Thursday March 19, 2026
www.thenewsdesk.ng
Akwa Ibom government said it has paid $9m loan obtained from Afreximbank by Ibom Power company, reeled out power sector reforms and denied claims that the company has been sold out describing such insinuations as unfounded, wicked and baseless.
Recall that local media in the state is awash by purported sales of the state owned power company to private investors which sparked controversy and condemnation across the state
Reacting to the incident in a statement signed by the Commissioner of Information Hon Aniekan Umanah and made available to Journalists in Uyo, the state government listed strategic reforms to position the power sector to ensure power sector to ensure power for all through the Arise Agenda blueprint in the state .
The statement reads in parts:
” At no time has the Government approved the sale of Ibom Power Company as scrap or otherwise.
” Such a claim exists only in the imagination of mischief-makers intent on misleading the public and undermining the State Government’s ongoing sector reform efforts.
“Rather, the Akwa Ibom State Government under the purposeful leadership of Governor Umo Eno is currently repaying the $9 million Afreximbank loan secured by the company many years ago, as part of deliberate efforts to rescue and reposition Ibom Power Company for sustainable operations” .
Umanah explained that governor Umo Eno has approved quarterly repayment plans of $560,000 to gradually liquidate the said loan as a bold step to free Ibom Power company from financial difficulties.
” In furtherance of this commitment, the Governor, on March 15, 2025, approved a structured quarterly repayment of $560,000 to progressively liquidate the facility and free the company from legacy financial encumbrances”.
He said instead of outright sales of the state owned power company, pastor Umo Eno has commenced a structured private sector participation (PSP) programme in the power sector to reposition the state electricity sector through a concession framework covering power generation and distribution assets in the state .
“The initiative is designed to attract credible private investment and technical expertise while fully retaining government ownership of all the State’s electricity assets”
Umanah disclosed that government has implemented actions to reform the power sector including establishment of the Akwa Ibom State Electricity Regulatory Commission as the sector regulator, Ibom Electricity Holdings Limited as the holding company for all State-owned electricity assets, vesting of all shares of Ibom Electricity Holdings Limited in the Akwa Ibom Investment Corporation, introduction of reform measures aimed at ensuring proper oversight, regulation, and efficient service delivery in the State electricity sector.
Other implementations as recommended during the the power summit in the state also include the concession initiative, driven by the Akwa Ibom Investment Corporation (AKICORP) adopting a model deliberately structured to protect the State’s strategic interests while attracting the level of capital and technical competence required in the electricity sector.
Umanah said under above framework, qualified operators will rehabilitate, finance, operate, and expand the State’s electricity assets over a defined concession period while a clear performance benchmarks, regulatory supervision, and mandatory investment obligations will be enforced.
” Operational and commercial risks will be transferred from the State to competent private operators
“The State will retain ownership and strategic control of all electricity assets
“The model will promote disciplined investment, measurable performance standards, and the orderly resolution of legacy challenges without imposing additional fiscal pressure on the State”
Umanah regretted that efforts by the state governor to reposition the power sector for optimal productivity and rescue the state from darkness has not been noticed by critics in the state .
He therefore advised the public to shun any falsehood fabricated by critics just smear the government and warned them to always verify information from official sources for accurate information dissemination.
