ICRC Pledges Transparency, Fiscal Discipline In Ikom Dam Development

The Infrastructure Concession Regulatory Commission (ICRC) has convened the inaugural meeting of the Presidential Project Development Committee (PDC) for the Ikom Multipurpose Dam and Hydropower Project, formally launching structured development of the project under a Public-Private Partnership (PPP) framework.

The committee was established pursuant to resolutions reached at stakeholder meeting held at the Presidential Villa, where the Ikom Multipurpose Dam was designated as a strategic national intervention. A project steering committee and the PDC were both established at the meeting, with the ICRC directed to chair the project development committee.

The inaugural meeting brought together the Minister of Finance and Coordinating Minister of the Economy, representatives from the ministry of water resources, managing director of the Nigeria Sovereign Investment Authority (NSIA), representatives of NNPCL, the Cross River State Government, and Ikom Power.

Speaking at the meeting, ICRC director-general and CEO, Dr. Jobson Oseodion Ewalefoh, underscored the national significance of the project, stressing that the Ikom Dam is not merely a hydropower initiative but a multipurpose infrastructure intervention designed to control flooding, deliver renewable energy, optimise water resource availability, and stimulate regional economic development.

Dr. Ewalefoh described the committee’s mandate as technical, regulatory, and strategic, with a clear obligation to guide the project from concept to bankability in a manner that protects public interest while attracting credible private sector participation.

The DG outlined immediate next steps, including review and validation of existing feasibility and hydrological studies, clarification of project scope and optimisation considerations, determination of the appropriate PPP structure and risk allocation framework, commencement of the process for appointing a Transaction Adviser, and development of a clear project preparation roadmap.

The minister of finance called for the Ikom project to be structured as a sustainable, commercially viable, and socially relevant transaction that will attract credible private investors and operate efficiently over the long term.

He added that Nigeria, under President Bola Ahmed Tinubu, has become a leading economy on the African continent, with major financial distortions removed and a path anchored on reform, discipline, and long-term value creation.

The Ikom Multipurpose Dam is designed as a strategic intervention on the River Benue Basin to address recurring flooding while delivering approximately 250 megawatts of renewable baseload hydropower. The project is expected to enhance flood resilience, strengthen energy security, optimise water resources, and stimulate regional economic growth in Cross River State and adjoining areas.

As a presidential initiative, the federal government has activated a structured governance framework to ensure the project is developed transparently, responsibly, and in full compliance with national PPP standards.

Members of the project development committee are drawn from the Federal Ministries of Finance, Water Resources and Power, Cross River State Government, ICRC, NNPC, NSIA, and Ikom Power Limited.