A’ Ibom State Seeks Marginal Fields For Oil&Gas Business, Revamps Peacock Paint

The Akwa Ibom State Government has announced its entry into the oil and gas sector with the establishment of the Ibom Oil Mineral Exploration Company.

Governor Umo Eno, while making this declaration, emphasized the state’s resolve to harness opportunities in the sector and position itself as a key player in Nigeria’s energy landscape.

Governor 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.

In a related development, the Governor has directed the Akwa Ibom Investment Corporation (AKICORP) to ensure the revival of Peacock Paint by the first quarter of 2025. He also mandated that products from the revived company be prioritized for state government projects as part of efforts to boost local production and industrial growth.

Speaking during Day 3 of the Akwa Ibom State Executive Council Ministerial Briefing and End-of-Year meeting in Uyo, the Managing Director and CEO of AKICORP, Pastor Imo-Abasi Jacob, reaffirmed the government’s directive that all state-owned investment companies must begin returning dividends to the state coffers starting from 2025.

Pastor Jacob revealed that AKICORP, now responsible for managing all state government 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 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 the government.

Pastor Jacob described AKICORP as the government’s dedicated investment arm, tasked with promoting entrepreneurship, industrialization, and sustainable economic development in Akwa Ibom State. He stated that AKICORP plays a pivotal role in coordinating investment activities, advising on policies to drive industrial growth, and providing the necessary data and support to attract capital to the state.

In addition to managing state-owned assets, AKICORP is also charged with reviving dormant industries where the government has significant interests. Pastor Jacob noted that the organization actively collaborates with national and international agencies, including the Nigerian Investment Promotion Commission (NIPC), the Bank of Industry, and the United Nations Industrial Development Organization (UNIDO), to foster economic growth and development.

He added that AKICORP is also preparing state-owned enterprises for market investments through public offers or private placements as part of the government’s exit strategy. This, he said, will ensure a sustainable economic framework for the state while positioning Akwa Ibom as a hub for industrial and investment opportunities.

The Governor’s recent directives and AKICORP’s outlined goals underline the state government’s ambition to achieve economic self-sufficiency through strategic investment and industrial transformation.

( Daniel Etokidem, Charles Akpan & AmanamHillary Umo-Udofia)