The Cross River State Government has signed a $42-million Public Private Partnership 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, led by its Corporate Attorney and Founding Partner, Mr Vincent Nyeko.
The project represents a decisive step towards addressing more than a decade of water scarcity challenges in the state and has already attracted significant interest from local and international debt and equity investors toward raising the required project funding. Core Trust and Investment Limited had previously secured a mandate from the state government to procure a private investor to upgrade and revitalise the Cross River State Water Board Limited, a company wholly owned by the state.
The agreement brought together the Cross River State Water Board and a consortium of technical and financial partners, and 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.
Speaking during the formal signing ceremony, the Managing Director of the Cross River State Water Board, Godwin Nyiam, 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. He said the project represents a decisive step towards addressing more than a decade of water scarcity challenges in the state. The initiative is expected to significantly improve access to clean and reliable water for residents across Cross River State.
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