Akwa Ibom's wholly-owned Ibom Power Plant is seeking between N10 billion to N12 billion bailout fund from the state government to avert a total collapse. The 191 megawatt electricity generation asset has been crippled by gas supply constraints and unpaid salaries, operating for only about 34 days in the past one year. Company sources said the plant needs immediate intervention to cover gas securitisation, staff emoluments and turbine maintenance. The company's monthly gas invoice for about 20 days of operation stands at N1.5 billion, but with payments made 45 to 60 days after supply and only 40 per cent of invoices settled, the gas supplier, Acugas, is demanding an escrow covering at least six months.
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