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Open Forum raises alarm over $80M unaccounted funds for Ibom Power

By Ogenyi Ogenyi, Uyo

Open Forum, a prominent advocacy group in Akwa Ibom has drawn the attention of the state government to unaccounted funds in key sectors, including the $80M allocated by the Federal Government to Ibom Power Company.

It also listed a N40 billion debt to Accugas and unresolved international legal battles over power sector liabilities, which it said underscored the pressing need for a comprehensive audit.

Founder/President, Mr Matthew Koffi Okono told a press conference yesterday in Uyo that there has been lapses in governance, and emphasized the need for urgent reforms to address systemic inefficiencies and strengthen public trust.

It called on the state government to increase their commitment to transparency, accountability, and sustainable development.

“These lapses point to a lack of accountability and undermine the public’s trust in the government’s financial management,” the group stated.

The Forum expressed disappointment on past investments in industrial projects such as Peacock Paint, which received N526 million in 2015 but failed to deliver tangible results.

Advocating for a forensic audit of past industrial ventures, it called for mechanisms to ensure proper utilization of resources in the administration’s ARISE Agenda, which prioritizes industrialization and economic growth.

Okono clarified that while the Eno administration may not focus on establishing new industries, revitalizing existing ones and leveraging local raw materials, such as solid minerals, remained critical to achieving the industrialization goals outlined in the ARISE Agenda.

He proposed rebranding the Ibom Christmas Village into the Ibom Festival of Arts and Culture (Ibom FESTAC) as a global tourism attraction, while preserving the Ibom Christmas Carol as a religious event in line with the state’s Christian identity.

“Akwa Ibom State needs a strategic framework that goes beyond yearly budgets and aligns with a 30–50-year development master plan,” he said, arguing that sustainable growth would depend on expert-driven, long-term planning rather than ad hoc measures.

To enhance governance, the group called for the establishment of the Akwa Ibom State Complaint and Anti-Corruption Commission (AKIPCACC) to act as a financial watchdog and ensure accountability across ministries and agencies.

He stressed the importance of empowering the legislature to conduct more inclusive and impactful public hearings, with published reports that provide actionable insights. It also advocated for targeted training for ministry officials to align their policies with the ARISE Agenda and eliminate bureaucratic inefficiencies.

The forum however applauded the recent government initiatives such as plans to host town hall meetings across the state’s ten federal constituencies, describing them as vital platforms for citizens to voice their concerns and advised the state government to prioritize people-centric capital projects.

He reaffirmed its commitment to advancing good governance and development in Akwa Ibom State., the forum also encourage commissioners to seize this opportunity and develop innovative ideas that align with the state’s vision for self-reliance and prosperity,”

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