Akwa Ibom Floats Oil Firm For Marginal Fields Exploration, Revives Ailing Industries

Akwa Ibom State has concluded plans to invest massively to become a major player in the state’s oil, gas, and solid mineral sectors.

To this end, the state government has announced its entry into the oil and gas sector with the establishment of the Ibom Oil Mineral Exploration Company (IOMEC).

Governor Umo Eno, who disclosed this during a year end review of government performance in Uyo, the state capital, explained that the state has resolved to harness opportunities in the sector and position itself as a key player in Nigeria’s energy landscape in the face of the prevailing socio-economic challenges in the country.

Eno, also pointed out the state’s comparative advantage in solid minerals, calling for active participation in that sector to further diversify Akwa Ibom’s economy.

To bolster the state’s local economies, the governor has directed the Akwa Ibom Investment Corporation (AKICORP) to ensure the revival of Peacock Paint by the first quarter of 2025.

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He also mandated that products from the revived company be prioritised for state government projects as part of efforts to boost local production and industrial growth.

He, therefore, directed the  managing director (MD)and CEO of AKICORP, Pastor Imo-Abasi Jacob, to ensure the viability of all state-owned investment companies, and to begin returning dividends to the state coffers starting from 2025.

Responding, Pastor Jacob explained that AKICORP, now responsible for managing all state government’s investments, has a clear mandate to ensure these investments yield significant revenues.

“This is part of a broader strategy to reduce Akwa Ibom’s dependence on federal allocations and strengthen Internally Generated Revenue (IGR), thus protecting the state’s economy from the uncertainties of oil price fluctuations,” he stressed.

He further disclosed that “AKICORP is working to ensure that state-owned enterprises such as Ibom Air, Anchor Insurance, Champion Breweries, Akwa Savings and Loans Limited, and Ibom Power generate substantial returns to  government.”