Billionaire businessman Deji Adeleke, Chairman and CEO of Pacific Holdings Limited, has announced the completion of his ambitious 1,250 megawatts power plant in Ajebamidele, Ondo State a major boost for Nigeria’s struggling power sector.
Speaking on Sunday at the 11th undergraduate and 7th postgraduate convocation ceremonies of Adeleke University in Ede, Osun State, Adeleke revealed that the power plant is fully ready but awaiting connection to the gas grid before commencing power generation.
9am News report gathered that the $2 billion facility is projected to employ over 2,000 engineers and other skilled workers once it begins operations.
“The power plant is ready. I am only waiting to be connected to the gas grid to start generating power. That plant will employ over 2,000 engineers and other associated workers,” Adeleke said.
Highlighting the challenges of executing such a massive infrastructure project, Adeleke emphasised the importance of strategic partnerships, especially with GE for the supply of turbines.
“Imagine if not because of my relationship, we were not able to get GE to supply the turbine to us. That means the power plant will not be built. That means the jobs will not be there. Nobody wants to come to a society where votes do not count, where the electorate do not have a say,” he said.
Nigeria’s power generation capacity remains severely underutilised, with only about 4,000–5,000MW dispatched daily despite an installed capacity of over 12,000MW. The persistent shortfall leaves more than 200 million Nigerians battling with frequent blackouts and unreliable electricity supply.
Back in July 2023, at the university’s 9th graduation ceremony, Adeleke had hinted at the transformational impact of the project, which he said would drive local economies, create thousands of jobs, and stimulate broader industrial development in the region.
However, he also recounted setbacks, including theft and vandalism at the project site.
“Looters invaded the power plant site to steal components of the turbine machines worth $5 million, which delayed the project by one year,” Adeleke explained.
The billionaire philanthropist and father of Osun State Governor Ademola Adeleke used the occasion to stress the importance of credible elections for attracting foreign investment to Nigeria.
“If we all insist on a free, fair and credible election, other countries will respect us. Then we have an environment that can attract direct foreign investment that will create the jobs that we badly need. Some who graduated four years ago are still on the streets looking for jobs because nobody is investing,” he said.
With the completion of the plant, stakeholders are hopeful that once connected to the gas grid, the project will help address Nigeria’s power deficit and inspire more private-sector investments in the energy sector.
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