Akwa Ibom Moves to Clear $9m Ibom Power Debt Through Quarterly Payments

The Akwa Ibom State Government has reached an agreement with the African Export-Import Bank (Afreximbank) to settle a $9 million debt accumulated by Ibom Power Company.

Under the arrangement, the state-owned electricity company will pay $500,000 every three months until the outstanding debt is cleared.

The Commissioner for Information, Aniekan Umanah, disclosed this during a media briefing in Uyo over the weekend, describing the agreement as part of efforts to rescue the struggling power company.

Umanah explained that the state government had earlier suspended the company’s operations to prevent it from collapsing completely due to mounting financial difficulties.

He said Ibom Power was facing serious operational challenges, with only one of its three electricity-generating turbines still working.

The commissioner also blamed the company’s financial difficulties on poor revenue collection, explaining that its electricity off-taker was paying for only 30 per cent of the power supplied.

According to him, the amount received was insufficient to cover even the cost of gas required to generate electricity, making it difficult for the company to sustain its operations.

Meanwhile, the Commissioner for Power, Iniobong Robson, disclosed that the state government had established an electricity holding company to manage its power assets.

He said the initiative was designed to help Akwa Ibom take greater control of its electricity market following the reforms introduced under the Electricity Act 2023 and the state’s Electricity Law 2025.

Robson also called on residents to protect electricity installations, report cases of vandalism and participate in consultations organised by the Akwa Ibom State Electricity Regulatory Commission (AKSERC) on electricity tariffs and service standards.