The Governor of Akwa Ibiom State, Mr Umo Bassey Eno, has disclosed that the state would raise capital as part of efforts to fix huge power deficits.
This came as he declared that the state would no longer live in the paradox of vast energy potential and limited electricity supply, as he unveiled sweeping reforms and pledged to end the long-standing electricity crisis.
Speaking last week at the closing of the Akwa Ibom Electricity Summit 2025 in Ikot Ekpene, Mr Eno described the summit as “a major turning point in our State’s quest for energy security and universal access to power.”
“For decades, our people have lived with the paradox of great energy potential but little to show for it,” he said, adding, “Electricity is not a luxury; it is a fundamental enabler of modern life. This summit should deliver a concrete action plan that ensures every home, every business, and every school in Akwa Ibom has reliable power.”
The governor outlined a three-pronged agenda: urgent rehabilitation and commercialization of Ibom Power Company, establishment of a new Akwa Ibom State Distribution Company, and the rollout of the first phase of a State Electrification Plan targeting underserved communities.
“We will rehabilitate and immediately commercialize Ibom Power Company, raise capital and commence its urgent rehabilitation, while also taking steps to establish the Akwa Ibom Electricity Distribution Company and upgrading the State distribution network,” the governor announced.
“Our vision is ambitious but achievable. We will not politicize electricity. We will build a State electricity market that stands the test of time and serves our people.
“We are determined to launch the Akwa Ibom Electricity Market by licensing Ibom Power Company and the new AKS Distribution Company, with the State holding majority shares. This is the promise of reliable, affordable, and universal electricity for our people.”
On her part, the Deputy Governor and Chairperson of the Summit Organizing Committee, Mrs Akon Eyakenyi, said the summit was “a historic moment, not only for Akwa Ibom State but for Nigeria as a whole.”
She stressed that with the passage of the Electricity Act 2023 and the State’s own Electricity Law 2025, Akwa Ibom had the legal foundation to chart its own electricity future.
“This summit is structured to align politics, policy, and investment with technical and financial reforms that will deliver real change,” Mrs Eyakenyi said.
In his goodwill message, the Minister of Power, represented by Chief Technical Adviser, Mr Adedoyin Oluwoniyi, commended the bold step.
“This summit is timely and significant. As Akwa Ibom is energized, industry will grow, productivity will rise, and the economy will expand.”
Also pledging support, Mr Eyo Ekpo, Team Lead of Power Component at UKNIAF, alongside representatives of donor agencies including the UN Development Programme, emphasized that a state-led electricity market was “critical for Nigeria’s development.”
The summit culminated with the unveiling of the State Electricity Regulatory Policy and the Akwa Ibom State Electricity Law, jointly performed by Governor Eno, Deputy Governor Eyakenyi, representatives of the National Assembly, the Minister of Power, and other dignitaries.