Odu’a Investment Company Limited has partnered with Elektron Energy Development Strategies Limited to develop a 50-megawatt gas-fired Independent Power Plant in the heart of Lagos’ industrial corridor.
The project, sited at the former Cocoa Industries Limited Complex within the Ogba Industrial Estate, represents a $40m investment aimed at providing dedicated, uninterrupted power to one of the state’s most critical commercial hubs.
This was disclosed during the signing ceremony of the $40m 50MW IPP in Lagos on Thursday.
The initiative will be executed through a Special Purpose Vehicle, merging Odu’a Investment’s regional reach with Elektron’s technical track record in embedded power solutions. By delivering electricity directly to industrial users, the plant seeks to eliminate the costly reliance on unstable grid supply and expensive diesel generators.
Speaking on the development, the Group Chairman of Odu’a Investment Company Limited, Otunba Bimbo Ashiru, emphasised the strategic importance of the venture.
He said, “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 South-West Nigeria and the broader national economy. This project represents a strategic catalyst for industrial revitalisation, enhanced energy security, and sustainable economic growth across the South-West.”
For Elektron Energy, the project is less about simple generation and more about creating a foundation for business success. The Founder and Co-CEO of Elektron Energy, Tola Talabi, highlighted the transformative potential of the Ogba IPP.
He said, “This project reflects exactly how we think about power at Elektron. Not as standalone generation but as enabling infrastructure for economic activity. 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.”
The partnership is expected to lower production costs for manufacturers significantly, many of whom currently operate on self-generation year-round.
The Group Managing Director of Odu’a Investment, Abdulrahman Yinusa, noted that the move positions the company at the forefront of the nation’s energy evolution.
He said, “The initiative marks a defining step in driving industrial renewal, strengthening energy resilience, and advancing sustainable growth in the Southwest. 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.”
This decentralised power solution arrives as Nigeria’s electricity market continues to evolve, demonstrating a growing shift toward privately financed, corridor-level infrastructure to address the nation’s energy deficit.
