Benin City, Edo State | July 2, 2026
Kingsley Ohens reporting
In a landmark move aimed at transforming Edo State’s energy landscape and boosting economic development, Governor Monday Okpebholo has secured a 10 per cent equity stake for the Edo State Government in a proposed 100-megawatt power plant project, a development expected to generate significant revenue, create employment opportunities, and improve electricity supply across the state.
The governor disclosed this during a strategic meeting held at the Government House in Benin City with 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.
According to Governor Okpebholo, the agreement marks a major shift from previous investment arrangements by ensuring that Edo State is not merely providing land for the project, which is to be situated in Ologbo, but is instead participating as an equity partner with long-term economic benefits.
The governor explained that while the state government 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 guaranteeing a conducive and secure environment for the investment to thrive.
“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,” Governor Okpebholo stated.
He further revealed that the state insisted on becoming a stakeholder in the project rather than simply allocating land for its development.
“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,” he added.
Governor Okpebholo expressed satisfaction with the outcome of the negotiations, emphasizing that the project would deliver multiple benefits to Edo people, including improved electricity supply, revenue generation, and employment opportunities for residents.
“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,” the governor remarked.
The governor disclosed that the 100MW power plant is expected to become operational by November, describing the project as a significant milestone for his administration’s commitment to infrastructure development and economic transformation.
He noted that the initiative emerged following the collapse of previous partnership arrangements and reiterated his administration’s policy of encouraging investors to partner directly with the Edo State Government rather than through private intermediaries. According to him, this approach is designed to protect public interest, promote transparency, and ensure greater accountability.
Looking beyond the current project, Governor Okpebholo announced plans to decentralize power generation across the state by establishing additional power plants in Edo Central and Edo North Senatorial Districts. He explained that the initiative is intended to improve electricity access, stimulate industrial growth, and drive broader economic development throughout Edo State.
Earlier, the Managing Director and Chief Executive Officer of First Bank of Nigeria Limited, Mr. Olusegun Alebiosu, reaffirmed the bank’s commitment to supporting investments capable of driving economic transformation in Edo State.
Alebiosu disclosed that CCETC already operates a 15-megawatt power plant in the state and is currently constructing the proposed 100MW facility in Ologbo, which he said would significantly accelerate industrialization 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,” he stated.
Also speaking, the Edo State Commissioner for Power commended Governor Okpebholo’s leadership and strategic vision in strengthening the state’s energy sector, noting that the project would improve electricity supply, attract investment, create jobs, and expand the state’s revenue base.
The details of the development were made available through a statement issued by Dr. Patrick Akhere Ebojele, Chief Press Secretary to Governor Monday Okpebholo, who described the agreement as a major step toward realizing the administration’s vision of building a more prosperous, industrialized, and economically competitive Edo State.
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