Unknown to many, business magnate and Pro-Chancellor of Adeleke University in Ede, Osun State, Deji Adeleke, has his business tentacles spread also in the power generating business. The older Adeleke, who is the father of superstar singer, David Adeleke aka Davido, currently owns one operational power generating plant; Omotosho Power Generating Plant and Olorunsogo Power Generating Plant which is yet to be completed.
These are subsidiaries of his Sepco-Pacific Energy Co Ltd. Surprisingly, the two power generating plants are situated outside Adeleke’s home state, Osun. While Omotosho GenCo is situated in Ogun State, Olorunsogo GenCo is situated in a remote village known as Ajebandele in Ondo State. While the Omotosho plant can generate up to 304mw at its peak, with a minimum capacity of 186.3mw, the Olorunsogo Genco at completion is expected to generate 1250 megawatt. The latter is reportedly worth $2 billion and both GenCos are expected to complement the existing 5,000 megawatts Nigeria currently generates.
At completion, Omotosho GenCo is expected to provide employment for about 300 people. But the unnecessary delays that have plagued the plant has caused untold anxiety both within the Adeleke family, the community where it is situated and the expectant work force. This has forced many to wonder what could possibly be holding it back, as obviously funding is not the issue. The senior Adeleke was forced to reveal recently that the Omotosho GenCo would have long been completed but for the activities of daredevil armed robbers who looted some vital components of the turbine machines built with copper, costing $5 million.
He blamed the robbery on youths, who he says refused to engage in any meaningful and productive activity. Giving more insight into the robbery, the businessman said that each of the stolen components required 10 strong men to lift and that he is not in doubt that the robbery was done in collaboration with entities who require the stolen components for their own business, similar to his. Quite unlike some other businessmen who would have abandoned the project, thankfully, the robbery incident is not deterring him from ensuring work is completed as soon as possible on the GenCo. The senior Adeleke runs his various businesses under Pacific Holdings Company Ltd, with investments in freight services, steel production, warehousing, and logistics, real estate etc.
