Table of Contents
Key Points
- Pacific Energy, led by Adedeji Adeleke, ranks among Nigeria’s 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 Nigeria’s electricity sector.
- A 1,250MW power plant under construction in Ondo State could make Pacific Energy Nigeria’s largest independent power producer upon completion.
Nigeria’s power sector is dominated by two publicly traded companies—Geregu Power Plc and Transcorp Power Plc—both 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 Adeleke’s business empire. Though it has largely stayed out of the public eye, its impact on Nigeria’s electricity market is notable. A recent valuation by Billionaires.Africa estimates Pacific Energy’s worth at N2.14 trillion ($1.4 billion), ranking it among the country’s leading energy producers.
Adeleke’s business empire
While many recognize Adedeji Adeleke as the father of Afrobeats superstar Davido, in Nigeria’s 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 Nigeria’s logistics sector. However, it is Pacific Energy—his power generation arm—that has been making waves, growing at a pace that rivals established public companies like Geregu Power and Transcorp Power.
A billion-dollar power play
Pacific Energy currently operates two gas-fired power plants in Nigeria’s 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 640.8MW—a figure that places it in direct competition with Transcorp Power (972MW) and ahead of Geregu Power (435MW).
However, installed capacity alone doesn’t tell the full story. The company’s plants currently operate at lower-than-optimal availability levels, with Olorunsogo running at 31 percent capacity and Omotosho at 38 percent. Taking this into account, analysts at Billionaires.Africa applied an Enterprise Value-to-Capacity (EV/Capacity) multiple to estimate Pacific Energy’s worth at N2.14 trillion ($1.4 billion).
To put this in perspective, Geregu Power and Transcorp Power have market capitalizations of N2.88 trillion ($1.86 billion) and N2.74 trillion ($1.78 billion), respectively. With Pacific Energy’s valuation closely trailing these industry heavyweights, it is clear that Adeleke’s company has become a significant force in Nigeria’s power sector—despite being privately held.
The two publicly traded companies have seen strong valuations on the Nigerian Exchange (NGX) and delivered solid financial results in recent years. Geregu Power reported revenue of N137.2 billion ($90 million) and a profit of N41.3 billion ($27 million) in 2024. Meanwhile, Transcorp Power recorded even higher figures, with revenue reaching N305.9 billion ($198 million) and a profit of N80 billion ($52 million) for the same period.
A powerhouse in the making
While Pacific Energy’s current capacity is impressive, the company’s biggest project is still on the horizon. A 1,250-megawatt power plant is under construction in Ajebandele, Ondo State, with an estimated cost of $2 billion. Once completed, this project could catapult Pacific Energy ahead of its competitors, making it the largest independent power producer in Nigeria.
If Pacific Energy can improve its operational efficiency and ramp up availability at its existing plants, its valuation could climb even higher. The company’s aggressive expansion aligns with Adeleke’s long-term vision of building the most advanced power generation infrastructure in Sub-Saharan Africa.
Adedeji Adeleke: The quiet billionaire
Despite his business success, Adedeji Adeleke remains an elusive figure in Nigeria’s corporate world. He keeps a low profile, quietly expanding his ventures while letting the numbers speak for themselves.
His empire spans multiple industries and generates billions in annual revenue, but it’s Pacific Energy’s rise that has put him in the spotlight. As the company strengthens its position in the power sector, Adeleke is emerging as a key player in Nigeria’s energy landscape.
If the Ajebandele power plant is completed on schedule and Pacific Energy improves its efficiency, Adeleke may soon step out of the shadows—not just as the father of a global music star, but as one of Nigeria’s most influential business leaders.
Methodology: Billionaires.Africa estimates Pacific Energy’s enterprise value at N2.14 trillion ($1.4 billion) using an industry-based valuation approach. Analysts applied an enterprise value-to-operational capacity (EV/Operational Capacity) multiple, benchmarking Pacific Energy against publicly traded peers; Geregu Power and Transcorp Power. Adjustments were made for the company’s lower-than-optimal capacity utilization. While this valuation is based on industry comparisons, it comes with limitations due to Pacific Energy’s lack of public financial disclosures.
