Ibom Power: Govt agrees to offset $9m debt owed Afro Exim Bank

Akwa Ibom State Government says it has reached an statement for the outgo of a $9m indebtedness owed to Afro Exim Bank by its Power company, "Ibom Power Company."

Aniekan Umanah, the Commissioner for Information, who disclosed this astatine a media briefing successful Uyo implicit the weekend, said specified an inaugural would salvage the ailing energy generating company.

He explained that an statement was reached for the outgo of $500,000 to the slope each quarter.

Speaking connected wherefore the authorities authorities unopen down the company, Umanah said it was to prevention it from full illness arsenic it was incapable to conscionable its fiscal obligations with lone 1 of its 3 turbines functional.

According to him, "The off-taker was paying conscionable 30% of energy antecedently supplied to it by Ibom Power, and that was not capable to wage adjacent for state utilized successful procreation of power, and truthful the authorities decided to unopen down the institution to prevention it from further illness due to the fact that it was astir similar dead."

Also, Commissioner for Power Mr Iniobong Robson said successful the meantime, the authorities authorities established an energy holding institution to instrumentality attraction of its energy assets.

‎Robson said the determination followed the request for states...