Claim: An X user, @MRmneyheod, shared a posted, claiming that Dr Adedeji Adeleke bought the PHCN for over 8 billion dollars and would be contesting for the 2027 presidential election.

Verdict: False.

Full Story

Dr. Adedeji Adeleke, founder of Pacific Holdings, is a prominent investor in Nigeria’s power sector, particularly in electricity generation. Through his companies, he has contributed to efforts aimed at addressing Nigeria’s long-standing energy challenges.

Adeleke has previously stated that Nigeria’s electricity deficit motivated his investment in power generation to support national development and create jobs. Reports indicate that his firm, Pacific Holdings Limited, owns and manages power plants such as Olorunsogo in Ogun State and Omotosho I in Ondo State.

In 2025, he announced the completion of a 1,250-megawatt power plant in Ajebamidele, Ondo State, valued at over $2 billion. He had also earlier claimed that his company generates about 15 percent of Nigeria’s electricity, a statement that has been disputed.

Amid these developments, a viral social media post alleged that Adeleke had “bought PHCN for over $8 billion”, promised a 24/7 electricity supply nationwide, and declared interest in the 2027 presidential election.

In addition to his entrepreneurial activities, he belongs to a family with an established political legacy in Ede Town and Osun State. His father served as a Senator during the Second Republic; his elder brother, Isiaka, was the inaugural civilian governor of Osun State and subsequently a Senator during the Fourth Republic; and his younger brother, Ademola Adeleke, is the current governor of Osun State. He is also the father of the renowned Afro-pop musician Davido.

See the screenshot of the post below:

The post has gained traction, with most engagement expressing pleasant feelings about the post, while some doubt Adeleke’s ability to raise such a huge amount in purchasing PHCN.  @iamvictor_ec said, ‘This is interesting, though. Adedeji Adeleke is diverting to politics 

I will vote 100 billion times. 

@naxsolee doubted the post, saying Adeleke didn’t buy the PHCN; he’s only an INVESTOR (a major one, though); he’s working on connecting his power plant in Ondo to the gas grid and has made no official declaration for presidential participation

NDRFactCheck decided to check this claim.

Verification

Findings show that the claim originated from a parody account, @MRmneyheod, which raises immediate credibility concerns.

There is no official record indicating that Dr Adeleke purchased PHCN for $8 billion or any amount. Nigeria’s power sector was reformed and privatised in phases, beginning with the Electric Power Sector Reform Act of 2005, which led to the unbundling of PHCN.

By 2013, PHCN had been split into 18 successor companies under an 11-6-1 structure, including 11 distribution companies (DisCos), 6 generation companies (GenCos) and 1 Transmission Company of Nigeria (TCN)

These entities were sold separately to various investors. Evidence shows that Adeleke, through Pacific Energy Company Limited, participated as one of several investors in the acquisition of generation assets, not the entire PHCN.

Other notable investors in the sector include Mainstream Energy (Kainji and Jebba Hydro plants), Amperion Power (Geregu plant), and Transcorp/Woodrock Consortium (Ughelli plant)

In 2014, the federal government handed over the Olorunsogo Power Plant to SEPCO Pacific Partners Plc, linked to Adeleke. However, this was part of the broader privatisation process, not a wholesale purchase of PHCN.

Contrary to the viral claim, reports indicate that the total sale of PHCN successor companies was about $2.5 billion, not $8 billion by a single individual.

Additionally, there is no credible evidence that Adeleke has declared any intention to run for president in 2027. He has previously denied similar political rumours in the past when it was claimed he was interested in the 2018 gubernatorial election in Osun State.

NDRFactCheck reached out to Dr Adedeji Adeleke via SMS and WhatsApp for clarification; no response was received.

Conclusion

The claim that Dr Adedeji Adeleke bought PHCN for $8 billion and plans to contest the 2027 presidential election is false.

While he is a significant investor in Nigeria’s power sector, he only acquired stakes in specific generation assets during the privatisation process. The viral post, therefore, misrepresents both his role in the sector and his political intentions.

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