Bresson AS Nigeria Limited and the Ibadan Electricity Distribution Company have officially signed a Power Purchase Agreement worth N180bn to deliver 24-hour electricity to Magboro, Ogun State.
The deal, signed on Monday in Lagos, marks a significant step toward bringing uninterrupted, affordable power to the area.
This agreement between Bresson’s Magboro Power Company Limited and IBEDC will enable the deployment of a 30-megawatt power supply in Magboro as the first phase of a larger 90-megawatt project.
The Chief Executive Officer of Bresson Nigeria, Dr Gbenga Olawepo-Hashim, expressed optimism about the project’s impact, stating, “The people of Magboro will begin to access 24 hours of uninterrupted electricity at a competitive price.”
Founded in 2005, Bresson is the owner of the 90MW gas-fired power plant in Magboro, which aims to transform the energy landscape for the region, starting with this 30MW phase.
Olawepo-Hashim described it as a critical N180bn investment to help transform power accessibility in the region, and noted increasing interest from stakeholders keen to collaborate.
“The 90MW Magboro project, starting with the 30MW segment under Magboro Power Company Limited, represents the first phase of an investment worth over N180bn in a time like this,” he stated.
He praised all partners for their dedication, highlighting that the project isn’t solely about profit. “This wouldn’t have been possible without the partnership with IBEDC.
“They are more focused than ever before on delivering efficient and competent service. It’s about passion—the passion to ensure quality and put an end to epileptic power supply,” he added.
Olawepo-Hashim indicated that the infrastructure would enable the first phase of power delivery in the franchise area, laying the groundwork for future expansion.
The Managing Director of IBEDC, Francis Agowa, commended the partnership as a pivotal step toward sustainable power in Magboro.“I thank God for a day like this; ventures like this will bring sustainable power supply, and we look forward to a profitable engagement with Bresson.
According to him, this initiative is not coming from the grid but rather through an embedded partnership with Bresson and the Ogun State Government as the regulator,” Agowa said.
The Ogun State Government special adviser, Jide Onokoya, emphasised the government’s commitment to regulating power procurement and distribution.
He stated, “We will continue to support companies like Bresson in bringing energy solutions through different sources. Bresson has been in the industry for quite a long time now, and we are ready to support and look forward to working with you in this energy market in the state.”
