Akwa Ibom's wholly-owned Ibom Power Plant is seeking between N10 billion to N12 billion bailout fund from the state government to avert a total collapse, as gas supply constraints and unpaid salaries push the 191 megawatt electricity generation asset to the brink.
Company sources not authorised to speak told THISDAY exclusively on condition of anonymity that the plant, which has operated for only about 34 days in the past one year, needs immediate intervention to cover gas securitisation, staff emoluments and turbine maintenance.
The company's monthly gas invoice for about 20 days of operation stands at N1.5 billion. But with payments made 45 to 60 days after supply and only 40 per cent of invoices settled, the gas supplier, Acugas, is demanding an escrow covering at least six months.
With gas accounting for about 70 per cent of total cost, gas security alone would be about N9 billion, findings show.
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The human cost is already severe as the plant employs about 140 workers, mostly Akwa Ibom indigenes, and now owes more than seven months' salaries. At a monthly wage bill of N120 million, the backlog is N840 million, the sources said. With outstanding allowances and cost-of-living additions, the liability rises above N1 billion.
THISDAY gathered that the company's Health Maintenance Organisation (HMO) was also discontinued as a result of the liquidity crisis facing the company
"When production briefly resumed, we paid in fragments. June was our best month with 14 days, but it still wasn't enough," the source said. "Honestly, with N10 billion - N12 billion, the company should be on its feet and even able to pay some dividends to the state government."
The crisis traces back to the expiration of a 10-year take-or-pay Gas Sales and Purchase Agreement with Accugas in December 2023. A new 24-month interruptible supply deal signed in July 2024 removed guaranteed volumes.
The result has been persistent shut-downs. Grid data reviewed by THISDAY showed Ibom Power ran for only about 38 days between August 2025 and August 2026. Salary payments followed the same stop-start pattern. October 2025 pay was split into three in November, December and January. February and May 2026 runs covered November and part of January.
But power expert and Chief Executive Officer of Excredite Consulting, Mr. Eyo Ekpo, told THISDAY the issue requires restructuring, not just cash.
"Ibom Power did not stop because Akwa Ibom refused to fund it. It stopped because it sold electricity into a market that did not pay for it, and its gas supplier eventually did the only rational thing left, which was to stop supplying gas that both it and IPC knew would not be paid for", he said.
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