Odu'a Investment Company Limited and Elektron Energy Development Strategies Limited have signed a $40 million joint‑venture to build a 50‑megawatt gas‑fired independent power plant (IPP) on the former Cocoa Industries Limited complex in the Ogba Industrial Estate, Ikeja, Lagos. The plant will feed dedicated electricity directly to industrial and commercial users within the Ogba cluster, aiming to curb reliance on an unstable national grid and eliminate the need for costly self‑generation.
The project will be executed through a newly created Special Purpose Vehicle that merges Elektron's technical, commercial and regulatory know‑how with Odu'a's regional investment platform. Otunba Bimbo Ashiru, group chairman of Odu'a Investment, described the venture as a "significant step" in the company's long‑term strategy to fund critical infrastructure that drives economic growth, industrial productivity and sustainable development across South‑West Nigeria and the nation. He added that the IPP will benefit Odu'a, manufacturing firms and create "thousands of jobs for everyone in Ikeja, not only Ikeja, but also in the whole of Lagos State".
Elektron's founder and Co‑CEO, Tola Talabi, said the plant is an "enabling infrastructure for economic activity", designed to be scalable, bankable and sustainable. Group Managing Director Abdulrahman Yinusa noted that the partnership positions Odu'a Investment at the forefront of Nigeria's evolving energy sector while delivering lasting value for stakeholders and future generations. The initiative reflects a broader move toward privately financed, decentralized power solutions to address Nigeria's electricity deficit.
Otunba Bimbo Ashiru presents the venture as a catalyst for thousands of jobs in Ikeja and Lagos State. The $40 million, 50 MW gas‑fired IPP is intended to supply reliable power to the Ogba industrial cluster, reducing dependence on an unreliable national grid. If the plant operates as planned, construction and operational staff will gain employment and manufacturers could benefit from lower electricity costs, enhancing their competitiveness. The agreement signals growing confidence in privately financed, decentralized power projects to fill Nigeria's energy gaps.
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