WorldStage– A Nigeria’s regional conglomerate, Odu’a Investment Company Limited, has partnered with Elektron Energy to develop a $40 million, 50-megawatt (MW) gas-fired Independent Power Plant (IPP) at the Ogba Industrial Estate in Lagos.
The project aims to provide reliable, dedicated electricity to industrial users, enhancing productivity and reducing reliance on the national grid, with full commissioning targeted for late 2026.
Odu’a Investment Company Limited (OICL) is a premier strategic investment and asset management firm founded in 1976, owned by the six Southwestern states of Nigeria – Oyo, Ondo, Ogun, Osun, Ekiti, and Lagos.
The agreement, formalised through a Memorandum of Understanding (MoU) signed in Ibadan, sets out a sweeping plan to deliver stable and sufficient power to six states, Oyo, Ogun, Osun, Ondo, Ekiti and Lagos, collectively home to more than 40 million people.
The announcement has been met with cautious optimism among business leaders and residents, many of whom have endured years of erratic electricity supply that has constrained productivity, increased operating costs and disrupted daily life.
Further details, including generation capacity, financing arrangements and specific project sites, are expected to be disclosed in the coming weeks as the partnership transitions from agreement to execution.
The initiative is expected to significantly ease the region’s long-standing dependence on Nigeria’s overstretched national grid.
Under the proposed framework, the joint venture will design and deploy a fully integrated electricity ecosystem, spanning large-scale generation, modernised transmission infrastructure and an expanded distribution network.
The project’s scope reflects a deliberate shift toward decentralised, region-led solutions to Nigeria’s chronic power shortages.
Both parties signalled urgency and intent at the signing ceremony, indicating that groundwork and early-stage implementation could begin within months.
Full commissioning of the project is tentatively targeted for the end of 2026, subject to regulatory approvals and financing milestones.
Headquartered in Cocoa House, Ibadan, Odu’a Investment company manages a diversified portfolio in real estate, agriculture, hospitality, financial services, and ICT.
A Special Purpose Vehicle (SPV) has been established, with Elektron leading on technical and regulatory aspects and Odu’a providing investment support.
The project is valued at approximately $40 million. Elektron holds a 93% stake, with Odu’a Investment holding 7% and contributing land.
The initiative is designed to boost industrial output in the Southwest, particularly Lagos, by offering a stable power supply.
This project highlights a strategic move by Odu’a Investment to strengthen regional energy infrastructure and support industrial growth.
