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.
The Odua management said at the joint venture signing ceremony held on Thursday at Western House, Lagos, that the IPP would 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.
Odua Investment stated that 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.”
While explaining the intent of the project, Group Chairman, Odu’aInvestment Company Limited, Otunba Bimbo Ashiru, 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.”
Commenting on the significance of the project and its broader impact on the Nigerian economy and social development, Founder and Co-Chief Executive Officer of Elektron Energy Development Strategies Limited, Mr. Tola Talabi, 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.”
Talabi added, “Today, we are taking a significant step in a journey to provide reliable, efficient and uninterrupted power to what is one of the most critical industrial corridors of South-West Nigeria.
“Reliable power remains the backbone of industrial development: no economy can truly thrive, no factory can operate efficiently, and no industrial hub can compete globally without reliable electricity. With today’s signing, we are taking decisive action to improve power supply for this cluster.”
Talabi said, “This collaboration is built on a shared commitment to support industrial growth and deliver reliable energy where it is needed most.
“At Elektron, we believe power is more than just electricity. It is the enabling infrastructure for economic activity.
“It is what allows businesses to run, grow, and succeed. Without reliable power, productivity drops, costs rise, and opportunities are lost.”
He stated, “Our partnership with Odu’a Investment Company brings together Elektron’s technical and commercial expertise with Odua’s robust regional investment platform and long-term capital.
“This synergy demonstrates how embedded generation can significantly improve industrial productivity, reduce energy costs, and strengthen regional energy resilience.”
He disclosed the 50MW IPP would provide reliable, dedicated power to businesses within one of Lagos’ most important industrial areas.
According to Talabi, “This means less dependence on unstable grid supply and a move away from costly, inefficient self-generation. With consistent power, businesses can operate more efficiently, plan with confidence, and focus on growth.
“Beyond that, this project will create jobs, improve productivity, and strengthen Lagos as a leading commercial and industrial hub. tI is a practical solution with real economic impact.
“This initiative is a strategic catalyst for industrial revitalisation, enhanced energy security, and sustainable economic growth across the region and the broader national economy.
“This power plant model reflects the future of power ni Nigeria: targeted, reliable, and built around the needs of identified clusters.
“We are proud to be part of this transformation, and we remain committed to delivering energy solutions that support growth and create lasting value.”
Highlighting the execution approach and partnership strength, Group Managing Director, Odu’a Investment Company Limited, Mr. Abdulrahman Yinusa, stated, “The initiative marks a defining step in driving industrial renewal, strengthening energy resilience, and advancing sustainable growth in the South-west.
“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.”
Yinusa said, “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.”
Sunday Okobi
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