₦airaland Forum

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.

Odingo1:
The problem that South South have is that they are following South West Propaganda in undermining Seaport in the Eastern Nigeria. They will tell them that they are building the port for Igbos, forgetting that they are the host and host will attract economic prosperity first before others. Southwest want only Lagos seaport to be only operating port in Nigeria.

TimeManager:
https://punchng.com/cross-river-uae-firm-sign-agreement-on-bakassi-deep-seaport/

akpumping7720:
Those children of perdition will not hold their governors accountable now

Odingo1:
The problem that South South have is that they are following South West Propaganda in undermining Seaport in the Eastern Nigeria. They will tell them that they are building the port for Igbos, forgetting that they are the host and host will attract economic prosperity first before others. Southwest want only Lagos seaport to be only operating port in Nigeria.

Odingo1:
The problem that South South have is that they are following South West Propaganda in undermining Seaport in the Eastern Nigeria. They will tell them that they are building the port for Igbos, forgetting that they are the host and host will attract economic prosperity first before others. Southwest want only Lagos seaport to be only operating port in Nigeria.

Odingo1:
The problem that South South have is that they are following South West Propaganda in undermining Seaport in the Eastern Nigeria. They will tell them that they are building the port for Igbos, forgetting that they are the host and host will attract economic prosperity first before others. Southwest want only Lagos seaport to be only operating port in Nigeria.

dinkyicon:
80:20 does that make sense

TimeManager:
https://punchng.com/cross-river-uae-firm-sign-agreement-on-bakassi-deep-seaport/

Dadiye:
How can a project relinquishing 80% ownership to an Arab company sound wise to anybody?

TimeManager:
Some people are still waiting for FG on ordinary river port while serious Governors are taking the bull by the horn. Calabar is about to join the big boys league.


-Kiss the truth!

Putindbutt:
Is it not a concession?, why are you taking Panadol for another man's headache?.

dinkyicon:
80:20 does that make sense

anonimi:
If it is another man's headache, then why share the news here

Putindbutt:
Is it your money?

TimeManager:
Some people are still waiting for FG on ordinary river port while serious Governors are taking the bull by the horn. Calabar is about to join the big boys league.


-Kiss the truth!