Akwa Ibom, Globeleg set to sign shareholders’ agreement

10 January, 2008 01:00:00 ANIEFIOK UDONQUAK

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At a meeting in Uyo, the attorney-general and commissioner for justice, Victor Iyanam said the details were being worked out following an earlier Joint Development Investment Agreement between the state government and the company.

The commissioner who assured the company of adequate security and a favourable operating environment said the state government had taken steps to ensure an investment friendly society.

Represented by the permanent secretary, Donatus Archibong, the commissioner said a steady power supply in the state would boost the growth of small scale entrepreneurs, adding that it would also reduce the cost of doing business in the state.

Speaking earlier, the vice president of Globeleg, David Grills said the company plans to expand the capacity of the plant from 190 to 500 MW during its second phase of production.

He said the test running of the machine would start April while first transmission from the plant was expected in May this year.

In his remarks, the director general of Akwa Ibom Investment Promotion Council (AKIPOC) Celestine Okponkpong said government was investing in power generating to stimulate investment in the state.

He said the IPP would generate more than 60 MW of power required by Akwa Ibom State adding that the excess would be fed into the nation grid.

Developed by the state government at a cost of over $200 million , a Power Purchase Agreement that would guarantee the supply of electricity to consumers had

earlier been signed with the defunct National Electric Power Authority in 2002.

The shareholders agreement is the last hurdle before

the plant is taken over by the new investors.

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