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… acknowledges the ongoing power outages in some parts of the state
By our Reporter
The Akwa Ibom State Government has dismissed as false and malicious a publication alleging that the state-owned Ibom Power Company is being sold as scrap, describing the report as a fabrication intended to mislead the public.
In a press statement issued on March 18, 2026, the Commissioner for Information, Dr Aniekan Umanah said the report published a state-based Newspaper, contained “false, malicious and wholly unfounded allegations” regarding the status of Ibom Power Company and the intentions of the administration of Governor Umo Eno.
According to the statement, at no time has the administration approved the sale of Ibom Power Company either as scrap or in any other form. “The claim exists only in the imagination of mischief-makers intent on misleading the public and undermining the State Government’s ongoing sector reform efforts”.
Instead, the government explained that it is currently repaying a $9 million loan obtained by the company from Afreximbank many years ago as part of efforts to reposition the power company for sustainable operations. The statement disclosed that Governor Umo Eno had, on March 15, 2025, approved a structured quarterly repayment of $560,000 (about N763,660,800) to gradually liquidate the loan and free the company from long-standing financial obligations. The government said the move reflects its commitment to stabilizing and strengthening the state’s electricity sector rather than liquidating its assets.
As part of broader reforms approved after the State Electricity Summit held last year, the government has also begun implementing a structured Private Sector Participation (PSP) programme aimed at repositioning the state’s electricity industry through a concession framework covering generation and distribution assets, including Ibom Power Company Limited.
Under the reform plan, the government has established the Akwa Ibom State Electricity Regulatory Commission as the sector regulator and created Ibom Electricity Holdings Limited to serve as the holding company for all state-owned electricity assets. The shares of the new holding company have been vested in the Akwa Ibom Investment Corporation (AKICORP).
The concession model, being driven by AKICORP allows qualified private operators to rehabilitate, finance, operate and expand the state’s electricity assets within a defined concession period while the state retains full ownership and strategic control. According to the government, the framework includes strict performance benchmarks, regulatory supervision, mandatory investment obligations and strong local content provisions to ensure technology transfer and capacity development.
It added that the reform initiative is designed to attract credible investment, improve service delivery, resolve long-standing sector challenges and create a viable electricity market in the state without placing additional financial pressure on government resources. The government also acknowledged the ongoing power outages in some parts of Akwa Ibom State but clarified that electricity transmission and distribution currently fall outside the direct control of the state government. It, however, assured residents that efforts are ongoing with relevant institutions to restore stable power supply to homes and businesses.
While criticizing the publication, the state government accused the tabloid of repeatedly spreading misinformation and warned that government silence should not be interpreted as weakness, noting that laws on libel and defamation remain applicable. The public was therefore advised to disregard the report and rely only on verified and official sources for accurate information.
