The Cross-River State government has signed a $42 million public-private partnership (PPP) agreement with Agua Global Services Limited to revive the state’s moribund water infrastructure and restore sustainable access to potable water across the state.
The PPP transaction was structured by Core Trust and Investment Limited, a Lagos-based investment bank, drawing from their international partnership with Bridgetop Capital Partners in Washington D.C, USA, led by Vincent Nyeko, corporate attorney and founding partner.
Godwin Nyiam, the managing director of the Cross River State Water Board, speaking during the formal signing ceremony, described the event as a historic turning point in the state’s water sector, noting that it marked the conclusion of a prolonged reform and negotiation process.
“The project represents a decisive step toward addressing more than a decade of water scarcity challenges in the state,” he said.
Besides, Nyiam disclosed that the project involves a $42 million capitalisation plan, expressed optimism that the initiative would mark the beginning of the end of prolonged water shortages affecting residents.
“Today is historic for us because it marks the end of water scarcity. We have struggled for a long time to secure technical partners willing to take over the Water Board considering the huge liabilities involved,” he said.
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He added that the initiative aligns with Bassey Otu’s commitment to improving access to basic services, noting that solving the state’s water challenges remains a top priority of the administration.
Adolphus Aletor, managing director of Core Trust and Investment Limited in his remarks, expressed appreciation to the state government for the confidence reposed in the company to play a role in the landmark project.
“Agua Global Services Limited was prequalified based on its track record and technical capacity, assuring that the company would meet the expectations of the government and the people,” he said.
Lucky Igberaese, the managing director of Agua Global Services Limited, described the signing as the formal conclusion of a milestone project and a clear demonstration of commitment by all partner institutions involved in the revival of the state’s water sector.
He said the partnership followed extensive assessments of the state’s water infrastructure, which revealed significant deterioration and persistent concerns over water quality.
“We have come to establish the conclusion of this milestone project. This formal signing represents the final identification and commitment of the relevant parties,” he said.
Igberaese further noted that studies conducted on the state’s water system revealed high levels of impurities, underscoring the urgent need for intervention to restore a safe and reliable water supply.
According to him, Cross River State was once a benchmark for functional public water systems, but years of neglect had created a gap the new partnership is determined to close.
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“With today’s formal signing and the anticipated ground-breaking, Cross River can once again become a model of people-focused governance, where every resident has access to potable water,” he added.
Rosemary Onah, the permanent secretary of the Ministry of Justice, said the agreement reflects the government’s commitment to prioritising access to clean and safe water under its people-first governance agenda.
She noted that the legal and technical processes leading to the agreement were rigorous and transparent, expressing optimism that the partnership would begin delivering improved water supply in the near future.
Ayo Taire, the group managing director of Core Trust Investment Ltd, who serves as financial adviser to the project, described the deal as a landmark development in the history of Cross River State’s water sector.
He said the initiative would focus on rehabilitating existing infrastructure, replacing obsolete equipment and pipelines, and expanding water facilities to ensure efficient and sustainable water distribution across the state.
The initiative has already attracted significant interest from both local and international debt and equity investors toward raising the required $42 million project funding.
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It would be recalled that Core Trust and Investment Limited secured a mandate from the Cross-River State Government to procure a private investor for the upgrade and revitalisation of the Cross-River State Water Board Limited, a company wholly owned by the state.
Leveraging its expertise and experience, Core Trust successfully prequalified Agua Global Services Limited alongside other firms through a competitive bidding process and submitted its report to the state government.
The state subsequently subjected all shortlisted firms to further due process overseen by the Cross-River State Bureau of Public Partnerships, with Agua Global Services Limited emerging as the preferred bidder.
The agreement, which brings together the Cross-River State Water Board and a consortium of technical and financial partners, is expected to drive the rehabilitation of existing water facilities, replacement of dilapidated pipelines, improvement of water quality systems, and expansion of supply networks under a long-term implementation framework spanning 25 years.
