Odu’a Investment, Elektron Energy partner on 50MW Ogba Power Plant to boost Lagos industrial energy supply
L-R: Mr Abdulrahman Yinusa, Group Managing Director, Odu’a Investment Company Limited, Otunba Bimbo Ashiru, Group Chairman; Mr Tola Talabi, founder and Co Chief Executive Officer, Elektron Energy and Mr Ayomide Oladapo, Executive Director, Commercial Development, Elektron, at the Signing Ceremony of the 50MW Independent Power Plant (IPP)JV between Odu’a Investment Company Limited and Elektron Limited held at the Odu’a liaison Office, Western House, Lagos State on Thursday
Nike Popoola
Odu’a Investment Company Limited (“Odu’a Investment”) has entered into a strategic partnership with Elektron Energy Development Strategies Limited (“Elektron”), a leading embedded power developer focused on delivering reliable, scalable energy infrastructure, to develop a 50-megawatt (MW) gas-fired Independent Power Plant (IPP) at the former Cocoa Industries Limited (CIL) Complex within the Ogba Industrial Estate in Ikeja, Lagos.
This deal was signed in Lagos on Thursday. Present at the signing ceremony were Dr Demola Sogunle, Chairman Stanbic IBTC Pension, Mr Olawale Moronkeji, Chief Operating Officer Phillips Consulting, Mr Irawola Ayodeji, Chairman Aggregate Utilities, the Board of Odu’a and subsidiaries and MDs of subsidiary companies
The IPP will deliver dedicated, reliable electricity directly to industrial and commercial users within the Ogba cluster, reducing exposure to grid instability and eliminating the need for inefficient self-generation.
Beyond immediate users, the project is expected to support job creation across construction and operations, strengthen the competitiveness of businesses within the cluster, and reinforce Lagos’ position as Nigeria’s commercial and industrial hub.
The project will be delivered through a jointly established Special Purpose Vehicle (SPV), combining Elektron’s technical, commercial, and regulatory expertise with Odu’a Investment Company’s regional investment platform.
Explaining the intent of the project, Otunba Bimbo Ashiru, Group Chairman, Odu’a Investment Company Limited 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 Southwest.”
Commenting on the significance of the project and its broader impact, Mr. Tola Talabi, Founder and Co-Chief Executive Officer of Elektron Energy Development Strategies Limited, 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. Our partnership with Odu’a Investment Company brings together long-term capital and execution capability, and demonstrates how embedded generation can materially improve industrial productivity, reduce energy costs, and strengthen regional energy resilience.”
Highlighting the execution approach and partnership strength, Mr. Abdulrahman Yinusa, Group Managing Director, Odu’a Investment Company Limited, said that: “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.”
The project reflects the growing role of decentralised power solutions within Nigeria’s evolving electricity market, and demonstrates how targeted, privately financed infrastructure can address power deficits at a corridor level.
