- Commission chairs inaugural PDC’s meeting with Finance, Water Resources Ministries, NSIA, NNPC in attendance
BY COBHAM NSA – Acting on its mandate as chair of the Presidential Project Development Committee (PDC) for the Ikom Multipurpose Dam and Hydropower Project, the Infrastructure Concession Regulatory Commission (ICRC) says the project will enjoy a transparent, bankable and fiscally responsible Public-Private Partnership (PPP) structure.
This pledge was made by the Director-General and Chief Executive Officer of ICRC, Dr. Jobson Oseodion Ewalefoh at the PDC’s inaugural meeting convened to formally flag-off structured development of the project under a robust PPP framework.
Present at the meeting were Minister of Finance and Coordinating Minister of the Economy, representatives of Water Resources Ministry, Managing Director of Nigeria Sovereign Investment Authority (NSIA), representatives of Nigerian National Petroleum Company (NNPC) Limited, Cross River State Government and Ikom Power Limited.
Addressing members of the Committees, Dr Ewalefoh said the PDC is tasked with delivering a sustainable, and transparent venture designed for long-term viability with environmental, social, and economic value as well as minimized risk for investors.
He emphasized the importance of the assignment and expectations attached to the Committee’s work, saying, “The project have been designated as a strategic national asset, and not merely a hydropower initiative”.
According to him, “It is a multipurpose infrastructure intervention designed to control flood, provide renewable energy, optimize water resource availability and ensure regional economic development.”
He described the Committee’s responsibility as “technical, regulatory and strategic, with a clear obligation to guide the project from concept to bankability in a manner that protects public interest while attracting credible private sector participation.”
Further outlining the review and validation of existing feasibility and hydrological studies, clarification of project scope and optimisation considerations as part of the immediate next steps to be taken, Dr Ewalefoh said the PDC would also focus on determining the appropriate PPP structure and risk allocation framework; commencing the process for appointing a Transaction Adviser, and developing a clear project preparation roadmap.
In his remarks, the Minister of Finance, Mr Edun said the Ikom project must be structured as “a sustainable, viable, socially relevant and commercially significant transaction” that will attract credible private sector participation and operate efficiently over the long term.
He said Nigeria, under the able leadership of President Bola Ahmed Tinubu, has become not only a leading economy and example in Africa, but also a beacon of hope for others to follow.
Declaring that the major distortions that once threatened Nigeria’s financial stability have been removed, the Minister said, “We are building a society anchored on discipline, reform and long-term value creation.”
The PDC was established courtesy of resolutions reached during a high-level stakeholders meeting held at the Presidential Villa, where the Ikom Multipurpose Dam was designated as a strategic national intervention.
The meeting constituted both the Project Steering Committee (PSC) and Project Development Committee (PDC) with the ICRC receiving the presidential nod to chair the PDC
Meanwhile, a statement by Acting Head, Media and Publicity of ICRC, Ifeanyi Nwoko, said the PDC members are drawn from the Federal Ministries of Finance, Water Resources and Power, Cross River Government, ICRC, NNPC, NSIA, Ikom Power Limited
The statement explained that the Ikom Multipurpose Dam is designed as a strategic intervention on the River Benue Basin to address recurring flooding while delivering approximately 250MW of renewable baseload hydropower.
Additionally, it is expected to enhance flood resilience, strengthen energy security, optimise water resources and stimulate regional economic growth in Cross River State and adjoining regions.
As a Presidential initiative, the Federal Government has activated a structured governance framework to ensure the project is developed transparently, responsibly and in full compliance with national PPP standards.
