18/03/2026
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.
