The Managing Director of Ibom Power, the Akwa Ibom State-owned electricity company, Meyen Etukudo, confidently addressed the ongoing audit of the company, emphasizing the need for financial backing.
Following a directive from Governor Umo Eno in 2023 for a thorough audit to enhance the company’s performance, Etukudo expressed assurance during a press conference in Uyo that he remains unruffled by the audit process. He highlighted that the company’s operations have been transparent since he assumed office.
Etukudo firmly stated, “I harbor no apprehensions about the audit. I am calm because our records are comprehensive and transparent. I understand that my tenure as the MD of Ibom Power is not indefinite. I have fulfilled my responsibilities and upheld transparency, akin to Apostle Paul’s words in the Bible. I believe in upholding the right practices.”
Regarding speculations about borrowing during his seven-year tenure, Etukudo clarified that the company did not incur any new loans under his leadership. Instead, he inherited a debt of N10.48 billion along with various financial obligations and legal disputes, of which he has successfully managed to address some.
He revealed, “During my time, Ibom Power did not seek additional loans, except when we faced challenges paying staff salaries due to funding constraints. The existing debts and legal matters were incurred prior to my appointment and are well-documented.”
Etukudo underscored the importance of government funding for Ibom Power, drawing a comparison to the support extended to Ibom Air, another state-owned entity.
“We urge the government to allocate financial resources to Ibom Power similar to Ibom Air. Unlike Ibom Air, which received substantial backing, Ibom Power has not received adequate funding from the past administrations. By providing financial support, we can enhance our operations, restore equipment, and operate efficiently, ensuring regular repayment,” he emphasized.