Precious Anga
Lagos — The Edo State Government has secured a 10 per cent equity stake in a proposed 100-megawatt power plant, marking a strategic move to strengthen electricity supply, boost internally generated revenue and expand employment opportunities across the state.
Governor Monday Okpebholo announced the development during a meeting with the Managing Director and Chief Executive Officer of First Bank of Nigeria, Olusegun Alebiosu, and the Managing Director and Chief Executive Officer of CCETC, Di Xiaohui, at the Government House in Benin City.
Okpebholo said the state rejected a proposal that would have limited its role to providing land for the project, insisting instead on becoming an equity partner. According to him, negotiations resulted in an agreement granting Edo State a 10 per cent ownership stake, which will be formalised through the signing of the project agreement.
“We made it clear that Edo State could not simply provide land without participating in the investment. Our position was accepted, and the state will now own 10 per cent of the project,” the governor said.
He described the arrangement as a major economic breakthrough, noting that it would not only improve electricity supply but also create sustainable revenue streams for the state while opening up employment opportunities for young people.
“This project delivers multiple benefits. Edo State will enjoy more reliable electricity, earn income from its investment as a shareholder and create jobs for our people. It is a win-win outcome for the government, investors and residents,” he added.
The governor said the investment aligns with his administration’s broader vision of developing a stable and investor-friendly electricity sector capable of supporting industrial growth, attracting new businesses and driving economic expansion.
The planned 100MW power plant is expected to begin operations in November 2026, with officials projecting that it will improve power availability, stimulate commercial activities and support industrial development across the state.
Commissioner for Power Paul Usenbo said the government remains focused on expanding electricity infrastructure, strengthening the state’s regulatory framework and encouraging greater private sector investment in the energy sector.
He disclosed that the Edo Mass Metering Programme is being implemented to eliminate estimated billing and improve transparency in electricity consumption. According to him, the Edo State Metering Assembly established under the initiative is expected to commence operations in the final quarter of 2026.
Usenbo added that the government is also pursuing rural electrification projects, expanding renewable energy initiatives and working with development partners and private investors to accelerate power infrastructure across the state.
As part of its long-term electricity strategy, the Edo State Government also plans to develop additional power plants in Edo Central and Edo North Senatorial Districts to decentralise power generation, improve access to reliable electricity and attract further investments into the state’s economy.
