A billionaire businessman and Pro-Chancellor of Adeleke University, Dr. Deji Adeleke, has announced the completion of a 1,250-megawatt power plant in Ajebamidele, Ondo State. The $2 billion project, poised to be one of Nigeria’s largest thermal power plants, is now ready for commissioning, pending connection to the national gas grid. Once operational, the plant is expected to create over 2,000 jobs and significantly boost the country’s electricity supply.
Dr. Adeleke made the announcement during the 11th undergraduate and 7th postgraduate convocation ceremonies at Adeleke University in Ede, Osun State, where his younger brother, Governor Ademola Adeleke, was awarded an honorary Doctorate Degree. The businessman highlighted the transformative potential of the project, which is designed to address Nigeria’s chronic power shortages. “The power plant is ready; I am only waiting to be connected to the gas grid to start generating power,” Adeleke stated, emphasizing the plant’s capacity to employ engineers and other professionals.
The Ajebamidele power plant, developed under Pacific Energy, a subsidiary of Adeleke’s Pacific Holdings Limited, represents a major step toward energy independence for Nigeria. With an installed capacity of 1,250 MW, the plant is expected to significantly augment the country’s current electricity generation, which struggles to dispatch more than 5,000 MW despite a potential capacity of over 12,000 MW. This shortfall has left millions of Nigerians grappling with frequent blackouts and unreliable power supply.
The journey to completion has not been without challenges. Adeleke previously recounted facing bureaucratic hurdles, including difficulties securing environmental permits, with one government official declaring the project would “never see the light of day.” Additionally, in 2023, looters stole turbine components worth $5 million, causing a year-long delay. Despite these setbacks, Adeleke’s perseverance, supported by partnerships with companies like General Electric (GE) for turbine supply and Chinese engineering firms, has brought the project to fruition.
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The power plant is expected to create significant economic benefits, including over 2,000 jobs for engineers and associated workers, stimulating local economies in Ondo State and beyond. Adeleke emphasized the importance of such investments in attracting foreign direct investment and fostering job creation, lamenting that Nigeria’s electoral malpractices and lack of credible governance deter investors. “Nobody wants to come to a society where votes do not count,” he remarked, linking the country’s economic challenges to its democratic processes.
Pacific Energy already operates two gas-fired power plants, Omotosho and Olorunsogo, with a combined installed capacity of 640.8 MW, contributing significantly to Nigeria’s electricity needs. Earlier claims by Adeleke that his company generates 15% of Nigeria’s electricity have been labeled misleading by Dubawa, as the actual output of these plants is lower than their installed capacity. Nonetheless, the addition of the Ajebamidele plant could elevate Pacific Energy to the forefront of Nigeria’s independent power producers, potentially surpassing competitors like Transcorp Power and Geregu Power.
As Nigeria grapples with persistent power challenges, including frequent national grid collapses, Adeleke’s project offers hope for a more stable energy future. The commissioning of the Ajebamidele power plant, expected to commence once gas grid connections are finalized, underscores the critical role of private investment in addressing the nation’s infrastructure deficits.