Odu’a Investment Company Limited has partnered with Elektron Energy Development Strategies Limited to develop a 50-megawatt gas-fired independent power plant (IPP) in Lagos, in a move aimed at improving electricity supply to one of the state’s key industrial hubs.
The project will be located at the former Cocoa Industries Limited complex within the Ogba Industrial Estate in Ikeja and is designed to deliver dedicated, reliable electricity directly to industrial and commercial users operating within the cluster.
According to a statement by Odu’a Investment, the initiative is expected to reduce businesses’ exposure to grid instability while eliminating reliance on inefficient and costly self-generation methods commonly used by companies in the area.
“This landmark project represents a significant step in Odu’a Investment’s long-term strategy to invest in critical infrastructure that drives economic growth, industrial productivity and sustainable development across southwest Nigeria and the broader national economy,” said Bimbo Ashiru, chairman of the company.
He added that the project would serve as “a strategic catalyst for industrial revitalisation, enhanced energy security, and sustainable economic growth across the Southwest.”
The companies said the plant would be delivered through a jointly established Special Purpose Vehicle (SPV), combining Elektron’s technical, commercial, and regulatory expertise with Odu’a Investment’s regional investment platform.
Tola Talabi, founder and co-chief executive officer of Elektron Energy, described the project as more than just a power generation initiative, emphasising its broader economic impact.
“This project reflects exactly how we think about power at Elektron not as standalone generation, but as enabling infrastructure for economic activity,” Talabi said.
“The Ogba IPP is a targeted intervention in one of Lagos’ most commercially significant corridors, designed to deliver reliable power where it is needed most, and to do so in a way that is scalable, bankable, and sustainable,” he added.
Talabi further noted that the partnership demonstrates how embedded generation can “materially improve industrial productivity, reduce energy costs, and strengthen regional energy resilience.”
The companies also highlighted the expected economic benefits of the project, including job creation during both the construction and operational phases, as well as improved competitiveness for businesses within the Ogba industrial cluster.
Abdulrahman Yinusa, group managing director of Odu’a Investment, said the initiative marks a defining step in advancing industrial development and energy stability in the region.
“The initiative marks a defining step in driving industrial renewal, strengthening energy resilience, and advancing sustainable growth in the Southwest,” Yinusa said.
“Our partnership with Elektron positions Odu’a Investment at the forefront of Nigeria’s evolving energy sector, while delivering lasting value for stakeholders and future generations,” he added.
