Ibom Power: Govt agrees to offset $9m debt owed Afro Exim Bank

The Akwa Ibom State Government has announced a plan to settle a $9 million debt owed to Afro Exim Bank by the Ibom Power Company. Aniekan Umanah, the Commissioner for Information, shared details of the agreement during a media briefing in Uyo over the weekend.

Under the agreement, the state will pay $500,000 to the bank quarterly, a move that Umanah described as essential for revitalizing the struggling electricity generating company. He explained that the decision to shut down Ibom Power was made to prevent its total collapse, noting that the company had been operating with only one of its three turbines functional.

Umanah pointed out that the company’s financial difficulties stemmed from an off-taker who was paying only 30% of the electricity previously supplied by Ibom Power, which was insufficient to cover the costs of gas for power generation. He emphasized that the government acted to save the company from what he termed a dire situation.

In addition, the Commissioner for Power, Iniobong Robson, announced the establishment of an electricity holding company to oversee the state’s electricity assets. This decision comes as part of an effort to enhance management of subnational electricity markets and ensure a reliable supply of electricity throughout Akwa Ibom State.

Robson highlighted that these reforms are in accordance with the National Electricity Act of 2023 and the Akwa Ibom Electricity Law of 2025. He urged residents to protect electricity infrastructure, report instances of vandalism, and engage in consultations by the Akwa Ibom State Electricity Regulatory Commission regarding tariffs and service standards.

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