The Akwa Ibom State Government has dismissed reports suggesting it plans to sell the state-owned Ibom Power Company, stating that the company remains a key state asset.
In a statement issued on Thursday in Uyo, the Commissioner for Information, Aniekan Umanah, dismissed the report as a fabrication and urged the public to disregard it.
“The attention of the Akwa Ibom State Government has been drawn to a publication containing false, malicious, and wholly unfounded allegations regarding the status of Ibom Power Company and the intentions of the administration of Governor Umo Eno,” Umanah said.
“We wish to state unequivocally that the publication is a wicked fabrication and should be dismissed in its entirety. At no time has the government approved the sale of Ibom Power Company, whether as scrap or otherwise,” he added.
Umanah explained that the claim exists only in the imagination of individuals seeking to mislead the public and undermine the state government’s ongoing power sector reforms.
“Rather than disposing of the asset, the government is focused on reviving and strengthening the company for sustainable operations,” he said.
Part of these efforts, Umanah disclosed, includes the repayment of a $9 million loan obtained from Afreximbank. The governor has approved a structured quarterly repayment plan of $560,000 to offset the debt.
“This decisive action reflects a government committed to revival, stability, and long-term value preservation—not liquidation,” he said.
Addressing current power outages in parts of the state, the commissioner noted that electricity transmission and distribution remain outside the control of the state government. He, however, assured residents that the government is engaging relevant stakeholders to improve power supply.
Umanah further revealed that the state has commenced a structured Private Sector Participation programme aimed at repositioning the electricity sector through a concession framework covering generation and distribution assets, including Ibom Power Company.
The initiative is designed to attract credible private investment and technical expertise while retaining full government ownership of electricity assets.
Key measures already implemented include the establishment of the Akwa Ibom State Electricity Regulatory Commission, the creation of Ibom Electricity Holdings Limited, and the transfer of its shares to the Akwa Ibom Investment Corporation.
The government reiterated its commitment to strengthening the state’s power sector and delivering improved electricity supply to residents and businesses.