obviously. At this rate Biafra will be a mumu/dummy/zombie state filled with hopeless idiots. Smh.

This Yoruba is not happy at all

Good news. I hope the FG can help with the Calabar-Itu road and then through to Aba and Port Harcourt.

tobtap:

despite showing ur ignorance to the world...may i ask u a queston...IS CALABAR IN BIAFRA ....

YES if you don't know

OduaVanguard:


Mumu, the OP is from the SW. You people think through your anuses, obviously. At this rate Biafra will be a mumu/dummy/zombie state filled with hopeless idiots. Smh.

I don't Give a mess about the OP ethnicity.
The fact is that Biafra is staring right in front of us

Abagworo:
Good news. I hope the FG can help with the Calabar-Itu road and then through to Aba and Port Harcourt.

See this one dey talk as if u don see any biafra state wey FG presence dey

tobtap:

despite showing ur ignorance to the world...may i ask u a queston...IS CALABAR IN BIAFRA ....

Calabar is actually Biafra land. The use of geopolitical zones in Nigeria has distorted lots of things. The Biafra war was not fought by igbos alone.

The name Biafra was created by an Ijaw man.

Something is realy cooking in Calabar/Akwa Ibom axis via seaport which will add positively to the business in the SE. It can position the 2 regions to be a potential important player as a global manufacturing/ production hub. This is goldmine in making.