THE COMPANY
WHO WE ARE
Ibom Power Company Limited (IPC) is one of the premiere independent power plants in Nigeria licensed by the Nigerian Electricity Regulatory Commission (NERC) with the primary purpose to generate power only.
Commercial operations at Ibom Power commenced on December 14th 2009 with GT1 (Frame 6B), while GT3 (Frame 9E) went on line on 11th July 2010.
Ibom Power obtained license to generate electricity in May 2008 from the Nigerian Electricity Regulatory Commission (NERC), and was fully incorporated in 2001 as a private limited liability company by the investment arm of the Akwa Ibom State Government, Akwa Ibom Investment Corporation (AKICORP), formerly known as AKIIPOC, under the Companies and Allied Matters Act (CAMA).
Akwa Ibom Investment and Industrial Promotion Council (AKIIPOC) now Akwa Ibom Investment Corporation (AKICORP) incorporated Ibom Power Company Limited (IPC) as a special purpose company under the Corporate Affairs Commission (CAC) in January 2001. Although wholly owned by the Akwa Ibom State Government, Ibom power is a private sector driven organization, which runs with the highest level of professionalism consistent with good Corporate Governance.
Founding Philosophy
VISION
To provide steady and profitable power generation services in Akwa Ibom State and Nigeria through public private partnership.
POWER GENERATION LICENSE
The plant was given license to generate electricity in May 2008 by the Nigerian Electricity Regulatory Commission (NERC), and was fully incorporated in 2001 as a private limited liability company by the investment arm of the Akwa Ibom State Government, Akwa Ibom Investment Corporation (AKICORP), formerly known as AKIIPOC, under the Companies and Allied Matters Act (CAMA).
Akwa Ibom Investment and Industrial Promotion Council (AKIIPOC) now Akwa Ibom Investment Corporation (AKICORP) incorporated Ibom Power Company Limited (IPC) as a special purpose company under the Corporate Affairs Commission (CAC) in January 2001. Although wholly owned by the Akwa Ibom State Government, Ibom power is a private sector driven organization, which runs with the highest level of professionalism consistent with good Corporate Governance.
Gas Supply and Power Evacuation
Ibom power‘s gas turbines operate on only natural gas as driving fuel. In view of this, Akwa Ibom State Government and Seven Energy (now owned by Savannah Petroleum Company) collaborated to produce the first public private sector driven initiative aimed at utilizing the abundant natural gas reserves in Akwa Ibom State to generate power.
It was upon this premise that Ibom Power Company Limited executed a 10-year Gas Sales and Purchase Agreement (GSPA) with Accugas, a subsidiary of Seven Energy in May 2009.
The natural gas is transported to Ibom power plant via a 62km gas pipeline from the gas processing facility (GPF) at Uquo in Esit Eket local government area to a gas receiving facility (GRF) at Ibom power plant in Ikot Abasi.
The first commercial delivery of gas from the Uquo Field to the Ibom power plant commenced in January 2014. This represented a major milestone for Seven Energy (now Savannah Petroleum) and for Nigeria’s power sector as a whole.
The natural gas is transported to Ibom power plant via a 62km gas pipeline from the gas processing facility (GPF) at Uquo in Esit Eket local government area to a gas receiving facility (GRF) at Ibom power plant in Ikot Abasi. The Uquo Gas Processing Facility is the sole source of gas supply to Ibom power plant.
Need more information about Ibom Power Company?
To become and remain the best growth and innovative power generating company in Nigeria with steady dividends payment driven by excellent employee incentives customer satisfaction and corporate governance.