February 08, 2025
By Ayinde Adeleke
The Cross River State Government has sealed a deal with Arise IPP, a UAE-based company specializing in port development, to develop the Bakassi Deep Seaport.
This significant partnership is expected to boost maritime infrastructure, enhance trade links in West Africa, and drive economic growth in Cross River State.
According to Governor Bassey Otu, who presided over the State Executive Council meeting, “The project will… drive economic growth in Cross River State through job creation and ancillary industry growth.”
The Governor also announced plans to send select Cross River indigenes to Asian countries for specialized training in port operations.
The agreement grants Arise IPP an 80% stake in the project, while the Cross River State Government retains 20%.
The restructuring of Bakassi Deep Seaport Ltd., the Special Purpose Vehicle for the project, is also part of the deal. With ordinary shares totaling 100 million, this arrangement enables Arise IPP to fulfill key obligations, including securing project financing.
In addition to the Bakassi Deep Seaport project, the State Executive Council approved several other initiatives
The Governor assured that these initiatives will have a positive impact on the lives of Cross River State residents.
