Odu’a Investment, Elektron Energy Partner On 50MW Ogba IPP To Power Lagos Industrial Cluster
By Rashidat Olushola Okunlade
Odu’a Investment Company Limited has entered into a strategic partnership with Elektron Energy Development Strategies Limited to develop a 50-megawatt (MW) gas-fired Independent Power Plant (IPP) within the Ogba Industrial Estate in Ikeja, Lagos.
The project, sited at the former Cocoa Industries Limited (CIL) complex, is designed to deliver dedicated and reliable electricity directly to industrial and commercial users in the Ogba cluster—significantly reducing dependence on Nigeria’s unstable grid and costly self-generation.
Structured through a jointly established Special Purpose Vehicle (SPV), the initiative combines Elektron’s technical and commercial execution capabilities with Odu’a Investment’s regional investment strength and long-term capital base.
Driving Industrial Productivity and Energy Security
The embedded power solution is expected to improve operational efficiency for businesses within the cluster, lower energy costs, and enhance overall industrial productivity. It also positions Lagos more firmly as Nigeria’s leading commercial and manufacturing hub.
Beyond power delivery, the project is projected to generate employment across construction and operational phases, while strengthening energy resilience within one of Lagos’ most commercially strategic corridors.
Strategic Intent and Leadership Perspective
Group Chairman of Odu’a Investment Company Limited, Otunba Bimbo Ashiru, described the initiative as a cornerstone of the company’s infrastructure-led growth strategy.
“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 Southwest Nigeria and the broader national economy.
It is a strategic catalyst for industrial revitalisation, enhanced energy security, and sustainable economic growth.”
Founder and Co-CEO of Elektron Energy Development Strategies Limited, Tola Talabi, framed the project as a targeted intervention in Nigeria’s power ecosystem.
“We see power not as standalone generation, but as enabling infrastructure for economic activity.
The Ogba IPP is designed to deliver reliable energy where it is needed most—within a commercially significant corridor—while remaining scalable, bankable, and sustainable.
This partnership demonstrates how embedded generation can materially improve industrial productivity, reduce energy costs, and strengthen regional energy resilience.”
Also speaking, Group Managing Director of Odu’a Investment Company Limited, Abdulrahman Yinusa, emphasised the broader economic implications:
“This initiative marks a defining step in driving industrial renewal, strengthening energy resilience, and advancing sustainable growth in the Southwest.
It positions Odu’a Investment at the forefront of Nigeria’s evolving energy landscape while delivering long-term value to stakeholders.”
A Shift Toward Decentralised Power
The Ogba IPP underscores the increasing relevance of decentralised and embedded generation models in Nigeria’s electricity market. By delivering corridor-specific solutions, privately financed infrastructure such as this project is emerging as a practical response to persistent grid constraints.
The event was attended by key industry stakeholders, including Dr. Demola Sogunle, Mr. Olawale Moronkeji, Mr. Irawola Ayodeji, alongside members of the Odu’a board and executives of its subsidiary companies.
