The Akwa Ibom State Government has announced that it has fully liquidated the $9 million loan obtained by Ibom Power Company from Afreximbank, dismissing reports that the company has been sold as “baseless, unfounded, and wicked.”
The clarification follows a report by a local tabloid alleging that the state-owned power company had been sold.
In a statement issued by the Commissioner for Information, Aniekan Umanah, in Uyo, the government reaffirmed its commitment to strengthening the power sector under the state’s Arise Agenda blueprint.
“At no time has the government approved the sale of Ibom Power Company, whether as scrap or otherwise. Such claims exist only in the imagination of mischief-makers intent on misleading the public and undermining ongoing sector reforms,” the statement said.
The Commissioner noted that under the leadership of Governor Umo Eno, the state had been servicing the $9 million facility as part of efforts to reposition the company for sustainable operations.
He explained that the governor approved a structured quarterly repayment plan of $560,000, beginning March 15, 2025, to gradually offset the loan and free the company from longstanding financial obligations.
Umanah further clarified that rather than pursuing an outright sale, the government has initiated a Private Sector Participation (PSP) programme aimed at revitalising the electricity sector through a concession framework covering both generation and distribution assets.
As part of ongoing reforms, the government has established the Akwa Ibom State Electricity Regulatory Commission and Ibom Electricity Holdings Limited to oversee electricity assets. All shares of the holding company have been vested in the Akwa Ibom Investment Corporation, alongside broader measures to enhance regulation, oversight, and efficient service delivery across the state’s power sector.
