The Cross River State Government is pushing to recover 76 oil wells ceded to Akwa Ibom in 2012, a move that could unlock new revenue streams for businesses and economic development.
Governor Bassey Otu revealed this during a media conference in Calabar, stating that the wells were wrongly transferred and that his administration is committed to reclaiming them.
The Supreme Court had ruled that Cross River was no longer a littoral state after the 2008 cession of Bakassi Peninsula to Cameroon, leading to the loss of the oil wells. However, Otu insists the decision needs to be revisited.
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"For now, neither Cross River nor Akwa Ibom is benefiting from the wells, as proceeds are being held in an escrow account. We are fighting to ensure justice is done," he stated.
If successful, this move could boost the state's economy, increase revenue allocation, and create more opportunities for local businesses.
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