Governor Bassey Otu signing the MOU with Pana Holdings as the Deputy Governor, Rt. Hon. Peter Odey (2nd left), Chief of Staff (1st left), Pana GCEO, Dr. Daere Akobo, and Chief of Protocol, Sylvester Abang watch on
By Anietie Akpan
Cross River State Governor, Senator Bassey Otu, has signed a strategic partnership agreement with Pana Holdings, aimed at unlocking the state’s 35 trillion cubic feet (TCF) gas and solid minerals deposit to drive industrialization, job creation, and sustainable economic growth.
The agreement, signed in the State Executive Council Chamber in Calabar on Monday, is designed to position Cross River as a regional hub for energy, mining, and industrial development through public-private partnerships.
Governor Otu, in his remarks, said the partnership reflects his administration’s resolve to harness the state’s abundant natural resources in a sustainable way to close developmental gaps and ensure prosperity for the people. “Government alone cannot deliver development. There has to be strong private sector participation, and this pact is one of the bold steps we are taking to ensure energy security, food security, and a more productive economy,” Otu stated.
The Governor expressed appreciation to President Bola Ahmed Tinubu for providing the enabling policy environment under the Renewed Hope Agenda, which he described as a courageous departure from years of “freeloading” that weakened the nation’s economy.
He assured Pana Holdings and other prospective investors of a peaceful, business-friendly environment in the state.
Governor Otu, while endorsing the partnership, pledged his government’s full cooperation to ensure implementation, stressing that transparency, accountability, and visible outcomes will remain the guiding principles of the pact.
In a presentation titled Unlocking Cross River State’s Gas & Solid Minerals Potential: Group Chief Executive Officer of Pana Holdings, Dr. Daere Akobo, revealed that Cross River state holds two of Nigeria’s greatest untapped opportunities, vast gas reserves estimated at 35 trillion cubic feet (TCF) and rich deposits of solid minerals, including limestone, barite, gold, granite, quartz, manganese, and rare earth metals such as cerium and lanthanum.
According to him, these resources can power industries, create jobs, and transform Cross River into a regional hub for energy and mining, explaining that through data acquisition, reserve certification, and phased field development, the state can unlock these frontiers responsibly.
Akobo further said the strategic partnership will expand access to affordable and cleaner energy, drive public-private partnerships for infrastructure delivery, generate employment, and develop indigenous skills.
He urged the government to sign a Joint Venture Company (JVC) with CALA Infra for gas infrastructure and solid minerals development, form a joint working group to liaise with regulatory and ministerial bodies, secure a presidential visit, and embark on an international roadshow to attract funding Andy partnerships.
He also called for support in facilitating a stage-gate indigenous skill acquisition programme and activating a Nigerian digital wingspan for Cross River State.
