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

Akwa Ibom State Government says it has reached an agreement for the payment of a $9m debt owed to Afro Exim Bank by its power company, “Ibom Power Company.”

Aniekan Umanah, the Commissioner for Information, who disclosed this at a media briefing in Uyo over the weekend, said such an initiative would salvage the ailing electricity generating company.

He explained that an agreement was reached for the payment of $500,000 to the bank every quarter.

Speaking on why the state government shut down the company, Umanah said it was to save it from total collapse as it was unable to meet its financial obligations with only one of its three turbines functional.

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 said in the meantime, the state government established an electricity holding company to take care of its electricity assets.

‎Robson said the decision followed the need for states to manage their subnational electricity markets, adding that the move was to translate the reforms into reliable electricity supply for the state.

‎The commissioner said that the reforms were anchored on extant laws such as the National Electricity Act, 2023, and the Akwa Ibom Electricity Law, 2025.

He urged residents to protect electricity infrastructure, report vandalism and participate in consultations by AKSERC on tariffs and service standards.