₦airaland Forum

The Ondo State Government said, on Wednesday, that it had signed a $50bn investment agreement with a consortium of international firms under the Sunshine Infrastructure Joint Venture to establish a major refinery and free trade zone in the state.

Governor Lucky Aiyedatiwa’s Chief Press Secretary, Ebenezer Adeniyan, disclosed this in a statement on Wednesday, saying the consortium includes Backbone Infrastructure, MJ Care Investment Finance, China Harbour, and Honeywell OUP.

According to Adeniyan, the governor received the investors on Tuesday and described the partnership as a strategic step toward sustainable industrialisation and long-term economic stability.

Aiyedatiwa said the initiative is expected to position Ondo as a major industrial hub in Nigeria.
The statement read,

“The Joint Venture had secured over $50bn for the development of a 500,000-barrels-per-day refinery and a 1,471-hectare Sunshine Free Trade Zone in Ilaje Local Government Area of the state.

“The funding followed the successful execution of the Memorandum of Understanding between the Joint Venture and the state government through the Ondo State Investment Promotion Agency.

“This investment marks a new dawn for Ondo State. It will fast-track industrial development, attract more investors and create jobs for our people.”

Aiyedatiwa assured the investors of his administration’s commitment to transparency, a conducive business environment and the protection of their investments, noting that his government had been deliberate in implementing policies that promote ease of doing business.

Earlier this week, Backbone Infrastructure Nigeria Limited said it has secured expressions of interest for up to NGN71.8 trillion ($50bn) in funding to develop a refinery and build out the 1,471-hectare Sunshine Free Trade Zone in Ilaje, Ondo State.

The initiative follows a memorandum of understanding (MoU) signed between the Nigerian company and the Ondo State Government in July.

The State government said on Wednesday it signed an agreement with a consortium that includes Backbone Infrastructure, China Harbour Engineering Company (CHEC), and Honeywell OUP.

CHEC, a subsidiary of China Communications Construction Company (HK:1800; SHA:601800), typically acts as an engineering, procurement, and construction (EPC) contractor rather than a primary project financier. Honeywell OUP is a private real estate and industrial development arm of Honeywell Group.

“The funding followed the successful execution of the Memorandum of Understanding between the Joint Venture and the state government through the Ondo State Investment Promotion Agency,” said Governor Lucky Aiyedatiwa’s press secretary, Ebenezer Adeniyan, in a statement.

“This investment marks a new dawn for Ondo State. It will fast-track industrial development, attract more investors and create jobs for our people.”

Backbone earlier stated that the planned development would include storage, loading and transport infrastructure to position the zone as a refining and export hub. The private Nigerian infrastructure and project development firm said it was working with strategic partner NEFEX Holding Limited , a Canadian company that operates across key sectors of the global energy and logistics chain.

The investment scale represents a major increase from estimates publicised in mid-2025, when Backbone described the refinery concept as a 100,000-bpd project with an indicative cost of around $15bn. The larger figure reflects a fivefold expanded capacity and broader integrated zone development.

In his remarks, the Managing Director of Sunshine Infrastructure JV, Mr Henry Owonka, said the initiative had progressed from conception to execution through consistent engagement with the Ondo State Investment Promotion Agency.

He explained that the project’s initial $30bn valuation was reviewed to $50bn following an expansion to cover broader infrastructure and community-driven programmes.

“The Sunshine JV is not just an investment; it’s a development framework that will transform industries, strengthen communities and improve livelihoods,” Owonka stated.

He added that the refinery would supply petroleum products locally and internationally, while its Corporate Social Responsibility programme would focus on education, local employment and infrastructure development in surrounding communities.

SmartPolician:
Congratulations to Ondo State. Everyone should start building refineries and stop importation.

On second thought, how come Dangote used $20 billion to build a 650k bdp refinery aknd this company wants to use $50 billion to build a 500k bpd refinery?

DomPerignon:
Did you read the article at all?

The lump sum includes developing a FTZ and a sea port that will cover over 1,700 hectares.

Its not just a refinery being built but a sea port and an industrial zone.

DomPerignon:
Did you read the article at all?

The lump sum includes developing a FTZ and a sea port that will cover over 1,700 hectares.

Its not just a refinery being built but a sea port and an industrial zone.

TallNigerian:
No mind the guy. It's because of their type foreign countries still subject us to IELTS and TOEFL

DomPerignon:
Its his type that will say GDP doesn't matter.

On do state has attracted $50bn investment to boost oil exploration and refining and a FTZ complete with manufacturing industries plus a sea port.

How is this not going to transform the fortunes of that state and create jobs ?

And if you factor in the coastal highway under construction, real estate boom will be recorded in the once isolated and remote Ondo coastline.

That highway will connect factories in the FTZ to Lagos and the SS coastline.

Isn't this visionary ?

But to his likes its all a waste and the money should have been used to support the naira to sustain cheap imports while investing the rest in brewery business.

TallNigerian:
Ondo feels like the next best thing after Lagos State. It has all the potential of Lagos and more. I am really thinking of investing in a property close to the coastal area in Ondo.

DomPerignon:
Its a game changer that coastal highway .

Coastal real estate the world over are the most expensive and lucrative.

TallNigerian:
I agree brother, I do

DomPerignon:
Its his type that will say GDP doesn't matter.

On do state has attracted $50bn investment to boost oil exploration and refining and a FTZ complete with manufacturing industries plus a sea port.

How is this not going to transform the fortunes of that state and create jobs ?

And if you factor in the coastal highway under construction, real estate boom will be recorded in the once isolated and remote Ondo coastline.

That highway will connect factories in the FTZ to Lagos and the SS coastline.

Isn't this visionary ?

But to his likes its all a waste and the money should have been used to support the naira to sustain cheap imports while investing the rest in brewery business.

Putindbutt:
Lol, they don't even know what they want, even China where they import those goods from, they are now insulting and abusing them because China stands with Nigeria against Trump. Those people, if you don't fear them, I wonder who you will fear.

FreeSpirited:
Sounds like a new avenue to siphon crazy dollars.... Because

Dangote Refinery was completed for 20Billion dollar - That's the biggest refinery in Africa or so O
.
This people are signing 50billion dollar deal... Hope they will built something worth twice of dangote refinery..... Believe APC at your peril and damnation

DomPerignon:
Is it FG or Ondo state investing or the Chinese conglomerate?

Go and read what the project scope is all about and you will see it isn't just a refinery but an industrial FTZ and a sea port.

FreeSpirited:
We have heard all these before......
.
A lot of these have been avenue for siphoning, until they finish it.... It's a mirage.
.
Today we know the coastal road is another white elephant project that BAT will never complete

DomPerignon:
Chinese no even send them.

The Chinese are investing in the SW, SS and NC .

Why China man no see any value in their region other than quarry mining?

lordm:
All these white elephant projects.
I have been hearing about a refinery in ondo for a long time now

DomPerignon:
You think this is your SE ?

Is the coastal highway not being built ?

And what part of FDI do you not understand?

The Chinese will build and operate the facccilities under a tax break for a given period while creating jobs and local production.

Its not everything you must condemn out of jealousy

Putindbutt:
Is there anything that's not a scam to them?. Even when Buhari was building the 2nd Niger bridge, they called it a scam. Today, they're using the bridge, Buhari is not the one using it. It is good that their bitterness is a punishment to them..

DomPerignon:
Instead to demand their leaders to task , they will be shielding them and insulting governors from outside their region.

No be same dem that were rejoicing over a fountain in Aba?

Abeg leave them .

Putindbutt:
Lol, their state assembly members were breaking bottles on each other's head because of money Otti gave them to pass his budget, but they have all kept quiet about ii but If it was another region, there would have been noise pollution.
They are also protecting I..pob but asking bokoharam to be decimated, I wonder what's the difference between the two. They protect their own but point fingers at others.

DomPerignon:
Its his type that will say GDP doesn't matter.

On do state has attracted $50bn investment to boost oil exploration and refining and a FTZ complete with manufacturing industries plus a sea port.

How is this not going to transform the fortunes of that state and create jobs ?

And if you factor in the coastal highway under construction, real estate boom will be recorded in the once isolated and remote Ondo coastline.

That highway will connect factories in the FTZ to Lagos and the SS coastline.

Isn't this visionary ?

But to his likes its all a waste and the money should have been used to support the naira to sustain cheap imports while investing the rest in brewery business.