Monday Okpebholo Secures 10 Percent Shares in New Chinese Power Plant for Edo State

The Edo State Government has secured a 10 per cent equity stake in a new Chinese-backed 100-megawatt (100MW) power plant under construction in Ologbo, Ikpoba-Okha Local Government Area, in a move expected to boost electricity supply, create jobs and generate long-term revenue for the state.

Governor Monday Okpebholo formalised the agreement on Wednesday when he received the Managing Director and Chief Executive Officer of First Bank of Nigeria Limited, Olusegun Alebiosu, alongside the Chief Executive Officer of CCETC Ogua Energy Limited, Di Xiaohui.

The deal gives Edo State a 10 per cent ownership interest in the project without committing public funds to its construction. Instead, the state negotiated the equity stake by providing land for the project and guaranteeing an enabling environment, including adequate security for the investors.

Speaking before signing the agreement, Governor Okpebholo described the project as a strategic investment that would not only improve electricity supply across the state but also provide lasting economic benefits for Edo people.

He said the arrangement represented a significant departure from previous investment models, as the state would now earn revenue from the project while also creating employment opportunities for residents.

According to the governor, his administration insisted that Edo should not merely provide land for the investment but should also become a shareholder in the project.

“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,” he said.

“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.”

Governor Okpebholo said the benefits of the project would extend beyond improved electricity supply, noting that Edo State would earn revenue from its equity stake while young people would also benefit from employment opportunities created by the investment.

“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,” he added.

The governor disclosed that the 100MW power plant is expected to become operational by November, expressing confidence that the project would mark a major milestone in his administration’s efforts to improve infrastructure and accelerate economic development.

He also revealed plans to expand power generation across the state by establishing additional power plants in Edo Central and Edo North Senatorial Districts as part of a broader strategy to decentralise electricity generation and improve energy access.

Managing Director and Chief Executive Officer of First Bank of Nigeria Limited, Olusegun Alebiosu, described the project as a major investment capable of driving industrialisation and economic transformation in Edo State.

He said First Bank was pleased to support initiatives that promote infrastructure development and sustainable economic growth, noting that CCETC already operates a 15MW power plant in Edo State.

“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,” Alebiosu said.

The new Chinese-backed power project is expected to strengthen Edo State’s electricity infrastructure, support industrial growth, attract more private investment and provide a new source of revenue for the state through its 10 per cent equity stake once the facility becomes operational.