The ‘missing’ $80 million lifeline said to be paid to Ibom Power Company Limited by the Federal Government is troubling Open Forum, a Non-Government Organisation (NGO).
The president and founder of the forum, Citizen Matthew Koffi Okono, raised the concern while addressing a press briefing/end-of-the-year review activities in Uyo on Thursday, December 19.
The $80 million is equivalent to N124,022,008.80.
Recall that the dismissed Managing Director of the company, Engr. Meyen Etukudoh had, on September 9, 2024, during a public hearing on the Power Policy bill at the Akwa Ibom House of Assembly revealed that the Federal Government’s $80 million lifeline to Ibom Power Company is yet to be accounted for.
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“The $80 million given to Ibom Power by the Federal government never arrived Ibom Power Company till this moment,” Etukudoh lamented in the video obtained by Straightnews.
This newspaper reliably learnt that Etukudoh’s dismissal might not have been unconnected with the startling revelation, which looked like stirring the hornet’s nest.
However, Governor Umo Eno had declared a state of emergency in the power sector, and the urgency to convene power summit to address challenges and reposition the sector in the state.
His reaction followed a performance report by the Commissioner of Power and acting Managing Director of the company, Dr. Camillus Umoh, during the just-ended Akwa Ibom State Government Exco Ministerial Briefings/End-of-Year Review.
Though Governor admitted that Etukudoh overstepped his bounds, he did not acknowledge seeing or receiving the humongous amount and deploying the revenue for any development project in the state.
Okono, in the briefing held at the Open Forum Secretariat in Uyo, faulted the declaration of a state of emergency and hosting of a power summit, stressing the need to investigate the said scandals and others in the sector before any other consideration.
The founder of the advocacy group, committed to governance and accountability in Akwa Ibom State, expressed concern that the commissioner of power in his report only mentioned the $40 million owed to Accugas Ltd which supplies gas to the plant, but failed to mention the said $80m by the Federal Government, which is yet to be accounted for and other court cases by the company.
He further said, “We are shocked that there is no report by the Commissioner for Power and acting Managing Director/CEO of Ibom Power, Dr. Camilus Umoh on the state of the controversial comprehensive technical audit of the company ordered by His Excellency, whose report was submitted to the Governor by Savannah Energy Plc and Akwa Ibom Investment Corporation (AKICORP), earlier in the year, precisely in April 2024.
“It is curious that the commissioner for power revealed that Accugas, the gas supplier to Ibom Power is being owed a whopping N40 billion, but no mention was made on the information that Eighty Million US Dollars ($80M) given to Ibom Power by the Federal Government is nowhere to be found.
“Also, we have not seen an update on an international court case in London/Cairo, as well as others over debts by Ibom Power. We do not know if mention was made on the level of progress in the Power Policy Bill in the Akwa Ibom House of Assembly.
“It is our considered opinion that if the challenges plaguing Ibom Power and those who have by their actions and inactions brought the legendary vision of the Obong Victor Attah administration to harms way are not made to account, Akwa Ibom may not be able to benefit from the deregulated power sector in Nigeria despite owning a power plant
“A declaration of a state of emergency power and, or hosting of a power summit should only be considered after the trending and troubling scandals are addressed.
“The damaging revelations that have called to question, the integrity of many high-ranking public officials, past and present cannot be wished away or assumed not to be in public domain,” Okono further said.
On the proposed move by the state government to revitalize the Peacock Paint, the group’s president noted that any investment in the moribund company without first carrying out a forensic audit to determine how a whooping N526 million invested by Udom Emmanuel administration in 2015, would amount to a monumental waste.
He urged that all those involved in the management of the failed company including the supervisory agency, AKICORP, should be made to face the music.
He said “The directive to AKICORP to ensure the revitalisation of the Peacock Paint at Ikot Ekan, Etinan LGA calls for concern given the monumental losses the government and people of the state have suffered from the company during the immediate past administration of Mr Udom Emmanuel.
“It’s our recommendation that any further investment in Peacock Paint without a forensic audit of how N526 million put in to revamp the company within the first one hundred days of the Udom Emmanuel administration in 2015 ended up being a monumental waste due to alleged and obvious corruption will amount to putting a cart before the horse.
“All those involved in the management of the failed company, including the supervisory agency, AKICORP should be made to explain what happened to the over half a billion Naira invested by government in 2015. Those found culpable should be made to refund amounts unaccounted for.”
