The Managing Director and Chief Executive Officer of Ibom Power Company, Engr. Meyen Etukudo said Akwa Ibom State Government needed to inject funds into the power company as it did to its Airline, Ibom Air, to enable it function optimally.
He added that Ibom Power would have gone farther if it had received the same support and backup from the state government as was given to its counterpart(Ibom Air).
Etukudo who made the assertion in his office on Tuesday in reaction to questions from Newsmen on how the company would be repositioned said government should fund the company to be able to do all its maintenance and bring back its GT band.
He said the company never received any funds from the two successive administrations.
Hia words, “way forward is for state government to put money in Ibom Power as they put in Ibom Air. Ibom Air can increase the price of air ticket from N80, 000 to N180,000 and anyone who does not want it can go without making noise over it.
“You can’t do such in Ibom Power, you can’t increase tariff from N1000 to N2000. To the last two administrations, even One Naira has not gone to Ibom Power. The state government took 20 billion Eurobond for Ibom Air. We are saying, take us a Eurobond of 20billion even 10 billion, let us do all our maintenance, bring back our GT bands and run as we should, we will stand better and will be paying back every month.”
Speaking on the ongoing audit of the company as ordered by governor Umo Eno, the MD explained that he has no reservations as all the records are available and his activities were never shrouded in secrecy.
He explained that over seven years as Ibom power MD he has never borrowed any loan as erroneously speculated rather he inherited 10.48bn debt, other debts and 33 financially related court cases.
He further explained that the only time Ibom Power Company would have obtained loan should have been when the company owe three months staff salary due to “waterfall policy” by NEC which did not give the company money to pay salaries.
His words, “We met 10.48 billion Naira loan debt on ground, or should I put it as it is, 11.6m USD collected from Afrexim Bank. Ibom Power Company was owing Accugas 2.62 billion Naira as at then. Diamond Bank was 2.34 billion Naira, Access Bank debt was 202 million Naira, Agrekko was 23 Million Naira, Zenith Law Firm was 24 million Naira, in addition to the 33 Court cases, all financially related. All these happened before I assumed office, the records are there.”
He also disclosed that he was able to generate money and paid the sum of 5.4 million Dollars out of 11.6 million dollars owed to Afrexim Bank and also removed the court case from London Arbitration Court to Cairo which is the headquarters of Afrexim, and paid 62,000 Pounds to the two lawyers; paid 95 per cent of 2.34 billion Naira owed to Diamond Bank, (remaining just 420 million Naira to clear); paid off the 202 million Naira owed to Access Bank; and every other debts he inherited.
He also hinted that 27 of the 33 Court cases have been successfully resolved expressing hope that the remaining six cases will be resolved accordingly even as he noted that the morale of staff have been boosted.
“I have no iota of fear,, what for? all the records are there. I can’t expect the MD of Ibom power for life. I’ve paid my dues, I’ve fought a good fight as Apostle Paul said in the Bible. I expect that the right thing should be done.” Engr Etukudoh added
