We paid N2.3b to the Udom Emmanuel government – Ibom Power
The Managing Director of Ibom Power Company Limited, Engr. Meyen Etukudo has refuted claims that Ibom Power frequently appeared in the budgetary provisions of the Akwa Ibom State Government.
Engr. Etukudo said the reverse is indeed the case since the State Government never funded Ibom Power at any time rather, Ibom paid the sum of N2.3billion to the State Government in 2017 during the administration of Governor Udom Emmanuel.
The MD recently disclosed this information at a public hearing on a bill to create the Akwa Ibom Electricity Regulatory Commission by the Akwa Ibom State House of Assembly, where it was alleged that Ibom Power regularly received funding from the state government with nothing to show for it.
“When you said that every year there is a budget for Ibom Power from the State Government, I stand here to state clearly that Ibom Power has never received one naira from the State Government since the first of August, 8am on Monday when I resumed as the MD of Ibom Power. We never received a dime from previous administrations or the current one, let research be conducted. Rather, in 2017, we paid N2.308 billion to the state government” the MD, stated.
Engr. Etukudo also revealed that when he resumed as the MD in August 2016, Ibom Power had 33 court cases pertaining to finance and more than N10 billion in debt. “This current Management has reduced the number of court cases from 33 to 6 and paid off a significant portion of the inherited debt,” he disclosed.
The Speaker of the House, Rt. Hon. Udeme Otong, represented by the Deputy Speaker, Rt. Hon. Kufreabasi Edidem recalled that since 2019, when the house resumed, Ibom Power has been reflected in the budget submitted to the Akwa Ibom State House of Assembly. He appreciated the MD’s insight on the issue and expressed concern that the company grappled with so much debt.
“I want to thank the MD of Ibom Power for the insight shared here today. I was quoting from the budgets and thank God that you have confirmed that not a dime came to Ibom Power”. The Deputy Speaker, however, stated that the House will investigate if the loans taken by Ibom Power in the past followed due process.
Meanwhile, the Chairman of the Committee on Rural Development, Power, Water and Public Utilities, Rt. Hon Asuquo Udo, in his remark, noted that the meeting was convened to give power sector stakeholders in the State the opportunity to participate and share ideas on the “The Bill For A Law To Make Provision For Electricity Generation, Transmission And Distribution Within And For The Residents Of Akwa Ibom State: To Establish Akwa Ibom Electricity Regulatory Board And For Other Matters Connected Therewith”.