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The Edo state government has secured a 10 per cent equity stake in a proposed 100-megawatt power plant, a move Governor Monday Okpebholo says will ensure the state earns long-term economic benefits while improving electricity supply.
Okpebholo disclosed this while receiving the Managing Director and Chief Executive Officer of First Bank of Nigeria Limited, Olusegun Alebiosu and the Managing Director and Chief Executive Officer of CCETC, Di Xiaohui, alongside their delegations at the Government House in Benin City.
The governor said the state insisted on becoming a shareholder in the project rather than merely providing land for its development.
“I told them that we cannot just give them our land; we have to be part owners as well. They agreed to a 10 per cent equity stake, and that is the agreement we are going to sign today,” he said.
According to him, the arrangement will boost electricity supply, create jobs and generate additional revenue for the state.
“I am happy with this development. First, we will now have electricity. Secondly, Edo State will have a stake in the project. Beyond ownership, the state will earn revenue from the investment, while our youths will benefit from the employment opportunities that the project will create. To me, this is a win-win situation,” Okpebholo added.
The governor said the investment aligns with his administration’s plan to build a more resilient and investor-friendly power sector capable of supporting industrialisation and economic growth.
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The proposed 100MW power plant is expected to commence operations in November and is projected to improve electricity supply, stimulate economic activities and create employment opportunities across the state.
Speaking on the state’s power sector agenda, the Commissioner for Power, Paul Usenbo, said the government remains committed to expanding electricity infrastructure, strengthening the regulatory framework and encouraging greater private sector participation.
He said the Ministry of Power is also implementing the Edo Mass Metering Programme to eliminate estimated billing and improve transparency in electricity billing.
Usenbo disclosed that the Edo State Metering Assembly, established under the programme, is expected to begin operations in the last quarter of 2026.
According to him, the ministry is also advancing rural electrification projects, promoting renewable energy solutions and partnering with investors and development agencies to accelerate power infrastructure development.
As part of its long-term strategy, the state government also plans to establish additional power plants in Edo Central and Edo North Senatorial Districts to decentralise electricity generation, improve access to reliable power and attract more investment into the state’s economy.
