Davidson Ogbebor

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 deal as a strategic investment that will boost internally generated revenue, create jobs and improve electricity supply across the state.

The governor disclosed this 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, Benin City.

Governor Okpebholo said the agreement represents a significant shift from previous investment arrangements, as Edo State would no longer merely provide land for major projects but would become an equity partner with long-term economic benefits.

The proposed 100MW power plant, to be sited at Ologbo, is expected to strengthen electricity supply, support industrial growth and enhance economic activities in the state.

The governor explained that 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 land and creating a conducive 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.

“I also told them that we cannot just give them our land; we have to be part owners too. They agreed to a 10 per cent equity stake. That is the agreement we are going to sign today,” he said.

According to the governor, the arrangement will deliver multiple benefits, including improved electricity supply, increased state revenue and employment opportunities for Edo youths.

“I am happy with this development. One, we will now have light. Two, we will also have a stake in the project. Beyond that, the state will earn revenue from it, while our young people will benefit from employment opportunities. To me, this is a win-win situation,” he added.

Governor Okpebholo expressed optimism that the power plant would become operational by November, describing the project as one of the landmark achievements of his administration.

He noted that the initiative became necessary following the collapse of previous partnership arrangements and reaffirmed his administration’s commitment to pursuing investment models that guarantee greater value for the people of Edo State.

The governor further disclosed that his administration has adopted a policy of encouraging investors to partner directly with the Edo State Government, rather than private individuals, to safeguard public interest and ensure transparency and accountability.

He also revealed plans to expand power generation across the state through the establishment of additional power plants in Edo Central and Edo North Senatorial Districts to improve electricity access and stimulate economic growth.

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 disclosed that CCETC currently operates a 15-megawatt power plant in the state and is developing the new 100MW facility at Ologbo, which he said would significantly enhance industrialisation and economic development.

“We know that CCETC already has a 15-megawatt power plant in Edo State, and they are now constructing a 100-megawatt power plant as part of what we believe will be a major economic development and transformation initiative for the state,” Alebiosu said.

Also speaking, the Edo State Commissioner for Power commended Governor Okpebholo for his visionary leadership and commitment to repositioning the state’s energy sector.

He said the project would improve electricity supply, attract investments, create employment opportunities and expand the state’s revenue base.