Ondo State Development & Investment Promotion Agency

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ONDO MOVES TO BOOST POWER GENERATION & DISTRIBUTION, GRANTS LICENSES FOR 100MW PLANT

Ore Power Limited & Valiant Energy Company Ltd Receive Landmark Licenses from Ondo State Electricity Regulatory Bureau to Operate and Expand the Ore IPP.
The Ondo State Government has taken a decisive step toward energy self-sufficiency with the formal grant of an operating license to Ore Power Limited — a jointly-owned power generation company, and another operating license to Valiant Electricity Limited – a power distribution company by the Ondo State Electricity Regulatory Bureau (OSERB). The licenses authorize the operation of the Ore 30MW Independent Power Plant (IPP), with a clear pathway for expansion to a total installed capacity of 100MW: 60MW dedicated to powering the Liquefied Natural Gas (LNG) Plant and 40MW injected directly into the Ondo State Electricity Grid. The LNG Production Plant is projected to operate at a capacity of 2,000 Tons Per Day (100 MMSCFD) at full development.

This landmark achievement is anchored in the Ondo State Electric Power Sector Law 2020, which empowers Ondo State to independently generate, distribute, and regulate electricity — a function previously controlled exclusively by the Federal Government through the Nigerian Electricity Regulatory Commission (NERC).

Speaking at the event, the Chief Executive Officer of the Ondo State Development and Investment Promotion Agency (ONDIPA), Emmanuel Omomowo Esq, who was ably represented by the Director of Business Development, Engr. Femi Akarakiri, emphasized the State’s proactive approach to attracting credible investors into critical sectors. He noted that Ondo State remains committed to creating an enabling environment for private sector participation, particularly in the energy space, which is pivotal to economic growth and industrialization.

Also speaking, the State Coordinator of the Ondo State Electricity Regulatory Bureau (OSERB), Engr. Stephen Olugbenga Bolawole, stated that the initiative aligns squarely with the policy direction of the State Government. He explained that the development is driven by the legal framework provided under the Ondo State Electric Power Sector Law, 2020, which governs electricity market operations within the State.

Speaking on behalf of the investor, the President of Valiant Group (the parent company of the various Valiant companies, including ASB Valiant Company Limited), Ayodele Ikumapayi, expressed confidence in Ondo State’s leadership in Nigeria’s power sector. He noted that the State possesses the human and natural resources required to achieve energy self-sufficiency.
He commended the State Government for creating a conducive investment climate and revealed that the company is partnering with Ondo State through Ore Power Limited to revitalize and expand power infrastructure.

The Work N Play Group, organizers of the 2026 Ondo Auto Rally, staged the 9th edition of Nigeria's premier motorsport event on Saturday, 4th April 2026, starting with the On-Road event at the front of Government House, Alagbaka, Akure to be followed by the Off-Road racing at the dedicated circuit located in Smokin Hills Golf Course, Ilara-Mokin, Ondo State. The event brings together motorsport enthusiasts, investors, and development stakeholders in a celebration of speed, innovation, and economic opportunities.

Speaking during the flag-off ceremony at the Government House Grounds, His Excellency, Dr. Lucky Orimisan Aiyedatiwa, Executive Governor of Ondo State and Chairman of ONDIPA, praised the promoter of the Ondo Auto Rally and the Managing Director of Work and Play Group for their vision, resilience, and sustained commitment to building a nationally recognized motorsport platform.

The Governor described the rally as “the first of its kind in Nigeria, proudly initiated and sustained in Ondo State,” noting that its continued success underscores the state’s growing capacity to host large-scale, high-impact events.

Mr. Governor also acknowledged the consistent role of ONDIPA in ensuring the sustainability of the auto rally since its inception, emphasizing the Agency’s alignment with the administration’s broader economic development agenda.

The State is actively transitioning from automobile consumption to automobile production—building an ecosystem that encompasses vehicle assembly, components manufacturing, and EV charging infrastructure. The rally serves as the flagship platform to communicate this vision to investors and industry partners at both national and international levels.

As part of the Investment Promotion drive of the state, Ondo State Development and Investment Promotion Agency (ONDIPA) is live at the WORK & PLAY ONDO AUTO RALLY 2026 happening live at Government house, Alagbaka Akure.

The Ondo auto rally is a direct product of the investment friendly policies champion by His Excellency, The Executive Governor of Ondo State , Gov Lucky Aiyedatiwa and the Chairman of ONDIPA whose administration has consistently priorize tourism and private sector development.

Invest in Ondo. Invest in Your Future. 🌟

A new month means a new chance to make moves that matter. Ondo State is brimming with opportunities waiting to be unlocked, and the time to act is now.

When you invest in Ondo, you're not just growing your personal wealth — you're fueling a thriving economy, empowering communities, and becoming part of a bigger, bolder story.

This April, don't sit on the sidelines. Be the change. Be the growth. Be the future. 💰🚀

Explore what ONDIPA has in store for you today.

Eid Mubarak 🌙! Wishing all our Muslim brothers and sisters peace, joy, and lots of love today.

ONDIPA FACILITATES LANDMARK JOINT VENTURE ARRANGEMENT FOR THE REVAMP AND OPERATION OF ONDO STATE’S 30 MW TRI-FUEL POWER PLANT WITH THE ESTABLISHMENT OF A 2,000TPD LNG PRODUCTION FACILITY AT ORE, BOTH VALUED AT $439M.

The Ondo State Development and Investment Promotion Agency (ONDIPA) has successfully facilitated a landmark Joint Venture Agreement between the Ondo State Government (ODSG) and ASB Valiant Company Limited. The agreement covers the revamp, management, and operation of the ODSG 30 MW Tri-Fuel Independent Power Plant (IPP) at the Ore International Industrial Park, Omotosho, in Odigbo Local Government Area of Ondo State.

Alongside the power plant revival, the JV Agreement anchors the establishment of a phased, modular Small Scale Liquefied Natural Gas (SSLNG) Production Plant with a capacity of 2,000 Tons Per Day (TPD) — equivalent to 720,000 Tons Per Annum (TPA) — to be developed by Valiant Energy Limited, a subsidiary of the Valiant Group. Together, these twin projects will create an integrated energy corridor within the Ore Industrial Park, with profound implications for industrialization, employment, revenue generation, and economic growth across Ondo State and the broader South-West region of Nigeria.

The Joint Venture Agreement was formally executed on Thursday, 12th March 2026, at the Office of the Secretary to the State Government, Governor's Office, Akure. Key signatories and witnesses included Dr. Taiwo Fasoranti, Secretary to the State Government; Mr. Emmanuel Omomowo, CEO of ONDIPA; Mr. Kola Adeniyi, Secretary and Legal Adviser of ONDIPA; and Dr. Ayodele Ikumapayi, President and CEO of ASB Valiant Company Limited and Valiant Energy Company Limited.

The Ondo State 30 MW IPP is one of the state's most significant infrastructure investments. Between 2012 and 2014, the ODSG acquired two Solar Turbines Titan 130 Tri-Fuel Industrial Gas Turbine Generator units, each rated at 15 MW, capable of operating on Natural Gas, LPG, and Diesel. Despite being fully constructed, the plant remained non-operational for over eight years due to the absence of a gas pipeline linking the Escravos-Lagos Pipeline System (ELPS) to the Ore Industrial Park, and the lack of a transmission line connecting the park to the nearby 33kV electricity grid.

Resolving these infrastructure gaps now falls under ASB Valiant's core responsibilities within the JV Agreement. The Ondo State Government, through ONDIPA, retains a majority equity stake in the new entity — Ore Power Limited — reflecting both the substantial value of the existing asset and the state's public interest in the project.

The revival of this project is a direct product of the purposeful and investor-focused leadership of His Excellency, Governor Lucky Orimisan Aiyedatiwa, Chairman of ONDIPA. Under his administration's 'OUR EASE' agenda — a seven-pillar policy framework designed to foster economic prosperity, infrastructure development, and industrial empowerment — Ondo State has deliberately engaged credible private sector partners to complement state resources in delivering transformative infrastructure.

Governor Aiyedatiwa's commitment to de-risking investment, guaranteeing security of tenure for project assets, and maintaining transparent, investor-friendly governance has been widely acknowledged by investors as a decisive factor in their choice to commit capital to Ondo State. The Ore IPP revival stands as clear testament to the confidence his administration has inspired in both domestic and international business communities.

Speaking at the signing, ONDIPA CEO Mr. Emmanuel Omomowo described the event as far more than the ex*****on of a business agreement — calling it the reactivation of a public asset that had been silent for too long. He noted that the revamped power plant, expected to be expanded to 100 MW, will generate reliable electricity for the Omotosho industrial corridor, with annual revenue projections for the state government of between ₦3.5 billion and ₦4 billion.

He outlined the project's key infrastructure components, including a 3.1-kilometre gas pipeline connecting to the ELPS, an 18-kilometre 33kV transmission line to evacuate power to the grid, and a world-class LNG facility projected to create hundreds of direct and indirect jobs. The total combined investment across both projects stands at over $439 million.

Dr. Taiwo Fasoranti, Secretary to the State Government, described the agreement as a formal and significant step toward productive collaboration between the state and the private sector. He reaffirmed the administration's commitment to ensuring public infrastructure assets deliver real value to Ondo citizens, stating that the ex*****on of this agreement is proof the government means business.

ASB Valiant is uniquely positioned for this partnership. As the original turnkey EPC contractor that built the Ore power plant between 2012 and 2014, the company possesses unmatched engineering knowledge of the facility. Through its sister company, Valiant Energy Limited, it is also developing the 2,000 TPD SSLNG Production Plant to be co-located within the Ore Industrial Park.
The LNG project holds full regulatory approvals, including an NMDPRA license to establish the plant and a Gas Shipper License for gas transportation. ASB Valiant has also secured a Gas Sales and Purchase Agreement with SEPLAT Energy, ensuring a reliable primary fuel supply at competitive pricing — resolving one of the project's longest-standing operational challenges.

With a combined investment of $439 million, this project is one of the most strategically consequential energy infrastructure undertakings in Ondo State's history. The integrated power and LNG ecosystem will catalyze downstream industrial activity, attract complementary investors, and deliver uninterrupted, industrial-grade electricity to the Ore International Industrial Park for the first time — transforming it into a viable hub for manufacturing, petrochemical processing, and logistics.

The project will generate significant employment during construction and operations, while boosting the state's Internally Generated Revenue through utility revenues and taxation. The transmission line will also improve power supply to communities across southern Ondo State.

Ondo State is not waiting for the future — it is building it, one landmark investment at a time.

PRESS RELEASE .

Fresh Idea's, new goals, and endless possibilities!

Happy New Month from ONDIPA.

During the Investment Summit, the Ondo State government signed two Memoranda of Understanding, one for the development of the Port of Ondo Deep Sea Port project in which Ondo State will hold a 12.5 per cent stake.
The other agreement was signed between Resident Fertilizer and the State government for a $4 billion petrochemical fertiliser plant project in the Sunshine Free Trade Zone of the State.

The Executive Governor, Dr. Lucky Orimisan; Deputy Governor, Dr. Olayide Adelami; Commissioner for Finance, Mrs Omowunmi Isaac, CEO of ONDIPA, Bar Emmanuel Omomowo; Director of Business Development ONDIPA, Engr Femi Akarakiri; Director Resident Fertilizer, General Aliu; and Alhaji Abba Goji