Adeleke links power plant delays to insecurity, bad governance

Adeleke links power plant delays to insecurity, bad governance

 

By Faridat Salifu

Billionaire businessman, Deji Adeleke has blamed insecurity and poor governance for the setbacks encountered during the construction of his newly completed 1,250 megawatts power plant in Ondo State.

Speaking over the weekend at Adeleke University’s convocation in Ede, Osun State, the Pacific Holdings CEO said the $2 billion facility was delayed for over a year due to theft and systemic inefficiencies.

He disclosed that looters invaded the project site and stole turbine parts worth $5 million, despite the critical importance of the equipment to Nigeria’s electricity supply.

The plant, located in Ajebamidele, is now completed and awaits connection to the national gas grid before it can begin generating power.

Once operational, the plant is expected to employ more than 2,000 engineers and technical workers, offering a boost to the local economy.

Adeleke said the project would not have been possible without international partnerships, especially with GE, which supplied the turbines.

He warned that investor confidence in Nigeria continues to decline due to poor election credibility, corruption, and insecurity.

He argued that foreign companies are reluctant to do business in environments where democratic institutions are weak and the rule of law is undermined.

He linked the country’s high youth unemployment to the absence of investment, urging political leaders to prioritise governance reforms.

Adeleke added that countries that uphold transparent elections tend to attract more foreign direct investment and industrial development.

He said his private investment in power is a response to Nigeria’s failure to meet the energy needs of over 200 million citizens despite having over 12,000MW generation capacity on paper.

Adeleke maintained that less than 5,000MW is actually delivered nationwide, leaving most Nigerians without reliable electricity.

He urged policymakers to stabilise the energy sector, improve security, and build public trust through credible democratic practices.