Ibom Power: Govt agrees to repay $9m debt owed Afrexim Bank

Akwa Ibom State Government says it has reached an settlement for the cost of a $9m debt owed to Afro Exim Bank by its energy firm, “Ibom Power Company.”

Aniekan Umanah, the Commissioner for Information, who disclosed this at a media briefing in Uyo over the weekend, stated such an initiative would salvage the ailing electrical energy producing firm.

He defined that an settlement was reached for the cost of $500,000 to the financial institution each quarter.

Speaking on why the state authorities shut down the corporate, Umanah stated it was to put it aside from whole collapse because it was unable to fulfill its monetary obligations with solely one in all its three generators useful.

According to him, “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.”

Also, Commissioner for Power Mr Iniobong Robson stated within the meantime, the state authorities established an electrical energy holding firm to deal with its electrical energy property.

‎Robson stated the choice adopted the necessity for states to handle their subnational electrical energy markets, including that the transfer was to translate the reforms into dependable electrical energy provide for the state.

‎The commissioner stated that the reforms had been anchored on extant legal guidelines such because the National Electricity Act, 2023, and the Akwa Ibom Electricity Law, 2025.

He urged residents to guard electrical energy infrastructure, report vandalism and take part in consultations by AKSERC on tariffs and repair requirements.