The Cross River State Government has signed a $42 million Public-Private Partnership (PPP) agreement with Agua Global Services Limited to revitalize the state's deteriorating water infrastructure and ensure sustainable access to clean water for residents. This landmark deal, structured by Core Trust and Investment Limited in collaboration with Bridgetop Capital Partners, aims to address over ten years of water scarcity challenges.
Project Details and Funding
The initiative has attracted strong interest from local and international debt and equity investors to raise the required $42 million. Core Trust and Investment Limited, a Lagos-based investment bank, secured a mandate from the state government to procure a private investor for upgrading and revitalizing the Cross River State Water Board Limited, a wholly state-owned entity. Through a competitive bidding process, Core Trust prequalified Agua Global Services Limited among other firms and submitted its recommendations to the government. The shortlisted firms underwent further due process overseen by the Cross River State Bureau of Public Partnerships.
Scope of Work
The agreement brings together the Cross River State Water Board and a consortium of technical and financial partners. It will drive the rehabilitation of existing water facilities, replacement of dilapidated pipelines, improvement of water quality systems, and expansion of supply networks under a 25-year implementation framework.
Official Statements
Speaking at the signing ceremony, the Managing Director of the Cross River State Water Board, Godwin Nyiam, described the event as a historic turning point. He noted that it marked the conclusion of a prolonged reform and negotiation process, representing a decisive step to address more than a decade of water scarcity. Nyiam disclosed that the project involves a $42 million capitalization plan and expressed optimism that it would end prolonged water shortages. “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. He added that the initiative aligns with Governor Bassey Otu’s commitment to improving access to basic services, with solving water challenges remaining a top priority.
Managing Director of Core Trust and Investment Limited, Mr. Adolphus Aletor, expressed gratitude to the state government for entrusting the company with a role in the landmark project and assured that expectations would be met. The Managing Director of Agua Global Services Limited, Mr. Lucky Igberaese, described the signing as the formal conclusion of a milestone project and a clear demonstration of commitment by all partner institutions. He noted that extensive assessments revealed significant deterioration and persistent water quality concerns. “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. Studies showed high levels of impurities, underscoring the urgent need for intervention. Igberaese recalled that Cross River State was once a benchmark for functional public water systems, but years of neglect created a gap the partnership is determined to close. “With the formal signing, the state can once again become a model of people-focused governance, where every resident has access to potable water,” he added.
Permanent Secretary of the Ministry of Justice, Rosemary Onah, said the agreement reflects the government’s commitment to prioritizing access to clean and safe water under its people-first governance agenda. She noted that the legal and technical processes were rigorous and transparent, expressing optimism that improved water supply would begin soon. The Group Managing Director of Core Trust Investment Ltd, Mr. Ayo Taire, stated that the initiative will focus on rehabilitating existing infrastructure, replacing obsolete equipment and pipelines, and expanding water facilities for efficient and sustainable distribution across the state.
