Intrigues, Infighting ruin Ibom Power Company
…As Engr. Meyen Etokudo and Pastor Imoabasi Jacob engrossed in corruption scandal
By Moses Tom
One of few viable state-owned companies in Akwa Ibom, Ibom Power Company, IPC, is on brim of collapse unless the teething problems rocking the Company are nipped at the bud by Governor Umo Eno-led administration.
IPC is currently bedeviled by issues bothering on corruption, financial irregularities, malpractice, lack of accountability, claims and counter-claims. unearthed by the controversial Technical Evaluation Audits of the company.
At centre of the controversy are key actors in the management and running of Ibom Power Company among whom are the Managing Director, MD, IPC, Engr. Meyen Etokudo; Managing Director/Chief Executive Officer of Akwa Ibom Investment Corporation (AKIICORP) Pastor Imoabasi Jacob; immediate past MD of Ibom Power, Dr. Victor Udoh; Savannah Energy, the General Electric (Producers of IPC Turbines) and Emerson Automation Solution company.
The bone of contention is the financial status and discrepancies in the audit processes of IPC.
Worried by the financial status of Ibom Power Company, Governor Umo Eno-led administration had ordered immediately Technical Evaluation Audits of the company.
On 3rd April, 2024, the MD Savannah Energy presented an Interim Audit Report to Akwa Ibom State Executive Council, claiming that it acquired the services of Emerson Automation Solution company in conducting the Audit.
On 10th April, 2024, the Savannah Energy presented Technical Evaluation Audits of IPC to EXCO indicting management and Board of Ibom Power Company of financial irregularities including obtaining unauthorized loans from various institutions.
But in a swift reaction, the management of Ibom Power Company claimed the report is from the pigment of imagination of Savannah Energy as no Technical Evaluation Audits was ever conducted.
Information at our disposal has both the management and Board of Ibom Power Company have continued to insist that neither Savannah Energy nor Emerson Automation Solution company ever engaged them or General Electric (Producers of IPC Turbines) in any technical audits.
Media reports have it that the present IPC Board/management has not obtained any loan facility but rather inherited a loan backlog amounting to N10.4 8billion which Pastor Imoabasi Jacob and the immediate past MD of Ibom Power, Dr. Victor Udoh accessed from AFREXIM Bank through CAIRO.
As the issue continues to generate tension observers are calling on the state governor, Pastor Umo Eno to probe both current and immediate past managements/Boards of IPC as well as investigate the controversial Technical Evaluation Audits.
The current crisis rocking IPC is a fallout of Governor Umo Eno’s fact finding visit to the Company at Ikot Abasi in July 2023.
Pastor Umo Eno had described the familiarisation tour as revealing, adding that a lot had been unravelled on the operations of the power plant and called for a comprehensive audit report to enable him ascertain his take off point in tackling the challenges enumerated by the Chairman of IPC, Engr. Etido Inyang.
It was during the visit that Savannah Energy offered to proffer solution to issues affecting Ibom Power Company.
“My visit here is quite informative. I have uncovered a few things and I am sure we are going to correct all of them because everyone has agreed to work together; the Ministry of Power, Board and Management of the Ibom power.
“Then we also have the Savannah Energy that supplies gas, they are willing to assist by coming up with solutions.
“Let’s have an audit report of what the issues are so that we can tackle, solve them and get the place running.
“When there is progress in the management of the company electricity will be more stable, then we have the grasp of what is happening in the company.
“So when you visit a place, you want to get first hand information of what is happening. By my small training and experience, I don’t like siting in the office and receiving reports. That is why we visit today.
“I want to go out there and see things for myself. That is what we have done today, visiting with almost all the apparatus of Government.
“The Deputy Governor is here, the Secretary to the state Government is here, members of the State House of Assembly are here just to see things for ourselves, and of course we have seen the situation,”; Pastor Umo Eno had noted.
