There is a renewed call for the annulment of the audit report by Savannah Energy on Ibom Power Company, IPC, (Akwa Ibom State owned power company) and for the engagement of independent and qualified audit firms that would conduct a fresh audit of the company.
Governor Umo Eno shortly after assumption of office in 2023 had a Memorandum of Understanding (MoU) with the Savannah Energy- owners of Accugas, (the gas suppliers to Ibom Power Company) to conduct a technical audit of Ibom Power with the aim of identifying the operational challenges and reposition the plant for optimum performance.
The audit, which was done under the supervision of Akwa Ibom Investment Corporation (AKICORP) was eventually submitted to Gov Eno in April 2024 amid allegations of conflict of interest and non visitation of the facility during the exercise.
Open Forum, a Non governmental organisation in the State, was first to raise concerns about the ethical validity of the Akwa Ibom State Government appointing Savannah Energy, the gas suppliers to Ibom Power Company as auditors of Ibom Power.
Then, some staff of Ibom Power lamented that Savannah Energy never visited the company before submitting its report.
Open forum was recalled to have said, “This represents a clear conflict of interest and violates international auditing standards, including the IFAC Code of Ethics and ISA 200/220. Awarding an audit to a company with vested commercial interests undermines credibility, transparency, and public confidence.”
The Convener of the Forum, Mathew Kofi Okono popularly known as MKO called for full independent audit of not just the Ibom Power Company but all other government owned investments under the supervision of AKICORP which according to him are in almost derelict states.
“The Forum calls for engagement of a fully independent and qualified audit firm for a credible, comprehensive, operational and technical audit of Ibom Power, Akwa Ibom Investment Corporation (AKICORP) and indeed all government-owned investments in the state with a view to repositioning them for optimum performance and improved Internally Generated Revenue (IGR).
“It is common knowledge that virtually all government-owned investments in the state under the supervision of AKICORP are either dead or on life support,” he said.
Meanwhile, almost two years after the audit report was submitted, the power situation in the State has not gotten better. Much has not been heard about the company aside the reforms and the sack of its Managing Director, Dr. Mayen Etukudoh.
Etukudoh was booted out of Ibom Power Company after his chilling revelations at the Akwa Ibom State House of Assembly where he informed the House of non-funding from the state government despite reported annual appropriations since he assumed office in 2016 till his exit in 2025.
He also reported in one of the public hearings a missing $80m said to have been given to Ibom Power Company by the Federal Government of Nigeria but never found its way to the company’s account.
Etukudoh’s exit from the company and the replacement with another has not brought significant impact in power supply in the State as Akwa Ibom is still dependent on a perennially epileptic National Grid.
Worried by the state of power in Akwa Ibom, Gov Eno recently constituted a Power Reform Implementation Committee (to be managed by a consultant) to find lasting solutions to issues of power outages and blackouts.
However, some analysts and experts have described the committee as lacking professional expertise in electricity generation, transmission, and utility management.
Engr Emmanuel Eno, a London based Akwa Ibomite, in his post on Facebook kicked against the composition of the Akwa Ibom State Power Reform Committee on grounds of “professional negligence.”
According to him, “The committee lacks a track record and needed technical capacity. If the goal is efficiency, sustainability, or real reform, this committee is destined to fail before it even starts. Power reform is technical, complex, and affects millions of our Akwa Ibom people.”
Also speaking, the former Vice Chancellor University of Uyo, Prof. Akpan Ekpo in a radio programme anchored by MKO advocated strongly for the engagement of indigenous experts to revive and reposition the power company instead of “engaging in talk shows,” as power according to him is a technical matter.
Meanwhile, in a statement issued by Okono on Monday, he noted that Akwa Ibom State government should as a matter of urgency consider the establishment of Ibom Gas Company to facilitate a coordinated investment in the gas sector to ensure undisrupted supply of gas to Ibom Power and other investments and service other clients as a way of boosting the IGR of the state.
He also called for a diligent review of the 2009 MoU with Savannah Energy (Accugas) on the Gas Sales and Purchase Agreement and other investments, like the 69km Gas Pipeline to the Gas Plant.
Going back to memory lane, MKO said with the supply of gas being projected as a potential major challenge to the operation of Ibom Power Company, the Akwa Ibom State in 2009 under the administration of former Gov Godswill Akpabio signed a $66m Gas Sales and Purchase Agreement (GSPA) with Seven Energy owners of Accugas, now known as Savannah Energy for Accugas to build and operate a gas infrastructure in the state that will supply gas to Ibom Power.
“The sum of $33m was paid upfront as a form of commitment with the balance structured for monthly deductions from the State Government account.
“Additionally, Akwa Ibom State Government built a 69km gas pipeline to assist the company in the establishment of their $350m gas processing plant in the State.
“But the 10-year agreement signed with the company saw the state paying $2 instead of 40 Cents as gas was selling for then. The price differentials later tilted in favour of the state, which meant revenue to the coffers of the government.”
He said such an agreement should be revisited to ascertain the position of the state government.
He expressed hope that with the decentralised national power policy, presence of Ibom Power plant, abundant gas and manpower in the state (experts), Akwa Ibom State would be a model in resolving the intractable power crisis in Nigeria.
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