Mkpoikana Udoma
Port Harcourt — The Akwa Ibom State Government has announced the establishment of the Ibom Oil Mineral Exploration Company, signaling its entry into the oil and gas sector with a focus on acquiring marginal fields to boost the state’s revenue and reduce dependence on federal allocations.
Governor Umo Eno, speaking at the Akwa Ibom State Executive Council Ministerial Briefing in Uyo, described the initiative as a bold step toward transforming the state into a major player in Nigeria’s energy industry.
The Governor also highlighted plans to diversify the economy through investments in solid minerals.
“We are strategically positioning Akwa Ibom to harness opportunities in the oil and gas sector. With the establishment of Ibom Oil Mineral Exploration Company, we will pursue marginal field licenses and other opportunities to create wealth and jobs for our people.
“Our state has untapped resources, and we must take advantage of them to ensure sustainable development and economic resilience,” Governor Eno said.
In addition to the oil exploration initiative, the Governor directed the Akwa Ibom Investment Corporation, AKICORP, to revive the moribund Peacock Paint company by the first quarter of 2025. He mandated that products from the revived company be prioritized for government projects to promote local production and industrialization.
Pastor Imo-Abasi Jacob, Managing Director of AKICORP, outlined the corporation’s mandate to ensure all state-owned enterprises return dividends to the government starting in 2025.
“AKICORP is committed to ensuring that investments such as Ibom Air, Anchor Insurance, Champion Breweries, Akwa Savings and Loans, and Ibom Power generate substantial revenues to strengthen the state’s economy,” he said.
Jacob also revealed that AKICORP is collaborating with national and international partners, including the Bank of Industry and UNIDO, to revive dormant industries and attract investments in the state.
