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 agreement as a landmark investment that will generate sustainable revenue, create employment opportunities and strengthen electricity supply across the state. In a statement signed by Dr. Patrick Akhere Ebojele The Chief Press Secretary to Edo State Governor
Governor Okpebholo disclosed this on Wednesday at the Government House in Benin City 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 members of their respective delegations.
The governor said the agreement represents a significant departure from previous investment arrangements by making Edo State an equity partner in the project, rather than merely providing land for its development. The 100MW power plant will be located at Ologbo.
According to Governor Okpebholo, although the state is not making a direct financial investment in the project, it successfully negotiated a 10 per cent equity stake in exchange for providing the land and creating a secure and enabling environment for the investment.
“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,” the governor said.
“I also told them that we cannot just give them our land; we have to be part owners too. They agreed to consider 10 per cent equity. That is the agreement we are going to sign today.”
Governor Okpebholo noted that the partnership would deliver far-reaching benefits beyond improved electricity supply, stressing that the state would enjoy long-term economic gains through revenue generation and employment opportunities for its people.
“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,” he stated.
The governor expressed optimism that the 100MW power plant would become operational by November, describing its delivery as a major milestone for his administration’s drive to reposition Edo’s energy sector.
He explained that the decision to pursue the new power project followed the collapse of earlier partnership efforts and reaffirmed his administration’s commitment to attracting credible investors through transparent and accountable processes.
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, to safeguard public assets and ensure that investments deliver maximum benefits to the people.
Looking beyond the current project, the governor said the state plans to decentralise power generation by establishing additional power plants in Edo Central and Edo North Senatorial Districts to expand access to electricity, stimulate industrial growth and support economic development across the state.
Speaking earlier, the Managing Director and Chief Executive Officer of First Bank of Nigeria Limited, Mr. Olusegun Alebiosu, said the bank was proud to support investments capable of driving sustainable economic transformation in Edo State.
He noted that CCETC already operates a 15-megawatt power plant in the state and is currently developing the new 100MW facility at Ologbo, which he described as a major catalyst for industrialisation and economic growth.
“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.
Also speaking, the Edo State Commissioner for Power commended Governor Okpebholo for his visionary leadership and unrelenting commitment to transforming the state’s energy sector. He noted that the project would significantly improve electricity supply, attract new investments, create employment opportunities and expand the state’s revenue base.
The proposed 100MW power plant is expected to strengthen Edo State’s power infrastructure, enhance industrial productivity and reinforce the Okpebholo administration’s broader agenda of economic growth, infrastructure development and improved quality of life for residents.
