Ondo grants power licences to two firms
The Ondo state government has granted power generation and distribution licences to two independent firms as part of efforts to improve electricity supply and stimulate economic growth. The licences were
The Ondo state government has granted power generation and distribution licences to two independent firms as part of efforts to improve electricity supply and stimulate economic growth.
The licences were issued through the Ondo State Electricity Regulatory Bureau (OSERB) to Ore Power Limited and ASB Valiant Electricity Limited under the Ondo State Electricity Law, 2020.
Speaking at the event at the weekend, the Commissioner for Energy and Mineral Resources, Engr Johnson Alabi said the milestone mark a significant step toward delivering reliable electricity to residents and fostering economic growth across the state.
Alabi noted that the development would also give Ondo state a major boost and opportunity to establish independent and investor-driven electricity market.
While lauding Governor Lucky Aiyedatiwa for his visionary leadership at ensuring the state enjoys constant power supply, Engr Alabi said licences granted to the two firms is blooster to the state.
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He explained that current administration of Aiyedatiwa remains committed to building a functional electricity market capable of delivering reliable power to residents and industries.
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The Commissioner also acknowledged the ongoing reforms being out in place by President Bola Tinubu led federal government, most especially, the Electricity Act, which allows states to take greater control of their electricity markets.
According to him, the licensing initiative is aimed at ensuring stable power supply, noting that electricity remains critical to economic development.
He listed key interventions by the state government to include subsidised metering, the establishment of three special electricity courts for dispute resolution, and the development of a statewide electricity grid covering the southern, central and northern districts.
Alabi added that the state has also taken over assets of the Niger Delta Power Holding Company (NDPHC) for commercial electricity operations.
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“The projects we celebrate today represent a coordinated approach to efficient power generation, evacuation, and distribution. Ondo State is no longer waiting for solutions; we are creating them,” the commissioner said.
The OSERB State Coordinator, Stephen Bolawole, said the initiative reflects the government’s commitment to building a reliable and investment-driven electricity market.
Bolawole revealed that the Ore Power Limited is expected to generate up to 100 megawatts of electricity to improve supply, particularly in the Ore axis and surrounding communities.
He added that ASB Valiant Electricity Limited will construct an 18-kilometre Omotoso–Ore 33KV double-circuit line to enhance power evacuation and distribution to end users.
According to him, “the licences are binding legal instruments aligned with both the Ondo State Electricity Law, 2020, and the national Electricity Act, urging the firms to meet regulatory standards and performance expectations.”
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The Chief Executive Officer of the Ondo State Development and Investment Promotion Agency (ONDIPA), Barr. Emmanuel Omomowo represented by Engr. Femi Akarakiri, said the state remains open to investments that add value to its economy.
He reaffirmed the state’s commitment to attracting value-adding investments.
In his remarks, Ore Power Limited CEO, Mr. Ayodele Ikumapayi, described Ondo State as a leader in Nigeria’s electricity sector.
Remarking, the Chief Executive Officer of Ore Power Limited, Ayodele Ikumapayi, expressed confidence that the company would commence power supply within six months, with plans to expand operations across the 18 LGAs of the state.
