But, of course, besides being the father to music star Davido, he is one of the successful business people. He recently shared some of the challenges he experienced in securing a permit for his $2 billion power plant project–the largest in Nigeria.
The 1,250-megawatt plant, which is due to begin operations in 2025, is a welcome elixir for Nigeria’s lackluster energy sector. It was indeed quite an uphill climb getting to this day.
Government Roadblocks
According to one account of his struggles, in an interview, Adeleke mentioned that at the beginning, the government officials were the main issues. He said one of the officials bluntly told him that his project would “never see the light of day.”
The statement, which came to him as a blow, had already seen Adeleke invest so much time and resources into the plant alongside his Chinese partners, who were equally worried about the fate of their investments in the project. But involvement by China’s Afrexim Bank, which was backing the project, furthered concerns, as failure to secure permits would have led to huge financial loss.
Adeleke, however, remained steadfast and believed in the project. Irrespective of the harsh words from the official that this was not to be, Adeleke prayed for a breakthrough, and he kept saying the decision was not left to one man. His faith and then his determination finally paid off.
The Breakthrough: Minister of Power’s Support
This was the turning point when the then-Minister of Power intervened. Having gone through the project, the minister realized the potential and positivism the project presented to Nigeria’s energy landscape. And just like that, the permit was issued, and Adeleke, along with his partners, were allowed to break ground for the revolutionary power plant
Overcoming Financial and Technical Challenges
Aside from the bureaucratic hurdles, Adeleke had faced financial and technical challenges. The $2 billion project required extensive preliminary work, including detailed designs and environmental impact assessments.
While these processes have become the norm for big infrastructure projects, they are often costly and time-consuming, especially when different approvals remain pending.
This was particularly worrying for Adeleke’s Chinese partner since so much of the financial and technical input had come from his Chinese collaborators who would have declared bankruptcy in case the project collapsed. This only increased the pressure to get the relevant permits.
Impact of the Power Plant
When completed, this power plant will significantly increase the generation capacity of electricity in Nigeria, bringing considerable relief to millions of Nigerians who are suffering from frequent power blackouts.
This will also make the country less dependent on energy imports, boost industrial growth, and attract further foreign investment into Nigeria’s energy sector.
The largest plant of its type in Nigeria, it is expected to power millions of homes and businesses across Nigeria. With its operation, the continuous collapse of power grids and rolling blackouts currently experienced will be ameliorated, which further gives Nigerians a somewhat reliable power supply
Long Story Short: A Beacon of Perseverance
Adeleke’s story epitomizes perseverance amidst adversity. The ability to surmount the bureaucratic hurdles—getting international partnerships for such a project of this magnitude in order to bring his dream projects into fruition—speaks volumes on the need for resiliency. His success with the permit for securing Nigeria’s largest power plant stands as one milestone toward the future of the energy landscape.
After all, the $2 billion power plant project is going to be a game-changing factor in the power sector of Nigeria. In spite of the initial obstacles, Dr. Adeleke’s commitment and determination came down to ways that are to materialize into what will be a life-transforming project with its expected impacts on millions of lives to the economic development of Nigeria.
