Presidency Assigns ICRC to Lead Ikom Multipurpose Dam Development Committee

The Federal Government has officially tasked the Infrastructure Concession Regulatory Commission (ICRC) to chair the newly inaugurated Project Development Committee (PDC) for the Ikom Multipurpose Dam and Hydropower Project, signalling a major push for structured development of the strategic infrastructure under a Public-Private Partnership (PPP) model.

The Committee was constituted following resolutions reached at a high-level stakeholder meeting at the Presidential Villa, where the Ikom Dam was designated a priority national project. At the meeting, a Project Steering Committee (PSC) and the Project Development Committee (PDC) were set up, with the ICRC directed to lead the development committee.

The inauguration, held in Abuja, was attended by the Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun, representatives of the Ministry of Water Resources, the Managing Director of the NSIA, officials from NNPC, the Cross River State Government, and Ikom Power Limited.

Speaking at the event, ICRC Director-General, Dr. Jobson Oseodion Ewalefoh, Ph.D., described the appointment as a “significant national responsibility,” stressing that the dam is more than a hydropower project.

“This is a multipurpose infrastructure project designed to manage flood risks, deliver renewable energy, optimise water resources, and drive regional economic development,” Ewalefoh said. He explained that the Committee’s role is technical, regulatory, and strategic, with a clear mandate to take the project from concept to bankability, ensuring public interest while attracting credible private sector partners.

The DG outlined immediate actions, including the review and validation of existing feasibility and hydrological studies, clarification of the project scope, determination of the optimal PPP structure, risk allocation framework, initiation of the Transaction Adviser appointment process, and development of a comprehensive project preparation roadmap.

Mr. Edun, on his part, noted that the Ikom project must be “sustainable, commercially viable, socially relevant, and capable of attracting credible private sector participation.” He lauded the Federal Government’s ongoing economic reforms, adding that Nigeria, under President Bola Tinubu, is emerging as a model economy in Africa, built on discipline, reform, and long-term value creation.

Members of the Project Development Committee include representatives from the Federal Ministries of Finance, Water Resources, and Power, the Cross River State Government, ICRC, NNPC, NSIA, and Ikom Power Limited.

The Ikom Multipurpose Dam, positioned within the River Benue Basin, is expected to deliver around 250MW of renewable baseload hydropower, improve flood resilience, strengthen energy security, optimise water resources, and stimulate economic growth in Cross River State and neighbouring regions.

The Federal Government has affirmed that, as a presidential initiative, the project will be developed transparently, responsibly, and in compliance with national PPP standards.