Governor Bassey Otu of Cross River State has revoked the concession agreement granted to CIBA Construction Company Limited for the management of the Obudu Cattle Ranch, citing the company’s failure to fulfill its contractual obligations.
Investigations revealed that CIBA failed to meet the terms of the agreement, leaving the ranch in a deteriorated state rather than improving its infrastructure and services.
The concession, granted under the administration of Senator Ben Ayade, tasked CIBA with designing, financing, building, operating, maintaining, and ultimately transforming the ranch under a public-private partnership.
However, the company neglected key development obligations, particularly those outlined in Sections 5.0, 6.0, and 14.0(b) of the agreement. These violations included the failure to invest in the renovation of the resort’s hotel and other essential components.
Despite multiple breaches, CIBA continued to fall short, prompting the Cross River State Government to terminate the agreement with immediate effect.
In revoking the concession, Governor Otu directed the Special Adviser and CEO of Obudu Ranch Resort, Comrade Sunday Michael, alongside other key stakeholders, to implement measures to revamp the facility.
The termination was formally communicated via a letter signed by the Attorney General and Commissioner for Justice, Barr. Ededem Ani, which detailed CIBA’s material breaches and justified the state’s decision.
The move has been widely hailed by stakeholders, who praised Governor Otu’s commitment to accountability and good governance. Many see this decision as a bold step toward revitalizing the ranch and ensuring its economic viability.
Speaking to The Beagles News, some residents and investors expressed satisfaction with the governor’s intervention.
A native of Obanliku and long-time business owner at the ranch, Madam Therese Odey, described the decision as a turning point for resort’s future.
“This is a positive step towards bringing back the resort and unlocking its full potential for economic growth. We commend Governor Otu for reclaiming our heritage. God will bless him abundantly,” she said.
Ndifreke Bassey, Beagle News
