Gov. Otu Unlocking Value from Abandoned Projects, Lost Assets
For the very first time in Cross River State, a governor has emerged who has taken stock of every penny of taxpayers' money spent on incomplete and abandoned projects, including lost state assets and is working round the clock to ensure Cross Riverians get value for each of those abandoned projects including getting back lost state assets.
For a state that have incurred loans running into hundreds of billions to carry out projects, the need to revisit past investments and completing them in order to extract value from funds spent on projects is a clear priority to the governor.
It is instructive to note the burden of repayment of these loans, deducted monthly from the Federal allocation, debts that the state is still repaying to this day. Projects abandoned as far back as 33years ago, particularly the Adiabo Ikoneto Road is currently under construction among a long list of others.
The developmental strides achieved by Lagos State since 1999 can be attributed to successive administrations ensuring that unfinished projects from previous governments are completed and functioning effectively.
While other state governors often abandon their predecessors' incomplete and even completed projects for various reasons, Lagos stands out for its commitment to maximizing the value of every dime spent on projects.
During his campaign, Sen. Bassey Otu began revealing his plans to complete all inherited incomplete projects as a means to ensure that state resources are utilized effectively.
Fifteen months into his tenure, the Sen. Bassey Otu led administration has successfully reacquired TINAPA from AMCON. The resort was envisioned to attract both local and international investors, stimulating economic growth in the state and the region.
Tinapa was designed to boost business and tourism in Cross River. With several multinationals already waiting for the final paperwork and official handover of the facility to government. The facility is set to be transformed to a destination for business and leisure.
In the wake of the ceding of the Bakassi Peninsula to Cameroon, Cross River lost 76 oil wells to Akwa Ibom. The Otu administration has taken legal action to challenge the allocation of these oil wells, prompting the boundary commission to reassess the affected region for a more informed decision. As a result, revenue accruals for the 76 oil wells have been temporarily halted from going to Akwa Ibom pending the court's judgement.
The remodeled State Library, which holds historic significance, along with the governor's office, stands out with excellence. Additionally, construction is underway at the Marina Resort where the governor has attracted investment, totaling N8 billion within his first six months in office.
The governor has initiated road rehabilitation across the state on areas that have remained neglected for 30 to 40 years, including the abandoned Songhai farm, which has been earmarked for revitalization. This administration is deliberate in its pursuit to get value for funds spent in projects.
A noteworthy development is the big move on the Bakassi Deep Seaport. Securing funding from a reputable financial institution like Afreximbank represents a step toward establishing Cross River State as an economic powerhouse among subnationals.
The flag-off of the hydrographic, geophysical, and geotechnical survey of the seaport is currently in progress, with six Navy ships conducting the necessary survey.
Work is also ongoing at the Obudu Cargo Airport, where all navigational equipment, communication systems, and full functionality components required for it to operate as an international airport are already in place.
In the words of the governor, "God has given us the opportunity to buy into the gains of our predecessors. Everything that was done by all former governors, we have captured and are restoring all abandoned projects; we will ensure these are beneficial to our people."
Cross River is on the verge of becoming a reference point for excellence.
Nathaniel Otaba
Special Assistant, Communication