Akwa Ibom Agrees Deal to Pay $9m Debt Owed by Ibom Power to Afreximbank

The Akwa Ibom State Government says it has reached an agreement for the payment of a $9 million debt owed to Afreximbank by its power company, Ibom Power Company.

The state’s Commissioner for Information, Aniekan Umanah, disclosed this at a media briefing in Uyo over the weekend. He said the move would help save the struggling power generating company.

According to him, the agreement requires the state to pay $500,000 to the bank every quarter.

Umanah also explained why the government shut down the company. He said it was done to save Ibom Power from total collapse, as it could not meet its financial obligations and only one of its three turbines was working.

“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,” he said.

The Commissioner for Power, Iniobong Robson, said the state has set up an electricity holding company in the meantime to manage its electricity assets.

Robson said the decision followed the need for states to manage their own electricity markets, adding that the move is meant to turn the reforms into reliable power supply for residents. He said the reforms are anchored on 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 take part in consultations by the Akwa Ibom State Electricity Regulatory Commission (AKSERC) on tariffs and service standards.