Cross River, Pana Holdings Sign MoU To Unlock Gas, Solid Mineral Deposits
By Uket Oka, Calabar
The Cross River State government and Pana Holdings have signed a strategic partnership agreement aimed at unlocking the state’s vast gas and solid minerals deposit to drive industrialisation, job creation, and sustainable economic growth.
The agreement signed Monday in the State Executive Council Chamber, Governor’s Office in Calabar, by the State governor, Prince Bassey Otu, is designed to position Cross River State as a regional hub for energy, mining, and industrial development through public-private partnerships.
Speaking, Governor Otu said the partnership reflected 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,” the Governor stated.
He expressed appreciation to President Bola Ahmed Tinubu for providing the enabling policy environment under the Renewed Hope Agenda, describing it as a courageous departure from years of “freeloading” that weakened the nation’s economy.
Otu assured Pana Holdings and other prospective investors of a peaceful, business-friendly environment in the State.
The governor, 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.
Akobo stated that these resources could power industries, create jobs, and transform Cross River State into a regional hub for energy and mining.
According to him, through data acquisition, reserve certification, and phased field development, the state can unlock these frontiers responsibly.
Akobo further said the strategic partnership would 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 and partnerships.
The Group Chief Executive Officer of Pana Holdings also called for support in facilitating a stage-gate indigenous skill acquisition programme and activating a Nigerian digital wingspan for Cross River State.