businesselitesafrica.comJul 22, 2025
Nigerian businessman Adedeji Adeleke has announced the completion of a $2 billion power plant in Ajebamidele, Ondo State.
The massive gas-fired project, built through his company Pacific Energy, is now ready and waiting to be connected to the national gas grid before it can begin operations.
The 1,250-megawatt plant is expected to supply electricity to millions of Nigerians and create over 2,000 jobs across the country. Once it becomes active, it could make Pacific Energy one of the biggest independent power producers in Nigeria.
“We are done with construction,” Adeleke said. “All that’s left is to link up with the national gas grid, and we can start generating power.”
Building power in a difficult environment
Adeleke, who is also known as the father of global music star Davido, shared some of the challenges he faced while developing the plant. Getting vital equipment like turbines wasn’t easy, and delays in infrastructure almost put the entire project at risk.
“If I didn’t have the right connections, we wouldn’t have been able to get GE to supply the turbines. That alone would have shut everything down,” he said.
Adeleke also voiced concern about Nigeria’s investment climate, pointing out that poor infrastructure and unstable politics make it hard to do business.
“Why would anyone want to invest in a country where elections don’t count and the people have no voice?” he asked.
A Quiet Business Empire
Though Adeleke often stays out of the spotlight, his track record in business goes back over 40 years. He started Pacific Holdings in 1983 as a borehole and water treatment company.
Today, the group has spread into several sectors, including banking, agriculture, logistics, education, and real estate.
Pacific Energy, the group’s power arm, is already managing two gas plants, Omotosho in Ondo and Olorunsogo in Ogun State. Together, those plants produce over 640 megawatts of power, placing the company ahead of several major players in Nigeria’s energy market.
With the new 1,250MW plant coming on board soon, Pacific Energy could surpass its biggest rivals and become the country’s top independent power provider. The only piece left is the gas connection.
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