File photo: Edo State Governor, Monday Okpebholo.
The Edo State Government has secured a 10 per cent equity stake in a proposed 100-megawatt power plant expected to be built in Ologbo, with Governor Monday Okpebholo saying the arrangement will generate revenue for the state, create jobs and improve electricity supply.
The governor disclosed this in Benin City while receiving the Managing Director and Chief Executive Officer of First Bank of Nigeria Limited, Olusegun Alebiosu, the Managing Director and Chief Executive Officer of CCETC, Di Xiaohui, and their delegations at the Government House.
A statement by the governor’s Chief Press Secretary, Patrick Ebojele, on Wednesday, said the state negotiated the equity stake in exchange for providing land and creating an enabling environment for the investment.
According to Okpebholo, the state is not making any direct financial investment in the project but insisted on becoming an equity partner rather than merely providing land.
