By Kelvin Obambon
The Cross River State Government has officially signed a milestone Public-Private Partnership (PPP) concession agreement with Eburutu Fishery Development Limited, paving the way for a multi-million-dollar mega fishery project aimed at boosting local food security, driving job creation, and elevating state revenues from blue economy.
The project is structured under a Special Purpose Vehicle (SPV) – Eburutu Fishery Development Limited – formed through a joint venture between principal partner AMET Industries Limited and the Cross River State Government.
Under the terms of the agreement, the private partners are injecting 100% of the project’s funding, relieving the state government of any financial commitment while guaranteeing significant equity shares.
During the initial 25-year concession period, equity will be split 60% to AMET Industries Limited and 40% to the Cross River State Government. Following a 25-year renewal period, the equity ownership will invert, giving Cross River State a 60% majority stake while AMET retains 40% as the permanent operator.
Explaining the structure and safeguards of the concession agreement, the Permanent Secretary of the Cross River State Ministry of Justice, Barr. Rosemary Ona, affirmed that the contract was rigorously vetted to protect public interest.
“The agreement contains termination clauses. If the concessionaire does not meet up with his obligations, we have a right to terminate. The important thing is that the agreement contains milestones and deliverables that the concessionaire must achieve,” Ona said. “So government has a key stake in the project, not just in the ownership of the land, but also in implementing the project to ensure its success.”
The joint venture promises a widespread transformation of the state’s blue economic landscape. Beyond primary fish farming, the project includes a complex terminal facility, a fish processing plant, and a feed mill designed to supply livestock feed across the state and create multiple revenue streams through tolling and by-product processing.
Managing Director and Chief Executive Officer of Eburutu Fishery Development Limited, Margaret Ovonlen, shared her inspiration for bringing the international initiative home, attributing its realization to the supportive leadership of the state governor, Prince Bassey Edet Otu.
“Ours is going to be rock bottom cheap. We will educate our children and we will create opportunities,” Ovonlen stated. “It’s a 25-year concession, and that 25 years is renewable. It means we are creating perpetuity in terms of sustenance for the children of Cross River State.”
Addressing recruitment for the Eburutu Fishery Development Limited, Ovonlen stressed that the process would be performance-driven.
“We will recruit, but the recruitment is going to be for those who merit it. If you don’t work, we’ll kick you out. We want those who are ready to dedicate themselves to the process and make sure this project achieves its goals.”
Dr. Odey Ikongah, Permanent Secretary, Ministry of Livestock, Aquaculture, and Fishery Development, commended the Ministry of Justice, the newly appointed Commissioner in the Ministry of Livestock, Aquaculture, and Fishery Development, Hon. Francis Ekpenyong, and the host community for securing the site and pushing the agreement across the finish line.
He also applauded the former Commissioner for Livestock, Aquaculture, and Fishery Development, Ntufam Emmanuel Anom under whose watch the project was initiated.
Reacting to the signing of the concession agreement, Muri Ekpenyong Ndiyo, a community leader, described the establishment of Eburutu Fishery Development Limited as a “game changer” for an area that had long lacked significant government-backed infrastructure.
“For such a long time, we’ve never had any government presence in Calabar South. And this project is going to be the game changer,” Ndiyo stated. “Our people are not going to be on the streets again; they are going to be gainfully employed.”
Financial backing and advisory services for the venture are backed by First Bank Nigeria. Evare Riman, Business Manager for Public Sector at First Bank, affirmed the bank’s readiness to structure workable financial solutions for the project’s execution.
The Paradise News reports that the Eburutu Fishery Development Limited is situated on 3.2 hectares of state-approved waterfront land at the Esierebom community in Calabar South local government area.
