The Infrastructure Concession Regulatory Commission (ICRC) has been nominated by the Presidency to chair the Project Development Committee (PDC) for the Ikom Multipurpose Dam and Hydropower Project, under a Public-Private Partnership (PPP) framework.
The Committee was established pursuant to resolutions reached at a high-level stakeholder meeting held at the Presidential Villa, where the Ikom Multipurpose Dam was designated as a strategic national intervention.
Speaking at the inaugural meeting, the Director-General/CEO of the ICRC, Dr. Jobson Ewalefoh, underscored the significance of the assignment and the expectations attached to the Committee’s work.
He reemphasized that the projects have been designated as a strategic national asset, and not merely a hydropower initiative. It is a multipurpose infrastructure intervention designed to control flood, provide renewable energy, optimize water resource availability and ensure regional economic development.”
Dr. Ewalefoh, in a statement by the Acting Head of Media and Publicity of the Commission, Ifeanyi Nwoko, emphasized that the Committee’s responsibility is 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.
The DG outlined immediate next steps, including review and validation of existing feasibility and hydrological studies, clarification of project scope and Optimisation considerations, determination of the appropriate PPP structure and risk allocation framework, commencement of the process for appointing a Transaction Adviser, and development of a clear project preparation roadmap.
The Honourable Minister of Finance stated that 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 added that Nigeria, under the able leadership of His Excellency, President Bola Ahmed Tinubu, GCFR has become a leading economy and example in Africa, as a beacon for others to follow, stated that the major distortions that once threatened our financial stability have been removed, and we are building a society anchored on discipline, reform and long-term value creation.”
Members of the Project Development Committee are drawn from the Federal Ministries of Finance, Water Resources and Power, Cross River Government, ICRC, NNPC, NSIA, Ikom Power Limited.
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. The project 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.
The inaugural meeting was attended by the Minister of Finance and Coordinating Minister of the Economy, representatives from the Ministry Water Resources, Managing Director of the NSIA, representatives of the NNPC, Cross River State Government and Ikom Power.
