Deji Adeleke, a billionaire business magnate and chief executive officer of Pacific Holdings Limited, on Sunday announced the completion of his 1,250 megawatts power plant.
He explained that the project is awaiting gas grid connection to start generating power.
Speaking on Sunday in Ede, Osun State, at the 11th undergraduate and 7th postgraduate convocation ceremonies of Adeleke University, Mr Adeleke said the power plant, located at Ajebamidele, Ondo State will employ over 2,000 engineers and other associated workers.
“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,” Punch newspaper quoted Mr Adeleke as saying.
He emphasised the significance of the power plant, noting 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.
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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