Odu’a Investment Company Limited has entered into a joint venture with Elektron Energy Development Strategies Limited to develop a 50-megawatt gas-fired Independent Power Plant (IPP) aimed at delivering reliable electricity to industrial and commercial users within the Ogba Industrial Estate in Ikeja, Lagos.
The agreement was formalised at a signing ceremony held at Odu’a’s liaison office, Western House, Lagos, with top executives from both organisations and other stakeholders in attendance.
Those present at the event included the Group Managing Director of Odu’a Investment, Abdulrahman Yinusa; the Group Chairman, Otunba Bimbo Ashiru; Founder and Co-Chief Executive Officer of Elektron Energy, Tola Talabi; and the company’s Executive Director, Commercial Development, Ayomide Oladapo, among others.
The project is designed to provide stable and efficient power supply, reducing reliance on the national grid and eliminating the need for costly self-generation by businesses.
Elektron Energy, known for its focus on embedded power solutions, will bring its technical, commercial and regulatory expertise to the partnership, while Odu’a Investment will provide its regional investment platform and long-term capital.
Speaking at the event, Chairman of Odu’a Investment, Otunba Bimbo Ashiru, described the initiative as a major milestone in the company’s long-term strategy to invest in critical infrastructure that supports economic growth and industrial productivity.
He noted that the project would serve as a catalyst for industrial revitalisation, enhanced energy security and sustainable development across the South-West and the country at large.
Also speaking, Tola Talabi emphasised that the project aligns with Elektron’s vision of power as a key enabler of economic activity, rather than just electricity generation.
According to him, the Ogba IPP is a targeted intervention designed to deliver reliable power to one of Lagos’ most commercially significant corridors, adding that the partnership demonstrates how embedded generation can improve productivity, reduce energy costs and strengthen energy resilience.
While highlighting the broader impact of the project, he that reliable electricity remains the backbone of industrial development.
Adding that ” the 50MW power plant would provide dedicated and consistent energy to businesses in the Ogba industrial hub, enabling them to operate more efficiently, reduce operational costs and plan for expansion with greater confidence.
Beyond improved power supply, the project is expected to generate employment opportunities during construction and operational phases, while strengthening Lagos’ status as Nigeria’s leading commercial and industrial centre.
In his remarks, Odu’a Investment’s Group Managing Director, Abdulrahman Yinusa, said the initiative marks a defining step in driving industrial renewal and advancing sustainable growth in the region.
He added that the collaboration positions the company at the forefront of Nigeria’s evolving energy sector while creating long-term value for stakeholders
The initiative also reflects the growing shift towards decentralised and privately financed energy solutions in Nigeria, aimed at addressing persistent power challenges through targeted infrastructure development.
