Akwa Ibom State clarifies that there is no intention to sell Ibom Power Company, highlighting ongoing efforts to repay loans, restructure the facility, and attract private investment while retaining state ownership.

The Akwa Ibom State Government has dismissed claims by the Uyo-based Guide Newspaper that it intends to sell Ibom Power Company. The Commissioner for Information, Aniekan Umanah, described the report as a “wicked fabrication” and urged the public to disregard it.

Umanah clarified that the government has never approved the sale of the state-owned power facility. Instead, the administration of Governor Umo Eno is focused on repaying a $9 million Afreximbank loan and restructuring the company to ensure sustainable operations.

Under this plan, the governor approved quarterly repayments of $560,000 starting March 15, 2025, aimed at gradually freeing the company from financial encumbrances.

While acknowledging ongoing power outages, the commissioner explained that transmission and distribution remain outside state control. The government is, however, engaging relevant institutions to resolve supply issues and improve electricity access for residents and businesses.

Umanah also highlighted a Private Sector Participation programme designed to attract credible investment and technical expertise while retaining full government ownership of electricity assets.

CBI News reports that he said that measures include the establishment of the Akwa Ibom State Electricity Regulatory Commission, the creation of Ibom Electricity Holdings Limited as the holding company for state-owned electricity assets, and the vesting of all shares in the Akwa Ibom Investment Corporation.

These initiatives reflect the state’s commitment to revival, stability, and long-term value preservation of its power sector, rather than liquidation or sale of assets.