Odu’a Investment Company Limited has partnered with Elektron Energy Development Strategies Limited to develop a 50-megawatt gas-fired independent power plant at the former Cocoa Industries Limited complex in Ogba, Ikeja.
The project is expected to supply dedicated electricity to industrial and commercial users in the Ogba cluster, helping businesses reduce exposure to grid instability and cut reliance on self-generation.
The companies said the plant would also support job creation during construction and operations, improve business competitiveness in the area and strengthen Lagos’ position as a major commercial and industrial centre.
The power project will be executed through a special purpose vehicle jointly established by both firms, combining Elektron’s technical, commercial and regulatory capacity with Odu’a Investment’s regional investment platform.
Chairman of Odu’a Investment, Otunba Bimbo Ashiru, said the initiative aligns with the company’s long-term strategy to invest in critical infrastructure that supports economic growth, industrial productivity and sustainable development.
He described the project as a catalyst for industrial revitalisation, improved energy security and broader economic growth in the South-West.
Founder and Co-Chief Executive Officer of Elektron Energy, Tola Talabi, said the Ogba project reflects the company’s approach to power as infrastructure that enables economic activity.
He said the plant is designed to deliver reliable electricity in one of Lagos’ key commercial corridors in a manner that is scalable, bankable and sustainable.
Talabi added that the partnership shows how embedded generation can improve industrial productivity, lower energy costs and strengthen regional energy resilience.
Group Managing Director of Odu’a Investment, Abdulrahman Yinusa, said the initiative marks an important step in industrial renewal and positions the company at the forefront of Nigeria’s evolving energy sector.
According to him, the partnership is expected to create lasting value for stakeholders while advancing sustainable growth in the South-West.
The companies said the project highlights the growing role of decentralised power solutions in Nigeria’s electricity market and shows how privately financed infrastructure can help address power shortages in key business corridors.
