• Tuesday, July 23, 2024
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BusinessDay

Ibom Power Plant set for privatisation

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The 586mw Ibom Power Plant (IPP) in Ikot Abasi, Akwa Ibom State, is set for privatisation as part of efforts by the Akwa Ibom State government to relinquish ownership and ensure that the facility is managed as a business venture.

The power plant, which now generates about 100mw of electricity and supplied to the national grid, was initiated by the Attah administration between 1999 and 2007, and meant to supply electricity to consumer in Akwa Ibom and neighbouring states.

Senas Ukpanah, special adviser to the state government on investment and industrialisation who made this known in Uyo, the state capital, said the plan to privatise the power plant was in line with what was obtained globally.

“Considering the current policy of the Federal Government, the power plant is going to be privatised, it is better for the plant to be private sector driven,’’ he said.

Ukpanah, who is the chairman, Akwa Ibom Investment Corporation, said the state government had invested in the power plant to bring it up to standard to attract investors, saying that it had received offers from many reputable companies.

He said Champion Breweries had been successful revived, adding that its 57 percent share capital had been acquired by a major brewer in the country. “Champion brewery is in on the way to glory, all the debts owed had been cleared and it is a major achievement of the state government in reactivating ailing industries,’’ he said.

Ukpanah however disclosed that Peacock Paint at Etinan Local Government was being liquidated due to its debt profile of N100 million owed a bank in the country, adding that a receiver had been appointed by the bank to sell the assets of the paint company.

Ukpanah, who was giving an overview of the industrialisation programme of the state government, said a new company had indicated interest to build another power plant in Ikot Abasi while an investor had indicated interest to acquire the abandoned asbestonic factory in Oron, saying the company had concluded plans to build a petroleum tank farm where the factory was located.

ANIEFIOK UDONQUAK