Ibom Power: Akwa Ibom Government Agrees to Offset $9m Debt Owed to Afreximbank

The Akwa Ibom State Government has agreed to offset a $9 million debt owed by Ibom Power Company to the African Export-Import Bank (Afreximbank), in a move aimed at addressing the power company’s outstanding financial obligation.

The agreement forms part of efforts to resolve the debt and strengthen the financial position of Ibom Power, which operates the state’s power generation infrastructure.

The development is significant to the state’s electricity sector, as the company plays a role in efforts to improve power supply and support industrial and commercial activities in Akwa Ibom.

However, details of the repayment arrangement, including the timeline, funding source and specific terms agreed by the parties, were not immediately clear.

The African Export-Import Bank, commonly known as Afreximbank, is a pan-African multilateral financial institution that provides financing and support for trade and economic development across Africa.

Ibom Power Company was established by the Akwa Ibom State Government as part of its efforts to develop electricity generation capacity within the state.

The debt settlement agreement is expected to help address the company’s outstanding obligation to the bank. Further details on the implementation of the agreement and its implications for the company’s operations are expected to clarify the next steps.