Odu’a Investment, Elektron Partner on 50MW Power Plant In Lagos

Odu’a Investment Company Limited has entered into a strategic partnership with Elektron Energy Development Strategies Limited to develop a 50-megawatt gas-fired Independent Power Plant (IPP) at the former Cocoa Industries Limited complex in the Ogba Industrial Estate.

The project is designed to provide dedicated and reliable electricity directly to industrial and commercial users within the Ogba cluster, reducing reliance on the national grid and eliminating the need for costly self-generation.

Beyond improving power supply, the initiative is expected to create jobs during both construction and operational phases, boost business competitiveness within the cluster, and strengthen Lagos’ status as the country’s commercial hub.

The IPP will be executed through a jointly established Special Purpose Vehicle, combining Elektron’s technical and regulatory expertise with Odu’a Investment’s regional investment capacity.

Chairman of Odu’a Investment, Otunba Bimbo Ashiru, described the project as a major step in the company’s long-term infrastructure strategy, aimed at driving economic growth, industrial productivity and sustainable development across South-West Nigeria.

He noted that the initiative would serve as a catalyst for industrial revitalisation, improved energy security and broader economic expansion in the region.

Also speaking, Founder and Co-Chief Executive Officer of Elektron, Tola Talabi, said the project reflects the company’s approach to power development as a driver of economic activity rather than standalone generation.

According to him, the Ogba IPP is a targeted intervention in a key commercial corridor, structured to deliver reliable, scalable and sustainable energy while lowering costs and improving industrial productivity.

Group Managing Director of Odu’a Investment, Abdulrahman Yinusa, added that the partnership positions the company at the forefront of Nigeria’s evolving energy sector, while delivering long-term value for stakeholders.

The development highlights the increasing role of decentralised power solutions in Nigeria’s electricity market, demonstrating how privately financed infrastructure can address energy gaps at the industrial cluster level.