C’River, Agua Global Services Seal $42m Deal to Revive Water Board

Sunday EhigiatorThe 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 agreement expected to run under a 25-year implementation framework is aimed at rehabilitating existing water facilities, replacing dilapidated pipelines, improving water quality systems, and expanding supply networks to tackle years of water scarcity in the state.The PPP transaction was structured by Core Trust and Investment Limited, a Lagos-based investment bank, through its international partnership with Bridgetop Capital Partners in Washington D.C., United States, led by its Corporate Attorney and Founding Partner, Vincent Nyeko.The initiative has already attracted interest from local and international debt and equity investors towards mobilising the required $42 million project funding.It was gathered that Core Trust and Investment Limited had earlier 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.Following a competitive bidding process, the investment firm prequalified Agua Global Services Limited alongside other firms and submitted its recommendations to the state government.Subsequently, the state subjected all shortlisted firms to further due process supervised by the Cross River State Bureau of Public Partnerships, with Agua Global Services Limited emerging as the preferred bidder.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 for the state’s water sector, noting that it concluded a prolonged reform and negotiation process.According to him, the project represents a decisive intervention to address over a decade of water scarcity challenges in Cross River State.Nyiam disclosed that the initiative involves a $42 million capitalisation plan and expressed optimism that residents would soon begin to experience improved access to potable water.“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 the commitment of Cross River State Governor, Bassey Edet Otu, to improve access to basic services, stressing that addressing water shortages remains a major priority of the administration.In his remarks, the Managing Director of Core Trust and Investment Limited, Adolphus Aletor, thanked the state government for entrusting the firm with the responsibility of facilitating the project.He said Agua Global Services Limited was prequalified based on its technical competence and track record, expressing confidence that the company would deliver on the expectations of government and residents.Also speaking, the Managing Director of Agua Global Services Limited, Lucky Igberaese, described the signing as the culmination of a milestone project and evidence of commitment by all partner institutions involved in revitalising the state’s water sector.According to him, extensive assessments conducted on Cross River’s water infrastructure revealed severe 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 disclosed that studies carried out on the state’s water systems identified high levels of impurities, reinforcing the urgent need for intervention to guarantee safe and reliable water supply.He recalled that Cross River State was once regarded as a benchmark for functional public water systems but lamented that years of neglect had weakened infrastructure and service delivery.“With today’s formal signing and the anticipated groundbreaking, Cross River can once again become a model of people-focused governance, where every resident has access to potable water,” he added.The Permanent Secretary of the Ministry of Justice, Rosemary Onah, said the agreement reflects 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.Similarly, the Group Managing Director of Core Trust Investment Limited and financial adviser to the project, Ayo Taire, described the deal as a landmark development in the history of Cross River State’s water sector.According to him, 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.

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