Edo State Governor, Senator Monday Okpebholo, has secured a 10 per cent equity stake for the state in a proposed 100-megawatt power plant, describing the development as a landmark investment that will generate revenue, create employment opportunities and guarantee a more reliable electricity supply for residents.
Governor Okpebholo disclosed this in Benin City on Wednesday while receiving the Managing Director and Chief Executive Officer of First Bank of Nigeria Limited, Mr. Olusegun Alebiosu, the Managing Director and Chief Executive Officer of CCETC, Mr. Di Xiaohui, and their respective delegations at the Government House in Benin City.
Speaking during the meeting, the Governor said the agreement marked a departure from previous arrangements by ensuring that Edo State would not merely have the authority to provide land for the project, which will be located at Ologbo, but would become an equity partner with long-term economic benefits.
According to him, although the state is not investing financial resources directly in the project, it negotiated a 10 per cent equity stake in exchange for providing land and creating an enabling environment for the investment.
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The Governor said, “Edo State does not have the money to invest in this power plant. But we have land, and we will provide security to ensure that your business thrives.
“I also told them that we can not just give them our land; we have to be part owners too. They agreed to consider 10 percent equity. That is the agreement we are going to sign today.”
Governor Okpebholo said the arrangement would deliver multiple benefits to the state beyond improved electricity supply.
“I am happy with this development. One, we will now have light. Two, we will also have a stake in the project. Not just a stake; we will also be receiving revenue from it. Our own children will also be employed by them. To me, this is more than enough.”
The Governor noted that the 100MW power plant is expected to be operational by November and expressed satisfaction that the project would become a reality during his administration.
He explained that the decision to establish a new power project followed the collapse of efforts to sustain previous partnership arrangements.
Governor Okpebholo further disclosed that his administration has adopted a policy of encouraging direct partnerships between investors and the Edo State Government rather than private individuals, a move aimed at protecting public interest and ensuring greater accountability
Looking beyond the current project, he said the state government plans to decentralise power generation by developing additional power plants in Edo Central and Edo North Senatorial Districts to improve electricity access and support economic growth across the state.
Earlier, the Managing Director and Chief Executive Officer of First Bank of Nigeria Limited, Mr. Olusegun Alebiosu said the bank was pleased to support investments capable of driving economic transformation in Edo State.
He noted that CCETC already operates a 15-megawatt power plant in the state and is now constructing the 100MW facility at Ologbo, which he said would significantly boost industrialisation and economic development.
“We know that CCETC has a 15-megawatt power plant in the state, and they are also building a 100-megawatt power plant as part of what we believe will be a strong economic development and transformation initiative for Edo State,” Alebiosu said.
The Edo State Commissioner for Power commended Governor Okpebholo for his leadership and commitment to strengthening the state’s energy sector, noting that the project would improve electricity supply, stimulate investment, create jobs and expand the state’s revenue base.
