Odu’a Investment Company Limited has entered into a strategic partnership with Elektron Energy Development Strategies Limited to develop a 50-megawatt Independent Power Plant (IPP) aimed at boosting electricity supply to industries in Ogba Industrial Estate.
The project, located at the former Cocoa Industries Limited complex in Ikeja, is designed to provide dedicated and reliable electricity to industrial and commercial users within the Ogba cluster, reducing dependence on the national grid and curbing the need for costly self-generation.
In a joint press release issued on April 16, 2026, the partners said the gas-fired power plant would also stimulate economic growth by supporting job creation during construction and operational phases, while enhancing the competitiveness of businesses in the area.
The initiative will be executed through a Special Purpose Vehicle (SPV), combining Elektron’s technical and regulatory expertise with Odu’a Investment’s regional investment strength.
Group Chairman of Odu’a Investment, Bimbo Ashiru, described the project as a landmark step in the company’s long-term strategy to invest in critical infrastructure.
“This project represents a strategic catalyst for industrial revitalisation, enhanced energy security, and sustainable economic growth across the Southwest,” he said.
Also speaking, Founder and Co-Chief Executive Officer of Elektron Energy, Tola Talabi, noted that the project goes beyond power generation to serve as an enabler of economic activity.
He explained that the Ogba IPP is targeted at one of Lagos’ key commercial corridors and is structured to be scalable, bankable, and sustainable, adding that it would significantly improve industrial productivity, reduce energy costs, and strengthen regional energy resilience.
On his part, the Group Managing Director of Odu’a Investment, Abdulrahman Yinusa, said the initiative marks a defining step in driving industrial renewal and advancing sustainable growth in the Southwest.
He added that the partnership positions Odu’a Investment at the forefront of Nigeria’s evolving energy sector while delivering long-term value to stakeholders.
The companies noted that the project reflects the increasing role of decentralised power solutions in Nigeria’s electricity market and highlights the importance of private sector investment in addressing persistent power deficits.
