The Akwa Ibom State Government said it’s determined to clear longstanding financial obligations, including a $9 million loan obtained from Afreximbank to boost the operations of Ibom Power Company.
Conveying this a statement issued on Wednesday, Commissioner for Information, Hon. Aniekan Umanah, disclosed that Governor Umo Eno had approved a structured repayment plan of $560,000 quarterly to gradually offset the debt and reposition the company for stable operations.
“This decisive action clearly reflects a government focused on revival, stability, and long-term value preservation, not liquidation,” Umanah said.
The state has also begun implementing broader electricity sector reforms designed to improve power supply through private sector participation under a concession framework.
It explained that while private investors would be involved in financing and managing the assets, the government would retain full ownership and strategic control of all electricity infrastructure.
The government further acknowledged the current power outages across parts of the state, noting that transmission and distribution challenges are beyond its direct control, but assured that steps are being taken with relevant authorities to improve supply.
It denied reports that Ibom Power Company is being sold, describing the claim as false and misleading, while reassuring residents that efforts are underway to revive the facility.
It said the publication by an Uyo-based tabloid was a wicked fabrication and should be disregarded by the public.
It stated that at no time has the government approved the sale of Ibom Power Company as scrap or otherwise, insisting that the administration remains committed to strengthening the state’s power infrastructure.
