• Thursday, March 28, 2024
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Udom approves N14bn for recapitalisation of Ibom Air

Udom approves N14bn for recapitalisation of Ibom Air

Governor Udom Emmanuel has approved N14 billion for the recapitalisation of Ibom Air – wholly owned by the Akwa Ibom State government.

The airline which has seven aircraft in its fleet recently announced plans to expand regional flights to seven African countries, including Gambia, Cameroon and Liberia.

Announcing the recapitalisation, Ini Ememobong, the commissioner for information and strategy, said it was part of the decisions reached at the state executive council meeting, which was presided over by the governor.

Ememobong did not, however, give details how the exercise would be carried out and whether the N14 billion would be raised through rights issue or public offering.

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He said the council also approved the award of 7.5Km Ekim-Eyoabasi and Edikor-Udu-Okobo road in Udung Uko, Mbo and Oron local government areas of the state.

According to him, the contract for construction of 5.5km internal roads in Itu local government area was approved for award by council while approval “was granted for the payment of compensation for the acquisition of the site for Ibom Solutions Hub in Mbo council area.”

“The council also approved the contract for the construction of 8.5km Okoroette-Elile-Amadaka-Kampa road, in the Eastern Obolo local government area. The contract previously awarded to Nigerpet structures Limited, was revoked and now re-awarded to Hensek Integrated Services.

“The state commissioner for works was tasked with ensuring the speedy and qualitative delivery of the project,” Ememobong said.