Otu declares determination to restore Cross River’s economic assets
… As Cross River EXCO approves recovery deal for defunct Rubber Estates
The Cross River State Executive Council has approved the terms of an out-of-court settlement that will allow the government to re-acquire the defunct rubber estates previously managed by Enghaut Industries Limited.
According to a press release by Nsa Gill, the Chief Press Secretary (CPS) to the Cross River State Governor, Senator (Prince) Bassey Edet Otu, “The resolution was reached at the Exco meeting held on Thursday, April 17, 2025, during which the Council formally ratified the terms of settlement in Suit No. HC/162/2025—Enghaut Industries Limited vs. the Attorney General of Cross River State and another.”
The release indicated that “The agreement paves the way for the state to regain ownership of rubber plantation assets previously belonging to the defunct Cross River Estates Limited (CREL), covering approximately 22,000 hectares across Akamkpa, Biase, and Yakurr Local Government Areas.
“This move aligns with Governor Bassey Otu’s commitment to reclaim and revitalize state-owned assets for the greater benefit of Cross Riverians. The state had revoked the Certificate of Occupancy granted to Enghaut Industries on June 14, 2024, citing the company’s failure to manage the estates effectively. The government argued that poor management had led to significant degradation and the loss of the estate’s status as a leading rubber production hub in Nigeria—prompting legal action from Enghaut.”
Speaking during the meeting, Governor Otu expressed satisfaction with the amicable resolution, noting that it opens the door for fresh investment and economic revitalization.
He noted that “With this settlement, we can now explore partnerships with serious investors to unlock the full potential of the rubber estates, create jobs, and develop a thriving value chain that will benefit the people of Cross River State.”
Commenting on the development on his Facebook page, Governor Otu who has continued to demonstrate his resolve, readiness and eagerness to ensure a total transformation of Cross River for the good of the people, said: “Today, I’m pleased to share a major step forward in our efforts to restore and grow Cross River’s economic assets.
“The State Executive Council has approved the terms of an out-of-court settlement allowing the government to re-acquire the defunct rubber estates previously managed by Enghaut Industries Ltd.”
The governor described the resolution on the rubber estates covering approximately 22,000 hectares across Akamkpa, Biase, and Yakurr, as a win for Cross Riverians.
He added that “These lands, once the pride of Nigeria’s rubber industry under CREL, will now return to the state for revitalization.
“We are opening the door to new partnerships, serious investment, and a revived value chain that will generate jobs and opportunity for thousands.
“I commend our legal team, the Executive Council, and every Cross Riverian whose patience and belief in this administration made this possible.
“Let me also thank my Deputy, Rt. Hon. Peter Odey, for holding the fort during my brief vacation.
“His leadership, and the unity within the Exco, reassures me that Cross River State remains in capable hands, always.
“We’re not stopping there.
“Today, we also approved the immediate rehabilitation of key roads, Boki East-West Road, Okpoma–Mfum Junction Road, and John Okpa Road in Obubra, as part of our infrastructure renewal drive.
“We are committed to building in honour, and in legacy.
“To the great people of Ikom, plans are underway to establish an international market and modern motor park to harness the full potential of your unique location and vibrant border economy.
“Cross River is rising again.”
