Following the successful signing of a $42 million Public-Private Partnership (PPP) agreement between the Cross River State Government and Agua Global Services Limited for the rehabilitation, upgrade, and management of public water infrastructure across Cross River state, the project stakeholders have unveiled the newly incorporated Special Purpose Vehicle – CRS Water Concession SPV Limited and has further strengthened the project by signing
partnership agreements with Bendoriks International Limited and Origins Solutions Nigeria Limited.
Under the agreements signed, Bendoriks International Limited secured a $7.5 million contract for the supply of ultrasonic prepaid water meters, while Origins Solutions Limited will provide IOT services valued at $1.9 million.
The PPP initiative, structured by Core Trust and Investment Limited, a Lagos-based investment bank, will commence with the deployment of an initial 100,000 water meters as part of efforts to modernize the state’s water distribution system.
The project is aimed at reviving Cross River State’s moribund water infrastructure and restoring sustainable access to potable water for residents across the state.
Speaking after the signing ceremony, the Managing Director of Agua Global Services Limited, the project sponsor and developer, Mr. Lucky Igberaese, expressed confidence that the project would set a new benchmark for water management in Nigeria upon completion.
He stated that the company had already completed all necessary plans to ensure the successful execution of the initiative.
Igberaese also revealed that arrangements were being made to accommodate other states interested in adopting similar water management solutions in the near future as this innovation is the way to go if water utility provision was to remain sustainable in Nigeria.
Similarly, the Managing Director of Origins Solutions Limited, Mr. Temitayo Adegoke, reaffirmed his company’s commitment to the success of the project.
He explained that advanced software solutions would be deployed to eliminate revenue leakages and ensure efficient monitoring and management of funds generated from water services. He concluded that with the innovative technology being deployed the issue of Non Revenue Water associated with the sector would be a thing of the past.
Also speaking, the Managing Director of Bendoris International Limited, Mr. Ben Ikiseh expressed optimism about the project’s success, assuring stakeholders that the company possesses the capacity to supply durable and digitally propelled water meters for the project.
According to him, adequate infrastructure would be provided to meet the project’s targets, adding that the initiative is poised to become a model for water sector reforms and could attract interest from other states seeking similar solutions.
In his opening remarks, the Group Managing Director of Core Trust and Investment Limited Mr. Ayo Taire, Commended all the stakeholders for the project assuring that the company will continue to provide all necessary support to ensure the delivery of the project.
Similarly, the Managing Director of Core Trust and Investment Limited, Mr. Adolphus Aletor, who described the project as a major milestone says the intervention by the stakeholders remains a major boost to water supply, not only in the state but as a novel model of water utility deployment in Nigeria. He concluded that the SPV – CRS Water Concession SPV Limited – being unveiled today would be the first of its kind in Nigeria.
