The Edo State Government has secured a 10 per cent equity stake in the proposed 100-megawatt power plant, marking a significant milestone in the state’s drive to transform its electricity sector.

This was disclosed by Governor Monday Okpebholo while receiving the Managing Director/Chief Executive Officer of First Bank of Nigeria Limited, Mr Olusegun Alebiosu, and the Managing Director/Chief Executive Officer of CCETC, Mr Di Xiaohui, along with their respective delegations, at the Government House in Benin City.

The governor said the decision to negotiate an equity stake was informed by his administration’s resolve to ensure that Edo State derives long-term economic benefits from the project, beyond 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,” Okpebholo said.

He described the arrangement as a major milestone in the state’s drive towards energy security and economic development, noting that the project would deliver benefits on multiple fronts.

“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,” he added.