RismadarVoice Reporters
March 18, 2026
The Akwa Ibom State Government has dismissed reports alleging plans to sell Ibom Power Company, describing the claims as false and misleading, while affirming that it is implementing reforms aimed at repositioning the state-owned power firm for sustainable operations.
In a press statement issued on Wednesday, the Commissioner for Information, Hon. Aniekan Umanah, said a publication by an Uyo-based newspaper suggesting that the power plant was being sold as scrap was “a wicked fabrication” that should be disregarded by the public.
According to the government, Governor Umo Eno has instead approved measures to stabilise the company’s finances, including the repayment of a $9 million loan obtained from Afreximbank by previous management.
The statement noted that a structured quarterly repayment of $560,000 was approved in March 2025 to gradually liquidate the debt and free the company from legacy financial obligations.
The government also disclosed that it had commenced a Private Sector Participation (PSP) programme under a concession framework designed to attract investment and technical expertise into the state’s electricity sector while retaining ownership of all electricity assets.
As part of the reform agenda, the state has established the Akwa Ibom State Electricity Regulatory Commission as sector regulator and created Ibom Electricity Holdings Limited to serve as the holding company for state-owned power assets, with shares vested in the Akwa Ibom Investment Corporation.
Officials said the concession model would require qualified operators to rehabilitate, finance, operate and expand electricity infrastructure, subject to strict regulatory supervision and performance benchmarks.
The government added that the approach would help resolve longstanding challenges in the sector without placing additional fiscal pressure on the state.
While acknowledging ongoing power outages in parts of Akwa Ibom, the government explained that electricity transmission and distribution currently fall outside its direct control, but said engagements were ongoing with relevant authorities to improve supply to residents and businesses.
The statement urged the public to rely on verified official information, stressing that the administration remained committed to reviving Ibom Power and strengthening electricity service delivery in the state.
