Odu’a Investment and Elektron to Build 50MW Power Plant

On April 16, Odu’a Investment Company Limited and Elektron Energy Development Strategy Limited announced a partnership to develop a 50 megawatt (MW) gas-fired independent power plant (IPP) in Ogba Industrial Estate, Ikeja, Lagos. The project aims to enhance electricity supply for businesses in the area.

Odu’a Investment will provide regional investment platforms and long-term capital support, while Elektron Energy will lead the technical, commercial, and regulatory aspects of the project. The power plant is designed to deliver consistent electricity to industrial and commercial users in the Ogba cluster, reducing reliance on costly self-generation and avoiding grid disruptions.

Bimbo Ashiru, Group Chairman of Odu’a Investment, emphasized the project’s alignment with the company’s broader strategy to invest in infrastructure that supports economic growth across the southwest. Tola Talabi, Co-CEO of Elektron Energy, highlighted the initiative's goal of providing reliable electricity along the Lagos-Kei commercial corridor.