Power Company Owned By Nigerian Businessman Adedeji Adeleke Could Be Worth 1.4 Billion
- Pacific Energy, led by Adedeji Adeleke, ranks among Nigerias top independent power companies, trailing Geregu Power Plc and Transcorp Power Plc.
- With a 640.8MW installed capacity, Pacific Energy rivals Transcorp Power 972MW and surpasses Geregu Power 435MW in Nigerias electricity sector.
- A 1,250MW power plant under construction in Ondo State could make Pacific Energy Nigerias largest independent power producer upon completion.
Nigerias power sector is dominated by two publicly traded companiesGeregu Power Plc and Transcorp Power Plcboth of which have delivered strong financial performances and attracted high valuations. While these firms often make headlines, another major player has been expanding quietly in the background, strengthening its position to compete at the top.
That company is Pacific Energy Company Limited , the power generation arm of Nigerian businessman Adedeji Adelekes business empire. Though it has largely stayed out of the public eye, its impact on Nigerias electricity market is notable. A recent valuation by Billionaires.Africa estimates Pacific Energys worth at N2.14 trillion 1.4 billion, ranking it among the countrys leading energy producers.
Adelekes business empireWhile many recognize Adedeji Adeleke as the father of Afrobeats superstar Davido, in Nigerias corporate world, he is a low-profile tycoon with vast business interests. At the heart of his empire is Pacific Holdings , a conglomerate he founded in 1983, initially as a borehole drilling and water treatment company. Over the decades, it has expanded into banking, education, civil engineering, energy, manufacturing, agriculture, logistics, gas, and real estate.
Among his many ventures, Pacific Freightliners Limited , is one of the top revenue drivers, making a name for itself in Nigerias logistics sector. However, it is Pacific Energyhis power generation armthat has been making waves, growing at a pace that rivals established public companies like Geregu Power and Transcorp Power.
A billion-dollar power playPacific Energy currently operates two gas-fired power plants in Nigerias southwest region: the Omotosho Power Plant in Ondo State, which boasts an installed capacity of 336.8MW, and the Olorunsogo Power Plant in Ogun State, with a 304MW capacity. Combined, these plants give Pacific Energy an installed generation capacity of 640.8MWa figure that places it in direct competition with Transcorp Power 972MW and ahead of Geregu Power 435MW.