Odu’a Investment Company Limited has entered into a partnership with Elektron Energy Development Strategies Limited to build a 50 megawatt power plant aimed at improving electricity supply for businesses in Lagos.
The project is a gas fired Independent Power Plant planned for the Ogba Industrial Estate in Ikeja. It will be located at the former Cocoa Industries Limited complex and is designed to provide steady electricity directly to industries and commercial users in the area.
This initiative is expected to tackle the long standing problem of unreliable power supply that has slowed down productivity in the industrial cluster. By delivering dedicated electricity, businesses in the area will depend less on the national grid and reduce the cost of running generators.
Speaking on the project, the Chairman of Odu’a Investment, Otunba Bimbo Ashiru, described it as more than just a power project. He said, “This 50-megawatt project is not simply a power plant. It is a statement of intent to solve critical economic challenges, particularly the energy constraints that have limited industrial growth for decades.”
The partnership will operate through a Special Purpose Vehicle, with Elektron holding a majority stake while Odu’a retains a smaller equity share. Odu’a is also contributing land for the project and will earn returns through royalties from electricity sales.
The plant is estimated to cost about 40 million dollars and is expected to deliver wide economic benefits. According to Ashiru, “It’s going to benefit Odua, it’s going to benefit manufacturing industries, it’s going to create thousands jobs for everyone in Ikeja, not only Ikeja, but also in the whole of Lagos State.”
Elektron Energy’s leadership also highlighted the broader importance of the project. The company noted that reliable electricity is essential for economic growth, stressing that consistent power supply will allow businesses to operate efficiently, reduce costs and expand operations.
“This means less dependence on unstable grid supply and a move away from costly, inefficient self-generation. With consistent power, businesses can operate more efficiently, plan with confidence, and focus on growth,” the company stated.
The project is also expected to improve industrial productivity, strengthen energy security and support long term development in the South West region. It reflects a growing shift toward embedded power solutions that deliver electricity directly to key economic zones rather than relying solely on the national grid.
In addition to improving power supply, the initiative is projected to create jobs during both construction and operation phases. It will also help position Lagos as a stronger commercial and industrial hub by providing the reliable infrastructure needed for business growth.
Overall, the Odu’a and Elektron partnership represents a strategic move to address one of Nigeria’s biggest economic challenges power supply while supporting industrial expansion and sustainable development.
