By Our Correspondent
National News – The Akwa Ibom State Government has dismissed reports suggesting that Governor Umo Eno’s administration intends to sell the state-owned Ibom Power Company.
The government emphasized that no policy has been enacted to liquidate or sell the power facility.
Commissioner for Information, Aniekan Umanah, described the reports as “false, malicious, and wholly unfounded,” urging the public to ignore such claims, which he said were fabricated to mislead residents and undermine ongoing sector reforms.
The Eno administration remains focused on revitalizing Ibom Power Company, particularly by repaying the $9 million Afreximbank loan secured by the company years ago.
A structured repayment plan of $560,000 quarterly was approved on March 15, 2025, aiming to free the company from legacy debts and strengthen its operations.
The government stressed that this initiative reflects a commitment to stability, revival, and long-term value preservation, not liquidation.
While acknowledging the ongoing power outages affecting some areas, the government clarified that transmission and distribution are beyond its direct control.
Nevertheless, authorities are engaging with relevant stakeholders to improve electricity supply across the state.
As part of a strategic plan to modernize the energy sector, a Private Sector Participation program has been launched.
This initiative seeks to attract credible private investors while keeping government ownership of all state electricity assets intact.
Key reforms under this program include the creation of the Akwa Ibom State Electricity Regulatory Commission, the establishment of Ibom Electricity Holdings Limited as a holding company for all state electricity assets, and the consolidation of shares under the Akwa Ibom Investment Corporation.
These measures aim to enhance efficiency, attract technical expertise, and secure long-term sustainability for Ibom Power Company and other state energy facilities.
The government reiterated that any claims about selling Ibom Power Company are baseless and designed to distort public perception.
Residents and businesses are assured of continued efforts to improve power delivery and strengthen the state’s electricity sector.
