Elektron EnergyDevelopment Strategies Limited enteredinto a strategic partnership with Odu’a Investment Company Limited (“Odu’aInvestment”) to develop a 50-megawatt (MW) gas-fired Independent Power Plant(IPP) at the Cocoa Industries Limited (CIL) Complex within the Ogba IndustrialEstate in Ikeja, Lagos.
The project represents a key step in Elektron’s strategy to deployregionally targeted power infrastructure that addresses critical energy gaps inNigeria’s most commercially active corridors, enabling sustained industrialproductivity and long-term economic growth.
Designed as anembedded generation solution, the IPP will deliver dedicated, reliableelectricity directly to industrial and commercial users within the Ogbacluster, reducing exposure to grid instability and eliminating the need forinefficient self-generation.
As one of Lagos’ most active industrial zones, Ikejahas long faced unreliable grid supply, with businesses relying heavily onself-generation to sustain operations. By improvingpower reliability at the cluster level, the project will enable more consistentproduction and unlock operational efficiency for manufacturers and SMEs withinthe area.
Beyond immediate users, the project is expected tosupport job creation across construction and operations, strengthen thecompetitiveness of businesses within the cluster, and reinforce Lagos’ positionas Nigeria’s commercial and industrial hub.
The project will be delivered through ajointly established Special Purpose Vehicle (SPV), combining Elektron’stechnical, commercial, and regulatory expertise with Odu’a Investment Company’sregional investment platform.
For Elektron, theOgba IPP represents a clear expression of its embedded generation model inpractice. The project is designed to deliver reliable, localised power directlyinto one of Lagos’ most energy-constrained industrial clusters, where demand isboth concentrated and commercially critical.
Commenting on thesignificance of the project and its broader impact, Mr Tola Talabi, Founder andChief Executive Officer of Elektron Energy Development Strategies Limited,said:
“This projectreflects exactly how we think about power at Elektron. Not as standalonegeneration, but as enabling infrastructure for economic activity. The Ogba IPPis a targeted intervention in one of Lagos’ most commercially significantcorridors, designed to deliver reliable power where it is needed most, and todo so in a way that is scalable, bankable, and sustainable. Our partnershipwith Odu’a Investment Company brings together long-term capital and executioncapability, and demonstrates how embedded generation can materially improveindustrial productivity, reduce energy costs, and strengthen regional energyresilience.”
From an investmentand regional development perspective, Otunba Bimbo Ashiru, Group Chairman,Odu’a Investment Company Limited, added:
“This project transcends the scope of aconventional power plant; it represents a strategic catalyst for industrialrevitalisation, enhanced energy security, and sustainable economic growthacross the Southwest. Our partnership with Elektron will position Odu’aInvestment at the forefront of Nigeria’s evolving energy landscape, whiledelivering long-term value to our stakeholders and securing lasting benefitsfor future generations
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