Akwa Ibom Gov't denies sale of Ibom Power, reveals $560k quarterly loan payment

The Akwa Ibom State Government has debunked reports suggesting the imminent sale of Ibom Power Company, describing such allegations as malicious and wholly unfounded.

In a press statement released on Wednesday by the Commissioner for Information, Hon. Aniekan Umanah, the Government clarified that the administration of Governor Umo Eno is instead focused on a comprehensive rescue mission to stabilize the state’s energy assets and settle long-standing financial liabilities.

The statement clarified that there is an ongoing liquidation of a $9 million loan originally secured by Ibom Power Company from Afreximbank several years ago.

"To free the entity from these legacy financial encumbrances, Governor Eno approved a structured quarterly repayment plan of $560,000, which commenced following an executive directive in March 2025," the statement revealed.

The government maintains that this proactive debt servicing reflects a commitment to value preservation and operational sustainability rather than the liquidation or scrap sale alleged by local tabloids.

The statement further reads: "Beyond debt recovery, the state is moving forward with a sophisticated Electricity Reform Action Plan designed to modernize the power value chain."

"This reform framework has led to the establishment of the Akwa Ibom State Electricity Regulatory Commission (AKSERC) as an independent watchdog and Ibom Electricity Holdings Limited as the vehicle for managing state-owned power assets. All shares within this holding company have been vested in the Akwa Ibom Investment Corporation (AKICORP) to ensure professionalized oversight and commercial viability."

"A key pillar of the new strategy is a Private Sector Participation (PSP) programme, which seeks to attract technical expertise and capital through a concession model. Under this arrangement, qualified private operators will be tasked with the financing, rehabilitation, and expansion of generation and distribution assets over a defined period."

The Commissioner further emphasized that this model is specifically structured to transfer operational risks to the private sector while ensuring the Akwa Ibom State Government retains full ownership and strategic control of its electricity infrastructure.

Addressing the current wave of power outages across the state, the government acknowledged the frustrations of residents but noted that transmission and distribution remain largely outside its direct jurisdictional control.

However, officials confirmed active engagements with relevant national institutions to resolve these supply bottlenecks.

The statement concluded with a stern warning to media outlets against the dissemination of merchandised falsehood, noting that while the government remains committed to transparency, it will not hesitate to seek legal redress for libelous publications that undermine the state’s developmental aspirations.