Deji Adeleke, renowned billionaire entrepreneur and Chief Executive Officer of Pacific Holdings Limited, officially declared on Sunday that his 1,250-megawatt power plant has been fully completed.
The project, a significant milestone in Nigeria’s energy sector, is now in its final preparatory phase, pending connection to the national gas grid before it can commence electricity generation.
Speaking during the 11th undergraduate and 7th postgraduate convocation ceremonies of Adeleke University in Ede, Osun State, Adeleke shared key details about the project’s current status and its anticipated impact.
The state-of-the-art power plant, situated in Ajebamidele, Ondo State, is expected to create substantial employment opportunities, with over 2,000 skilled engineers and support staff set to be recruited once operations begin.
Adeleke stressed that the plant’s completion marks a critical step forward in addressing Nigeria’s persistent electricity challenges, while also stimulating economic growth through job creation and improved power supply.
He said: “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”.
He noted that it would have been impossible to build it without necessary partnerships, including with GE for turbine supply.
“Imagine if not because of my relationship, we are not able to get GE to supply the turbine to us, that means that the powerplant 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, with a potential electricity generation capacity of over 12,000MW, struggles to dispatch less than 5,000MW, leaving over 200 million people grappling with inadequate power supply.
The situation prompted Mr Adeleke to take action and contribute to the existing power generation by constructing the power plant which cost $2 billion.
In July 2023, at Adeleke University’s 9th graduation ceremony, Mr Adeleke emphasised the plant’s potential to improve local economies and drive development.
At the time, he said looters invaded the power plant site to steal components of the turbine machines which cost $5 million and contributed to the delay in delivering the project for one year.
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Mr Adeleke also spoke about the importance of credible elections in attracting foreign investment.
“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 do badly need.
“Some of them who graduated four years ago, some of them are still on the street looking for jobs because nobody is investing. We do not understand that the way we conduct ourselves during our elections affects the ability of this country to attract foreign investors,” he added.
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