Ibom Power: Govt agrees to offset $9m debt owed Afro Exim Bank

Akwa Ibom State Government says it has reached an agreement for the payment of a $9m debt owed to Afro Exim Bank by its Power company, "Ibom Power Company." Aniekan Umanah, the Commissioner for Information, who disclosed this at a media briefing in Uyo over the weekend, said such an initiative would salvage the ailing electricity generating company. He explained that an agreement was reached for the payment of $500,000 to the bank every quarter. Speaking on why the state government shut down the company, Umanah said it was to save it from total collapse as it was unable to meet its financial obligations with only one of its three turbines functional. According to him, "The off-taker was p...