Why FG delayed approval for Bakassi Deep Seaport

Why FG delayed approval for Bakassi Deep Seaport

The Chairman, Cross River State Infrastructure Company, Chief Victor Eke, has explained why the Bakassi Deep Seaport has not received the final approval of the Federal Government.

Speaking during a Hit FM programme in Calabar, recently, he said: “The government’s law says it must be approved by the Federal Executive Council (FEC). So, the first question investors will ask is if it is approved by the FEC? And the whole thing requires due process.”

He said the project must be bankable to attract investors. “Don’t forget, it is not a stand-alone project. One of the things that worked against Tinapa and the Obudu Cattle Ranch is not because they were bad projects, but were stand-alone projects with no off-takers.”

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