The “Ibom Power Company,” the state’s electricity provider, owes $9 million to Afro Exim Bank, and the government of Akwa Ibom State has announced that it has settled the bill.
During a media briefing in Uyo over the weekend, Commissioner for Information Aniekan Umanah revealed this and stated that the struggling electricity generating firm may be saved by such an approach.
He detailed how a quarterly payment of $500,000 was agreed upon with the bank.
He stated, “The off-taker was paying just 30% of electricity previously supplied to it by Ibom Power, and that was not enough to pay even for gas used in generation of power, and so the government decided to shut down the company to save it from further collapse because it was almost like dead.”
Meanwhile, the state government set up an electricity holding corporation to manage its electricity assets, according to Mr. Iniobong Robson, Commissioner for Power.
Robson explained that the decision was made in order to ensure a consistent supply of electricity for the state, citing the necessity for governments to regulate their subnational electrical markets.
According to the commissioner, the changes were based on legislation that already existed, like the National Electricity Act of 2023 and the Akwa Ibom Electricity Law of 2025.
He asked the community to do its part in preventing damage to electrical infrastructure, reporting incidents of vandalism, and taking part in AKSERC’s discussions on service standards and prices.