250MW IKOM DAM: FG TAKES STEPS TO FINALIZE PUBLIC-PRIVATE PARTNERSHIP
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By: Balogun Ibrahim
The Infrastructure Concession Regulatory Commission (ICRC) has held the inaugural meeting of the Presidential Project Development Committee for the Ikom Multipurpose Dam and Hydropower Project, officially kickstarting the project’s development under a Public-Private Partnership (PPP) framework.
The committee was formed following decisions at a high-level stakeholder meeting at the Aso Rock Presidential Villa, where the Ikom Dam project was designated a strategic national intervention.
In a statement on Thursday, Ifeanyi Nwoko, Acting Head of Media and Publicity at the commission, said both a Project Steering Committee and a Project Development Committee were established, with the ICRC tasked to chair the latter.
The inaugural meeting brought together the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, representatives from the Federal Ministries of Water Resources and Power, the Nigeria Sovereign Investment Authority, the Nigerian National Petroleum Company Limited, the Cross River State Government, and Ikom Power Limited.
Speaking at the meeting, ICRC Director-General Jobson Oseodion Ewalefoh described the Ikom Dam project as a strategic infrastructure initiative targeting multiple national priorities.
He said, “This is a multipurpose infrastructure intervention designed to control flooding, generate renewable energy, optimise water resource management, and promote regional economic development.”
Ewalefoh added that the committee would supervise the technical, regulatory, and strategic processes necessary to advance the project from the conceptual stage to bankability, while safeguarding public interest and ensuring credible private sector participation.
Ewalefoh outlined the next steps for the project, including reviewing and validating existing feasibility and hydrological studies, clarifying the project scope, determining the appropriate PPP structure and risk allocation framework, and appointing a transaction adviser.
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Speaking at the meeting, Minister of Finance Wale Edun emphasised that the project must be structured as a sustainable and commercially viable transaction capable of attracting long-term private sector investment.
He added that the project aligns with the Federal Government’s broader infrastructure development agenda under the administration of President Bola Ahmed Tinubu.
The Project Development Committee comprises representatives from the Federal Ministries of Finance, Water Resources, and Power, the Cross River State Government, the ICRC, the Nigerian National Petroleum Company Limited, the Nigeria Sovereign Investment Authority, and Ikom Power Limited.
The Ikom Multipurpose Dam is expected to deliver about 250 megawatts of renewable baseload hydropower while addressing recurring flooding in parts of the Benue River Basin.
The project is also set to strengthen energy security, improve water resource management, and stimulate economic growth in Cross River State and neighbouring regions.
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