Island Power Limited, a subsidiary of Viathan Engineering Limited benefits from Bank of Indsutry (BoI) Power Intervention Fund Part 3

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Chairman

Mr. Sola Adeeyo is a seasoned professional in the finance, banking and business fields. He holds Bachelors of Arts (Political Science), and Masters in (International Relations) Degrees from the University of New York, Albany, USA and Northeastern University, Boston USA respectively. In 1986 he had a remarkable stint at the Nigeria International Bank (now Citi Bank) and later he joined the Investment Banking and Trust Company (IBTC) in 1989 as Director/Group Head Treasury and is credited with formulating and implementing the strategic direction of the bank. He was also part of the founding management team/owner group that built and nurtured the bank to its enviable position in Nigeria’s banking sector, raising it to become a truly commendable continental brand. In 1991, Mr. Adeeyo served as pioneer Managing Director of Asset Investment Limited, a key player and leading indigenous investment organization which he midwifed and propelled to great heights.

He was appointed a pioneer member of The Treasury and Foreign Exchange Unit by the Federal Government/Central Bank of Nigeria (CBN) between 2012/2013 to help liberalize the nation’s foreign exchange policy. He was also at one time a Director on the board of the Central Securities Clearing System (CSCS) Limited.

Mr. Adeeyo, is an administrator and consummate businessman; and currently functions as Chairman of AXA Mansard Insurance, a leader in the insurance industry; Chairman/CEO of Astral Waters, a potable water production company, and is also a Director and owner of the 65 room 4 star international Protea Hotel Oakwood Park, located on the Lekki/ Epe expressway, Lagos.

Ilupeju Power Plant which has a capacity of 3.88MW and is strategically located with aim to provide uninterrupted power to commercial customers within and around the Ilupeju Industrial Estates and other commercial estates located within the Ilupeju-Mushin axis thereby increasing productivity.

The Lisabi Power Plant which has a present installed capacity of 7MW, while proposed total capacity is put at 60MW; is a partnering effort between Viathan Engineering and The Ogun State Government (OGSG) which aims to build and manage scalable, modular and efficient power plants by implementing IPPs that will reduce the power supply deficit, assure availability of public goods and save costs.

Lekki Peninsula Independent Power Plant (PIPP), a 6.5MW gas fired plant powers critical public infrastructure and social utilities in Lekki, Victoria Island and Ikoyi axis through a 22km dedicated distribution network, using gas fired engines.

It was set up to provide 24/7 stable power supply to Lagos State Water Corporation which include Lekki Water Works, Saka Tinubu Water Works, Oniru Water Works and Alexandra Water Works.

Akute Power Plant operates a 12.15MW Power Plant for Lagos Water Corporation in Akute. This development also incorporates the construction of a 13km natural gas pipeline which delivers natural gas to the facility.

The power plant has helped the Lagos Water Corporation to achieve a 300% increase in its existing capacity utilization, through the delivery of 24 hours uninterrupted electricity supply to its two main water treatment plants (Head Works) at Iju and Adiyan in Lagos State. Both the Iju and Adiyan water treatment plants account for approximately 72% of the total capacity of Lagos Water Corporation.

Lagos State has reported potential savings of about N600 million per annum based on the services enjoyed from the Akute Power Plant, whilst ensuring that many Lagosians have access to uninterrupted supply of potable water to their homes.