Ajebamidele, Ondo State – Nigerian billionaire and CEO of Pacific Holdings Limited, Dr. Deji Adeleke, has announced the completion of a major power infrastructure project — a 1,250 megawatt (MW) electricity plant — now awaiting connection to the national gas grid to commence power generation.
Speaking at the combined 11th undergraduate and 7th postgraduate convocation of Adeleke University in Ede, Osun State, on Sunday, Dr. Adeleke highlighted the massive economic potential of the project, revealing that the facility will employ more than 2,000 engineers and support staff once operational.
“The plant is fully built and ready. We are only waiting to be connected to the gas grid to begin generating electricity,” he stated, as reported by Punch newspaper.
The industrialist underscored the importance of strategic partnerships in realizing the project, citing his relationship with global energy giant General Electric (GE), which supplied the plant’s turbines, as a decisive factor.
“If not for that relationship, we would never have secured turbine supplies from GE. Without it, the plant would not exist, and those jobs would never materialize,” he said.
Nigeria, despite having an estimated generation capacity of over 12,000MW, struggles to deliver even 5,000MW consistently, leaving its population of more than 200 million in chronic power deficiency. This energy shortfall, Dr. Adeleke noted, motivated him to contribute meaningfully through private investment.
The project, valued at $2 billion, is positioned to play a transformative role in the nation’s energy landscape, improving grid supply and supporting economic growth across the region.
Dr. Adeleke previously spoke about the project during the university’s 9th convocation in July 2023, when he disclosed that the plant had suffered setbacks due to theft. Vandals reportedly stole turbine components worth $5 million, leading to a year-long delay in completion.
He also used the convocation platform to call attention to the wider implications of Nigeria’s political environment on foreign direct investment.
“If we insist on free, fair, and credible elections, we will gain international respect, and Nigeria will become an attractive destination for foreign investors,” he asserted.
According to him, the lack of credible governance continues to discourage global investors, worsening youth unemployment.
“Many of our graduates are still jobless years after completing school because investors are reluctant to come into a system where the people’s votes don’t count,” he added.
With the power plant now awaiting a final step before activation, stakeholders hope it will contribute significantly to reducing Nigeria’s electricity supply gap and generate new opportunities for skilled professionals.
