The Akwa Ibom State Government has denied claims that Ibom Power Company is being sold, insisting that its current policy is focused on debt repayment, sector reform and long-term revival of the utility.
In a statement issued on March 18, the government described reports alleging plans to dispose of the company as false and misleading. It said no approval had been given for the sale of Ibom Power, whether as scrap or in any other form.
According to the statement, the administration of Governor Umo Eno is instead working to stabilise and reposition the company. It said part of that effort includes the repayment of a 9 million dollar Afreximbank loan obtained by Ibom Power years ago.
The government stated that on March 15, 2025, the governor approved a structured quarterly repayment plan of 560,000 dollars to gradually clear the debt. It said the move was intended to ease longstanding financial burdens on the company and support its recovery.
It also said the state had begun wider electricity sector reforms following proposals presented at the Akwa Ibom State Electricity Summit last year and later approved by the governor. As part of that process, the government said it had launched a private sector participation programme designed to improve electricity generation and distribution through a concession arrangement that includes Ibom Power.
The statement added that government ownership of all electricity assets in the state would remain intact under the arrangement.
Among the steps already taken, the government listed 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 power assets, and the transfer of the company’s shares to the Akwa Ibom Investment Corporation.
It said the reform programme was designed to strengthen oversight, improve regulation and support better service delivery across the electricity sector.
The government said the concession model, being driven by the Akwa Ibom Investment Corporation, would require qualified private operators to rehabilitate, finance, operate and expand the state’s electricity assets during a defined concession period.
It added that the framework includes performance targets, mandatory investment commitments and regulatory supervision. The statement said the model would also shift operational and commercial risks from the state to competent private operators, while allowing government to retain ownership and strategic control of the assets.
According to the government, the arrangement is expected to help resolve longstanding problems in the sector, improve reliability and support the growth of a viable electricity market in the state. It also said the framework provides for local content and skills transfer.
On the recent power outages in parts of Akwa Ibom, the government said electricity transmission and distribution are currently outside the direct control of the state. It added, however, that it is engaging the relevant institutions to push for a quick resolution and improved supply to homes and businesses.
The statement also criticised Guide Newspaper over the report, accusing the publication of spreading false information. It urged the public to disregard the claims and rely on verified official sources for accurate information.
The statement was signed by the Commissioner for Information, Aniekan Umanah.
