An advocacy group, Open Forum, committed to governance and accountability in Akwa Ibom State, has raised fresh alarm over the missing $80m said to have been given to the Ibom Power Plant by the Federal Government.

The president and founder of the group, Matthew Okono, raised the alarm while addressing a press conference/end-of-the-year review activities in Uyo on Thursday.

The governor had declared a state of emergency in the power sector, highlighting the urgency for a power summit to address challenges and reposition the sector in the state.

His declaration of the state of emergency followed a report by the Commissioner of Power and Acting managing director of the Plant, Dr Camilus Umoh, during the just-ended Akwa Ibom State government Inter-ministerial briefing.
Recall that the sacked Managing director of the plant, Meyen Etukudo had, on September 9, 2024, during a public hearing on the Power Policy bill at the State House of Assembly voiced out his frustrations as MD, revealing that the company is reeling under 33 court cases even as the Federal Government’s $80m lifeline to Ibom Power Plant is yet to be accounted for.

“Our total debt is N10.48bn with 33 court cases, so Ibom Power never received any money, even the $80m given to Ibom Power by the Federal government never arrived Ibom Power Plant till this moment” Etukudo lamented in the video obtained by our correspondent.

However, 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, highlighting the need to investigate the said scandals and other scandals in the sector before any other consideration.
He expressed concern that the commissioner of power in his report during the ministerial briefing, only highlighted the $40m owed to Acugas company which supplies gas to the plant, but failed to mention a whopping $80m by the Federal Government which is yet to be accounted for and other court cases by the plant.

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 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 N40b, 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 can not 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 N526m invested by Udom Emmanuel’s 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 N526m 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”.