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ODU’A Investment Company Limited has entered into a $40m partnership with Elektron Energy Development Strategies Limited (Elektron) 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 IPP is expected to 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.
Elektron is a leading embedded power developer focused on delivering reliable, scalable energy infrastructure.
Explaining the intent of the project, group chairman, Odu’a Investment Company Limited, Otunba Bimbo Ashiru, said the landmark project represented a significant step in company’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.
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The project, he said, represented a strategic catalyst for industrial revitalisation, enhanced energy security, and sustainable economic growth across the South-West.
Otunba Ashiru said, “What we’ve done today is to sign a joint venture agreement between Odua Investment Limited and Elektron Energy Limited for power generation in our former Cocoa Industrial Estates Ltd. And Elektron joined us, came to meet us, agreed that they wanted to partner with us and generate 50 MW of power for $40 million cost.”
He said the independent power project would benefit all the stakeholders.
“It’s going to benefit Odua, it’s going to benefit manufacturing industries, it’s going to create thousands jobs for everyone in Ikeja, not only Ikeja, but also in the whole of Lagos State, because the state is going to key into it, too. So, it benefits everybody, all stakeholders,” he said.
Commenting on the significance of the project and its broader impact, founder and Co-Chief Executive Officer of Elektron Energy Development Strategies Limited, Mr Tola Talabi, said it reflected exactly how they think about power at Elektron.
“Not as standalone generation, but as enabling infrastructure for economic activity,” he said.
According to him, 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.
He said, “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,
Group Managing Director, Odu’a Investment Company Limited,
Mr. Abdulrahman Yinusa said that the initiative marked a defining step toward 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,” he 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.
Dayo Ayeyemi
