Press Release
The Ibom Specialty Hospital, Uyo in Akwa Ibom State says it raked in N1.551,025,410 revenue in two years.
Located at Ekit Itam II, along Uyo Ikot Ekpene Road, Akwa Ibom State, the hospital was inaugurated in 2015 by the ex-Governor Godswill Akpabio administration.
The Chief Medical Director (CMD) of the hospital, Dr. Ini Etukudo stated this during a meeting between the hospital’s management and the Akwa Ibom Investment Corporation (AKICORP) on Monday, August 18, at a review of its financial operations to chart a path towards sustainability.
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Dr. Etukudo, who presented the hospital’s financial performance, reported revenue of ₦708,034,543.27 in 2023 and ₦842,990,864.72 in 2024.
He mentioned major challenges confronting the hospital to include reliance on diesel-powered generators due to lack of connection to the national grid, outdated medical equipment, and absence of government subventions.
The Chief Medical Director, therefore, appealed for government support to strengthen operations, assuring that the hospital could deliver optimal results and remain competitive, particularly as the state prepares for the take-off of the Ibom International Hospital.
Speaking at the occasion, the Managing Director and Chief Executive Officer of AKICORP, Mr. Imo-Abasi Jacob said Akwa Ibom Government has begun moves to restructure its State-Owned Enterprises (SOEs) as part of efforts to boost productivity and drive industrial development.
Represented by the Executive Director for Agricultural Investment, Pastor Godwin Ukwat, Jacob expressed concern over the hospital’s cash flow, noting that despite high expenditures on power generation, equipment maintenance, and staff salaries, there was little sustainability and limited remittances to government coffers.
He directed the Chief Medical Director (CMD) to submit a proposal to government outlining strategies to minimise challenges in order to improve generating more revenue into the state treasury.
The meeting was attended by top officials from both the hospital and AKICORP, including Mr. Paulinus Sunday (Accountant, Ibom Specialty Hospital), Mrs. Ekaette Esset (Corporate Affairs), Mr. Goodness-Obong Antai (Administration), Mr. Usen Effiong (Executive Director, Other Investments, AKICORP), Mr. Innocent Okure (Deputy Director, Project Monitoring and Implementation), and Mr. Jacob Ikpe (Deputy Director, Entrepreneurship and Business Development).
