Akwa Ibom State Government has said it has liquidated the $9 million loan obtained from Afreximbank by Ibom Power Company, denying rumours of selling the company. It described the insinuations as baseless, unfounded and wicked.

This came on the heels of a report by a local tabloid that the state government had sold the company.

But in a statement signed by the Commissioner for Information, Aniekan Umanah, and made available to journalists in Uyo, the state government listed strategic reforms that will position the power sector to ensure power for all through the Arise Agenda blueprint in the state.

“At no time has the Government approved the sale of Ibom Power Company as scrap or otherwise. Such a claim exists only in the imagination of mischief-makers intent on misleading the public and undermining the state government’s ongoing sector reform efforts.

“Akwa Ibom State Government under the purposeful leadership of Governor Umo Eno is currently repaying the $9 million Afreximbank loan secured by the company many years ago, as part of deliberate efforts to rescue and reposition Ibom Power Company for sustainable operations,” the statement read in part.

The Commissioner further explained that the governor has approved quarterly repayment plans of $560,000 to gradually liquidate the said loan as a bold step to free Ibom Power Company from financial difficulties.

“In furtherance of this commitment, the governor, on March 15, 2025, approved a structured quarterly repayment of $560,000 to progressively liquidate the facility and free the company from legacy financial encumbrances,” the statement added.

Umannah also said that instead of outright sales of the state-owned power company, Eno has commenced a structured Private Sector Participation (PSP) programme in the power sector to reposition the state electricity sector through a concession framework covering power generation and distribution assets in the state.

He disclosed that government has implemented actions to reform the power sector, including establishment of the Akwa Ibom State Electricity Regulatory Commission as the sector regulator, Ibom Electricity Holdings Limited as the holding company for all state-owned electricity assets, vesting of all shares of Ibom Electricity Holdings Limited in the Akwa Ibom Investment Corporation, introduction of reform measures aimed at ensuring proper oversight, regulation, and efficient service delivery in the state electricity sector.