Edo State Secures 10% Stake in 100MW Power Project

Edo State has secured a 10% equity stake in a proposed 100 megawatt power plant to be built in Ologbo. Governor Godwin Obaseki disclosed this arrangement during a meeting with Olusegun Alebiosu, Managing Director and Chief Executive Officer of First Bank Nigeria Limited, and Di Xiaohui from CCETC Ologbo in Benin City.

The state will provide land for the project but will not make a direct financial investment, instead becoming an equity partner. The agreement is expected to be signed soon, with the governor emphasizing that the state will benefit from improved electricity supply, revenue generation, and job creation.

The project is anticipated to commence operations in November. Additionally, the Edo State government plans to establish more power plants in Edo Central and Edo North Senatorial Districts to enhance electricity supply across the state.

Alebiosu confirmed First Bank's commitment to supporting investments that drive economic transformation in Edo State.