The Akwa Ibom State Government has denied reports suggesting plans to sell its state-owned Ibom Power Company.
In a statement, the Commissioner for Information, Aniekan Umanah, described the report as false and unfounded, saying the administration of Governor Umo Eno is focused on reforms rather than divestment.
The government explained that it is currently repaying a $9 million loan obtained from the African Export-Import Bank, with a structured quarterly repayment plan already in place to reduce longstanding financial obligations. It added that the move is part of efforts to stabilise the operations of the power company.
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According to the statement, the state is implementing broader electricity sector reforms, including private sector participation models, while retaining ownership of assets. It noted that the reforms are aimed at improving efficiency, attracting investment, and addressing power supply challenges in the state.
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