Odu’a Investment Company Limited has signed a strategic partnership with Elektron Energy Development Strategies Limited to develop a 50-megawatt (MW) gas-fired Independent Power Plant (IPP) at the former Cocoa Industries Limited (CIL) Complex in the Ogba Industrial Estate, Ikeja, Lagos.
The project, valued at approximately $40 million, marks Odu’a Investment Company’s first investment in the power sector. It aims to provide dedicated, reliable, and uninterrupted electricity directly to industrial and commercial users within the Ogba industrial cluster. The IPP is expected to significantly reduce dependence on the unstable national grid and eliminate the need for costly and inefficient self-generation using diesel generators.
The initiative will be implemented through a jointly established Special Purpose Vehicle (SPV) that combines Odu’a Investment’s regional investment platform and long-term capital with Elektron Energy’s technical expertise, commercial capabilities, and regulatory experience in embedded power solutions.
Speaking at the signing ceremony held in Lagos on Thursday, Otunba Bimbo Ashiru, Group Chairman of Odu’a Investment Company Limited, described the project as a key milestone in the company’s strategy to drive critical infrastructure development across South-West Nigeria.
“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. It will serve as a strategic catalyst for industrial revitalisation, enhanced energy security, and sustainable economic growth,” Ashiru said.
Mr. Tola Talabi, Founder and Co-Chief Executive Officer of Elektron Energy Development Strategies Limited, emphasised the project’s focus on enabling economic activity through reliable power.
“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, in a scalable, bankable, and sustainable manner,” Talabi stated.
He added that the partnership brings together long-term capital and strong execution capability, demonstrating how embedded generation can improve industrial productivity, lower energy costs, and strengthen regional energy resilience.
Also commenting on the development, Mr. Abdulrahman Yinusa, Group Managing Director of Odu’a Investment Company Limited, noted that the initiative marks a defining step in advancing industrial renewal and energy resilience in the Southwest.
“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.
Odu’a Investment Company Limited is a major Nigerian conglomerate and investment holding firm jointly owned by the governments of the six South-West states — Oyo, Ogun, Ondo, Osun, Ekiti, and Lagos. Established in 1976, the company manages a diverse portfolio of assets aimed at promoting regional economic growth.
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