Ibom Power Company has joined 14 other generation plants in signing onto the Federal Government’s electricity debt settlement programme, placing the Akwa Ibom-owned power firm in the spotlight as Abuja moves to clear long-standing obligations in the sector.
The settlement framework is part of a wider N3.3 trillion plan approved by President Bola Tinubu to resolve legacy debts accumulated across the power value chain between February 2015 and March 2025. The Presidency said implementation has started, with 15 power plants already signing settlement agreements valued at N2.3 trillion. It also said N501 billion has been raised so far, while N223 billion has already been disbursed.
BusinessDay reported that Ibom Power was among eight major generation companies named in the latest round of signatories. Its inclusion is notable because the company is owned by the Akwa Ibom State Government, making it one of the few state-backed players captured in the current settlement push.
Ibom Power operates from Ikot Abasi and describes itself as one of Nigeria’s first independent power plants. Company and state investment records indicate that the plant was licensed for about 191 megawatts.
Other companies listed in the report include Transcorp Power, Egbin Power, Geregu Power Plc, Afam Power, First Independent Power Limited, Mabon Limited, and Niger Delta Power Holding Company. The programme is aimed at easing liquidity pressure in the electricity market and improving generation stability after years of debt-related strain.
For Akwa Ibom, Ibom Power’s presence in the settlement process gives the state a direct place in one of the biggest recent interventions in Nigeria’s power sector. If the payments proceed as outlined, the move could support plant operations and maintenance, while improving confidence in generation companies that have complained for years about unpaid obligations. That said, generation companies have also raised concerns over the computation of the debt figure, showing that questions remain around the final reconciliation process.
