President Bola Tinubu has granted a fresh approval for the Ibom Deep Seaport project, a move that Governor Umo Eno says could allow a sovereign guarantee for investors in the venture. The decision follows a 2020 clearance issued by former President Muhammadu Buhari, but it has sparked new questions about the project’s financing and legal compliance.
“This latest approval will enable a sovereign guarantee for Ibom Deep Seaport investors,” Governor Eno told reporters. “However, we still do not know who the investor is, what the terms of the guarantee will be, or whether there are any potential taxpayer liabilities.”
Key concerns centre on the identity of the investor and the specific conditions that would trigger a government guarantee. Without clear terms, critics warn that the project could expose public funds to unforeseen risks.
Under Nigerian law, any sovereign guarantee must be approved by the Federal Executive Council (FEC). The governor added that it is still unclear whether the FEC has formally sanctioned the guarantee, raising doubts about the legal footing of the project.
The Ibom Deep Seaport, a major infrastructure initiative in the Niger Delta, has been a focal point of debate since Buhari’s 2020 clearance. Tinubu’s recent endorsement is seen by some as a step toward finalising the project, but the lingering uncertainties suggest further scrutiny is required before any definitive commitments are made.
<small>Source: Premium Times Nigeria — read the original story there.</small>
