Ibom Gas Company: Investors Decry Non Take-Off, Seek Govt Intervention

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The long delay in the take-off of the Ibom Gas Company in Esit Eket, Akwa Ibom State, has become a source of great worry to advocates and initiators for the establishment of the company, and has become questionable for the State Government to proffer answers.
In a chat with our reporter, a concerned citizen and a stakeholder S. G. Akpan Udo, Esq disclosed that since the official commissioning of the company in August 2014, nothing had happened there due to the high level of corruption by the government officials responsible for the take-off of the company.
He equally disclosed that prior to the commissioning of the company, the foreign investors had embarked operational funds amounting to N50b, which has not been accounted for by the managers of the fund in the State, who he described as looters of the fund.
The concerned citizen regretted that due to the looting of the operational funds, the state government up till now could not set up the Board of Directors for the company to take-off, adding that this was a calculated effort to frustrate the company so that they will not be called upon to account for the loot.
According to our source, the Ibom Gas Company Limited is a public-private company in the State, and has a 20 year memorandum of understanding to supply gas for the operation of National Integrated Power Project (NIPP) in Calabar, Cross River State, but that the (NIPP) was yet to take off because the non-supply of gas expected from Ibom Gas Company Ltd.
Therefore, sabotaging the government efforts in power supply improvement, and the current industrialization programme of Akwa Ibom State present administration.
Our correspondent gathered that the company is a joint venture with foreign investors owning 70% equity, the State government 20% while the federal government owns 10%.
“Now that the federal government has signed agreement with UC Rusal for the commencement of operations at ALSCON at Ikot Abasi, the supply of gas to the industry is of utmost concern to prevent another shut down. will Akwa Ibom State Government enlighten its citizens on the state of affairs in Ibom Gas Company for the benefit of the people, the investors and the Federal Government,” our source added.
According to our source, an official of Government House, who pleaded anonymity, had told him that the entire resources remitted for the take-off of the company was diverted by senior government officials by the directive of the past administration.
Attempts by foreign investors to press for the company to come on stream as a going concern suffered setbacks as government officials rebuffed every move to allow the company function. He stated that over N50 billion earmarked for the project was not accounted for by the past administration. Under the uncommon transformation agenda, the money was uncommonly squashed, while the remainder, if any, was suspected to have been misdirected by the present administration, our source S. G. Akpan Udo, Esq. lamented.
Our source called on the State Government to rise up to salvage the company from extinction, knowing very well the economic benefits the has company will bring to the State and the Nation at large.
“The interest of the foreign partners in the project, and the huge amount already sunk into it by them, should equally be considered by the present government that is very much out to industrialize the State and create jobs for the teaming unemployed youths” he pleaded.
Our source handed down a copy of the letter sent to Governor Udom Emmanuel on the issue by his legal firm in the State, and dated 20th October 2015, regretting that no response has been received from the Governor despite the importance of the issue towards his efforts to industrialize the State.
He finally suggested to the State Government to pull out of the project to allow it run completely private as looting by government officials attached to the project will never stop regretting that even ALSCON now to be reactivated will miss the supply of gas from the company, as well as our own Ibom Power Company among other potential beneficiaries from the gas project. 

Source: The Sensor Newspaper 
 

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