By Ariyo Zainab
Odu’a Investment Company Limited (OICL) has inked an agreement with Elektron Energy Development Strategies Limited to develop a 50MW gas-fired Independent Power Plant (IPP) in Ogba, Lagos.
The project, which will be situated within the former Cocoa Industries Complex in Ikeja, is designed to provide dedicated and reliable electricity to industrial and commercial consumers within the Ogba cluster.
This initiative aims to tackle the chronic energy deficits that have long hampered productivity in one of the South-West’s most vital industrial corridors.
Sharing the vision for the project, the Chairman of OICL, Otunba Bimbo Ashiru described the partnership as a core component of the company’s broader strategy to invest in infrastructure that drives economic growth.
He noted that the plant would not only enhance regional energy security but also strengthen the competitiveness of local industries, fostering sustainable development across the South-West.
In a seperate remark, Founder and Co-Chief Executive Officer of Elektron, Mr. Tola Talabi emphasized that reliable electricity is the bedrock of industrial development.
He noted that the project is specifically engineered to solve the dual challenges of unstable grid supply and the prohibitive costs associated with self-generation.
By transitioning to a more stable energy source, businesses within the cluster are expected to operate with greater efficiency and significantly reduced overheads.
The Group Managing Director of Odu’a Investment, Abdulrahman Yinusa, further clarified that the project will be executed through a Special Purpose Vehicle (SPV), leveraging the combined technical and financial strengths of both organizations.
This collaborative approach is intended to ensure long-term value creation and the timely delivery of the facility.
Beyond power generation, the plant is expected to be a catalyst for socio-economic advancement by creating jobs during both the construction and operational phases.
Stakeholders have lauded the initiative, noting its alignment with the rising demand for alternative power solutions as Nigerian businesses increasingly seek independence from the national grid.
By reinforcing Lagos’s status as a commercial hub, the partners have reaffirmed their commitment to building the sustainable energy infrastructure necessary for the region’s future prosperity.