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, 2026, 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.
The IPP 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 Group Chairman of Odu’a Investment Company, Bimbo Ashiru, stated that the project aligns with the company’s broader strategy to invest in infrastructure that supports economic growth and industrial development across the Southwest. He described the initiative as a “strategic catalyst for industrial revitalisation, enhanced energy security, and sustainable economic growth across the Southwest.”
The Founder and Co-Chief Executive Officer of Elektron Energy, Tola Talabi, called the initiative a targeted effort to provide reliable electricity in one of Lagos’ key commercial corridors, ensuring scalability and long-term sustainability. He added, “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.”
Ogba is a bustling, densely populated residential and commercial neighbourhood. 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.
Meanwhile, Oando PLC announced that its joint venture has commenced gas delivery to a newly developed 60-megawatt independent power project in Yenagoa, Bayelsa State. This development follows the inauguration of the 60MW gas-fired independent power plant located in Elebele, Ogbia Local Government Area of Bayelsa State, by President Bola Ahmed Tinubu on April 10, 2026.
Oando's upstream joint venture with NNPC E&P Limited plays a central role in making the power project operational by initiating and supporting the gas supply infrastructure required to run the 60MW plant. The joint venture is solely responsible for supplying gas to the plant under a long-term agreement designed to ensure steady operations.
The NEPL/Oando JV is the sole gas supplier to the plant, with a contracted volume of 11.2 million standard cubic feet per day (11.2 MMSCFD). Gas is delivered via the JV’s Elebele Valve Station, interconnected with a major trunkline, ensuring an uninterrupted feedstock supply to the IPP.
Group Chief Executive of Oando, Wale Tinubu, stated that the initiative is expected to strengthen economic activities in the state by improving power reliability. He added, “By enhancing power reliability, we are helping to unlock new opportunities for businesses, improve living standards, and stimulate broader economic growth across the State.”
The Yenagoa power project is expected to deliver more stable electricity to tens of thousands of homes and businesses in Yenagoa and surrounding communities, a significant development for Bayelsa State, which has long struggled with limited access to reliable electricity.
