The Akwa Ibom State Government has rejected claims that it plans to sell Ibom Power Company, saying the administration of Governor Umo Eno is instead prioritising repayment of legacy debts and reforms to strengthen the state-owned electricity firm.
In a statement on Wednesday, the Commissioner for Information, Aniekan Umanah, described a local newspaper report suggesting a sale as “false, malicious and wholly unfounded.”
Ibom Power Company, a gas-fired independent power producer, was established to boost electricity generation and support industrial growth in the state. The company has faced operational and financial challenges over the years, including debt obligations and structural issues in Nigeria’s electricity sector.
The government has begun repayment of a $9 million loan from the African Export-Import Bank, with quarterly payments of $560,000 approved by Governor Eno to gradually settle the debt.
These measures are part of broader reforms, including a Private Sector Participation programme aimed at attracting investment while keeping assets under state ownership. The state has also established the Akwa Ibom State Electricity Regulatory Commission and Ibom Electricity Holdings Limited to oversee and manage government-owned electricity assets.
Under the programme, private operators will finance, rehabilitate, and run electricity infrastructure for a set period, while the state retains ownership and regulatory oversight. The model aims to improve efficiency, transfer operational risks, and address sector challenges without adding fiscal pressure.
The government acknowledged some power outages but noted that transmission and distribution fall outside its direct control and that engagements are ongoing to improve supply to residents and businesses.