Odu’a Investment Company Limited, in partnership with Elektron Energy Development Strategies Limited, is set to build a 50-megawatt (MW) gas-fired Independent Power Plant (IPP) at the Ogba Industrial Estate in Ikeja, Lagos, to improve electricity supply for businesses in the area.
The project was announced on Thursday, April 16, in a joint statement by Odu’a Investment Company Limited and Elektron Energy Development Strategies Limited.
Under the partnership, Elektron Energy will lead the technical, commercial, and regulatory aspects of the project, while Odu’a Investment Company will provide its regional investment platform and long-term capital support to drive execution.
What they are saying
According to the statement, the project is designed to provide consistent and dedicated electricity to industrial and commercial users in the Ogba cluster, helping them avoid grid disruptions and reducing reliance on costly self-generation.
- “The IPP will deliver dedicated, reliable electricity directly to industrial and commercial users within the Ogba cluster, reducing exposure to grid instability and eliminating the need for inefficient self-generation,” the statement said.
Speaking on the project, the Group Chairman of Odu’a Investment Company, Bimbo Ashiru, said it aligns with the company’s broader strategy to invest in infrastructure that supports economic growth and industrial development across the Southwest.
- “This project represents a strategic catalyst for industrial revitalisation, enhanced energy security, and sustainable economic growth across the Southwest,” Ashiru said.
Also commenting, the Founder and Co-Chief Executive Officer of Elektron Energy, Tola Talabi, described the initiative as a targeted effort to provide reliable electricity in one of Lagos’ key commercial corridors while ensuring scalability and long-term sustainability.
- “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, and to do so in a way that is scalable, bankable, and sustainable,” Talabi said.
More insights
Ogba is a bustling, densely populated residential and commercial neighbourhood located within the Ikeja Local Government Area and the Ojodu LCDA of Lagos Mainland.
- The planned power plant is expected to significantly improve electricity reliability for businesses in the area by supplying power directly to users, shielding them from frequent grid failures and reducing dependence on diesel generators.
- Beyond power supply, the project is projected to create jobs during both construction and operational phases, while boosting productivity and competitiveness among businesses in the industrial cluster.
The initiative will be executed through a Special Purpose Vehicle (SPV), which brings together Elektron’s expertise in power development and Odu’a Investment’s regional investment strength, ensuring efficient delivery and long-term sustainability.
What you should know
The independent power project is part of a broader shift enabled by regulatory changes, as Lagos is among the 15 states in Nigeria that have established their own electricity regulatory frameworks.
- In December 2024, the Nigerian Electricity Regulatory Commission transferred oversight of the electricity market in Lagos to the Lagos State Electricity Regulatory Commission. The state fully transitioned to this new structure on June 4, 2025, following the passage of one of the country’s most ambitious subnational electricity laws.
Since then, Lagos has attracted significant private investment into gas-fired and renewable energy projects, as it works to reduce reliance on the national grid and improve power supply across key industrial zones such as Ikeja, Lekki, and Apapa.
