A’Ibom Govt Debunks Alleged Plan To Sell State’s Power Company

The Akwa Ibom State Government has debunked a report by an Uyo-based tabloid, Guide Newspaper, alleging that the administration of Governor Umo Eno plans to sell the state-owned Ibom Power Company.

According to the Commissioner for Information, Mr Aniekan Umanah, in a statement issued in Uyo on Thursday, the government described the report as false, stating that it has no plans to sell the power plant.

“The attention of the Akwa Ibom State Government has been drawn to a publication by a Uyo-based tabloid, Guide Newspaper, containing false, malicious and wholly unfounded allegations regarding the status of Ibom Power Company and the intentions of the administration of His Excellency, Pastor Umo Eno, concerning the company.

“We wish to state unequivocally that the said publication is a wicked fabrication and should be dismissed in its entirety by the public.

“At no time has the government approved the sale of Ibom Power Company, whether 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,” the statement read.

Umanah explained that the administration is instead focused on repaying the $9m loan obtained from Afreximbank by the company as part of efforts to reposition the facility for sustainable operations.

He disclosed that, as part of this commitment, the governor approved a structured quarterly repayment of $560,000 on March 15, 2025, to gradually offset the debt and free the company from financial encumbrances.

“This decisive action clearly reflects a government focused on revival, stability and long-term value preservation, not liquidation,” he added.

While acknowledging the current power outages in parts of the state, the commissioner noted that electricity transmission and distribution are presently outside the control of the state government.

He, however, said the government is engaging relevant institutions to ensure a quick resolution of the problem and improve power supply to residents and businesses.

Umanah further disclosed that the government has commenced a structured Private Sector Participation programme to reposition the state’s electricity sector through a concession framework covering generation and distribution assets, including Ibom Power Company Limited.

According to him, the initiative is designed to attract credible private investment and technical expertise while retaining full government ownership of all electricity assets.

He listed measures already implemented to include the establishment of the Akwa Ibom State Electricity Regulatory Commission as sector regulator, the creation of Ibom Electricity Holdings Limited as the holding company for state-owned electricity assets, and the vesting of its shares in the Akwa Ibom Investment Corporation.