The Cross River Government requires over N200 billion for the rehabilitation and new infrastructure at the Obudu Mountain Resort.
The Special Adviser to the Gov. Bassey Otu on the Obudu Mountain Resort, Mr Sunday Michael, made this known in an interview with the News Agency of Nigeria (NAN) in Calabar on Tuesday.
Michael said rehabilitation and infrastructure include an airstrip, 3WM power plant, cable car, among others.
He also mentioned plans to build housing units which is not included in the cost.
”Several private firms from Egypt, India and host of other foreign countries have shown interest in the rehabilitation and building of these infrastructures on the resort.
“The government is holding talks with several firms from different countries and we are not surprised by these interests because of the potential of the resort.
“As we speak, talks have been concluded with the United Nations Industrial Development Organisation to build the power plant will purposely serve the resort,” Michael said.
To ensure sustainability, the special adviser, said the resort will be listed in three major world stock exchange markets.
“Gov. Otu is trying to avoid the past experience where the resort was left to rot after the expiration of a particular administration in the state.
“When listed on the stock markets, the private sector will majorly run the place while the government takes the backstage,” he stated.
The governor’s aide also confirmed that the Federal government had given the state N5 billion in support of the rehabilitation
He said that the fund is presently being channeled into remedial rehabilitation of the resort.
ThemomentNG reports that in 2017, the Cross River government, under then-Governor Ben Ayade’s administration, entered a public-private partnership with CIBA Construction Company Limited.
The agreement tasked CIBA with financing, building, operating, and maintaining the resort to restore its status as a premier tourist destination, with the proposed involvement of Marriott International.
In March 2025, Gov. Otu, revoked the agreement, citing CIBA’s failure to meet core development and investment obligations, particularly the renovation of hotel facilities and other critical infrastructure.
The state government alleged that under the concession, the resort suffered significant damage and vandalization, with estimated damages of approximately ₦6.8 billion.
Officials decried the “unprecedented deterioration” and “vandalisation of facilities” as the reasons for the takeover.
