The Akwa Ibom State Government has dismissed reports claiming plans to sell the state-owned Ibom Power Company, describing the story as false and misleading.
The clarification came through the Commissioner for Information, Aniekan Umanah, who issued a statement in Uyo on Thursday, the 19th of March, 2026.
He said the report, published by a local outlet, had no basis and should be ignored by the public.
“The attention of the Akwa Ibom State Government has been drawn to a publication by a Uyo-based tabloid, Guide Newspaper, containing false, malicious and wholly unfounded allegations regarding the status of Ibom Power Company and the intentions of the administration of His Excellency, Pastor Umo Eno, concerning the company.
“We wish to state unequivocally that the said publication is a wicked fabrication and should be dismissed in its entirety by the public.
“At no time has the government approved the sale of Ibom Power Company, whether 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,” the statement read.
The government explained that its current focus is not divestment, but financial recovery and restructuring of the power asset.
It said attention is on repaying a $9 million loan secured from Afreximbank, which is being handled through a structured repayment plan.
According to the commissioner, Governor Umo Eno approved a quarterly repayment plan of $560,000 beginning March 15, 2025, to reduce the debt burden and stabilise the company’s operations.
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“This decisive action clearly reflects a government focused on revival, stability and long-term value preservation, not liquidation,” he said.
While acknowledging electricity shortages in parts of the state, Umanah explained that transmission and distribution remain outside state control.
He added that discussions are ongoing with relevant agencies to improve supply and resolve existing gaps affecting homes and businesses.
The state also outlined ongoing reforms in its electricity sector, including a Private Sector Participation plan aimed at opening space for investment while keeping public ownership intact.
Part of the reform includes the establishment of the Akwa Ibom State Electricity Regulatory Commission and the creation of Ibom Electricity Holdings Limited to manage power assets under a structured framework.
According to the government, these steps are meant to attract technical partners, improve efficiency, and strengthen long-term power delivery across the state.