Deji Adeleke, billionaire businessman and CEO of Pacific Holdings Limited, has announced the completion of his 1,250 megawatts power plant located in Ajebamidele, Ondo State.
Adeleke disclosed this on Sunday while speaking at the 11th undergraduate and 7th postgraduate convocation ceremonies of Adeleke University in Ede, Osun State.
He stated that the $2 billion facility is now awaiting connection to the national gas grid before it can begin generating electricity.
He also stressed the importance of partnerships in executing the project, particularly his company’s collaboration with General Electric (GE) for the turbine supply.
“Imagine if not because of my relationship, we are not able to get GE to supply the turbine to us, that means the power plant will not be built. That means the jobs will not be there,” he said.
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Nigeria’s electricity challenges influenced Adeleke’s decision to invest in power generation, aiming to contribute to national development and job creation.
At Adeleke University’s 9th convocation in July 2023, he had earlier spoken about the power plant’s potential to boost local economies.
He also revealed that turbine components worth $5 million were stolen from the site by vandals, causing a one-year delay in the project’s timeline.
Adeleke also linked Nigeria’s economic stagnation and investor apathy to poor electoral processes, noting that credible elections are crucial to attracting foreign investments.
“If we all insist on a free, fair and credible election, other countries will respect us. Then we’ll have an environment that can attract direct foreign investment that will create the jobs that we badly need,” he said.
He added that many young graduates remain unemployed due to the lack of investment inflow into the country, much of which he believes is tied to Nigeria’s governance and electoral integrity.
