₦airaland Forum

That's some good news right there.

This is obviously some Nigerians registering a company in Canada but trying to operate in Nigeria

Lies!

doctimi:
They have started again. See one of the companies that will lead $50 billion Africa’s second-largest refinery in Nigeria. Newly registered 9 Months ago.

Them go soon call you obident

Hopefully, the SW governors will work together to improve infrastructures in the corridor. Waterways need be looked into as well for transportation to reduce dependence on roads. It would also create opportunities to develop the rural areas.

One of the greatest lamba of the year. Another PIDD in the making. I can bet its all audio $50 billion. Even $1 million naira the consortium no get. The target is Ondo State Government treasury by way of counterparty funds which will be siphoned and taken to foreign account. Then excuses and dis information will follow.

S C A M..... SCAM .........S C A M

Max24:
Investors are running away from Nigeria according to Obis Supporters! Not surprised no investments is going to SE. He who whishes evil for others shall himself reap evil. Be it unto you according to you confession! Kudo to Ondo people. Tinubus time will favour me and my family.

me too oooo because I believe that I will eat the goodness of this country in Jesus name 🙏

...obtained a $50 billion investment to build ...


Does not make sense. Looks like another of those propaganda outing by Bayo Onanuga.

Great100000:
Source: https://africa.businessinsider.com/local/markets/energy-consortium-secures-dollar50-billion-to-build-africas-second-largest-refinery/qfb6hed

Dangote about to feel it.

ponlear:
The timing of this refinery is no coincidence. After years of inaction, it only became a priority once a private competitor (Dangote) emerged, exposing the government's failure to act in the public's interest.

God will heal Nigeria

What exactly do you want? What is bad about this?

Moreso, it is a private INVESTMENT.

IEJames:
What exactly do you want? What is bad about this?

Moreso, it is a private INVESTMENT.

google the company, it looks like something fishy is going on https://www.nefex.ca/

the address on its website is a residential building.
the leadership team is four guys that have virtually no history on the internet, even the profile pictures are AI generated.
Someone also mentioned in an earlier post that the company is less than one year old.
Financial Highlights page on their website doesn't show any financials, just beats around the bush without posting any figures.
it looks like a website that was just hurriedly put together for a scam
The statement they put on the press release page was just rubbish scribbled together by somebody
LinkedIn and other social media links do not work (apparently because they don't exist)

Summary: It was a poor attempt to build a scam website

you can check it for yourself https://www.nefex.ca/

doctimi:
They have started again. See one of the companies that will lead $50 billion Africa’s second-largest refinery in Nigeria. Newly registered 9 Months ago.

I hope this is not another BIG scam .?? Nigeria nawaoooo

Drsmiles:
Finally ondo in the news for great reasons!! I believe that under the radar, This country is metamorphosing to greatness

It should as it has no excuse to not be great.

Just imagine the insults these useless politicians dey let the motherland collect from wereys wey no suppose follow us dey knack teeth.

Before this project, Algeria’s Skikda Refinery, with a capacity of about 356,500 barrels per day, held the title of Africa’s second-largest refinery. Once the Ondo refinery becomes operational, it will dethrone Skikda to take that position, making Nigeria home to both the largest and second-largest refining facilities on the continent.

Until it's up and running. Let's not speak too many grammar.

As we know the characters of the animals in charge of things. Senseless and needlessly vawulent...

BIG SCAMMM !!!!

google the company, it looks like something fishy is going on https://www.nefex.ca/

the address on its website is a residential building.
the leadership team is four guys that have virtually no history on the internet, even the profile pictures are AI generated.
Someone also mentioned in an earlier post that the company is less than one year old.
Financial Highlights page on their website doesn't show any financials, just beats around the bush without posting any figures.
No record of any project previously handled, talk more of a $50 billion project
it looks like a website that was just hurriedly put together for a scam
The statement they put on the press release page was just rubbish scribbled together by somebody
LinkedIn and other social media links do not work (apparently because they don't exist)


you can check it for yourself https://www.nefex.ca/

This business may die in the next 20-30 years,as the batteries improves,90% of automobile will be electric

Busted audio investment, 419 investors

i just came across this post on facebook raising alarm about the deal, unfortunately, some people are coming for him.

https://www.facebook.com/gbengagti.idowu/photos/this-is-what-true-investigative-journalism-looks-like-sadly-many-mainstream-outl/10164228336028993/

This is what true investigative journalism looks like. Sadly, many mainstream outlets like The Guardian, Punch, Vanguard, and ThisDay have become havens for lazy, brown-envelope journalists who rarely question public projects or scrutinize political candidates.

*ONDO $50B DOLLAR REFINERY SMELLING LIKE SCAM*

When Governor Lucky Aiyedatiwa announced the $50 billion Sunshine Infrastructure Joint Venture (JV) on November 5, 2025, Ondo State was projected to become Nigeria’s next industrial powerhouse.

The plan — a 500,000-barrels-per-day refinery and a 1,471-hectare Free Trade Zone in Ilaje — was hailed as a turning point for job creation, investment, and energy independence.

The consortium, featuring Backbone Infrastructure Nigeria Limited (BINL), MJ Care Investment Finance, China Harbour, and Honeywell OUP, claimed to be backed by NEFEX Holdings Limited (Canada) through its Nigerian subsidiary, Nefex Petro Line Ltd.

But a deeper interrogation of the deal using a structured risk framework raises fundamental questions about its credibility. New corporate filings in the United Kingdom, linked to the same individuals behind NEFEX, now cast additional doubt on the substance of this multi-billion-dollar narrative.

Corporate and Legal Fragility

At the core of the deal is NEFEX Holdings, a company incorporated in February 2025 — barely nine months before the announcement. The firm has no operational history, no audited accounts, and no verifiable track record in infrastructure or energy development. Yet, by July 2025, it was already signing a Memorandum of Understanding (MoU) with Ondo State, claiming to have “secured” tens of billions in funding.

The story took another twist when records from Companies House UK revealed the incorporation of Supreme International Monetary and Credit Organization Limited (Company No. 16716243), registered in London on 15 September 2025, with just £100 in share capital. Its directors — Dr. Navid Zaheri (Omani), Mr. Farhad Salehi (Canadian), Mr. Eghbal Kord Jamshidi, and Mr. Saeed Zaheri — are the same individuals identified in the NEFEX structure.

Dr. Zaheri, listed as both Chairperson and Person with Significant Control (PSC), holds 95% of shares and over 75% of voting rights. The company’s address — 20–22 Wenlock Road, London N1 7GU — is a well-known shared virtual office used by hundreds of newly formed entities.

With no operational base, employees, or financial statements, the pattern is unmistakable: a network of thinly capitalised, multi-jurisdictional companies designed to appear global, yet offering little substance.

Cross-Border and Transparency Gaps

The Sunshine JV spans four regulatory jurisdictions — Nigeria, Canada, Oman, and the United Kingdom — yet none provide a transparent financial trail. NEFEX lists a Canadian registration, operates via a Swiss phone line, and is directed primarily by Omani nationals. Its supposed UK affiliate, Supreme International Monetary and Credit Organization Ltd, claims expertise in credit, investment, and advisory services, but offers no evidence of operational activity.

Such opacity creates severe cross-border enforcement risks. Should disputes or defaults occur, the Nigerian government — or Ondo State taxpayers — would face a legal maze with little practical recourse. Despite promises of “transparency,” no escrow accounts, proof of funds, or letters of credit have been presented publicly.

People and Reputation Risks

The leadership of the consortium adds more symbolism than substance.

Ken Nnamani, former Senate President and JV Chairman, lends political stature but no technical experience in energy or project finance.

Henry Owonka, the JV’s Managing Director, projects confidence and claims “consistent engagement” with ONDIPA, but no record of previous infrastructure delivery exists.

Wale Adekola of BINL touts NEFEX’s “global financing network,” yet no major financial institution or regulator has publicly endorsed the arrangement.

Online discourse around the project — from Tribune Online, Leadership, and New Telegraph — has largely replicated government press releases without independent scrutiny, reinforcing the perception of a media-driven announcement rather than a bankable transaction.

Financial Implausibility

The numbers alone raise eyebrows. A $50 billion investment claim — equivalent to Nigeria’s entire federal budget — from an entity less than a year old, without bank references or audited accounts, strains credulity.

Project valuations have shifted repeatedly: from $15 billion to $30 billion, and now to $50 billion, justified vaguely as including “community programmes.” Such valuation inflation suggests an effort to boost optics rather than disclose actual financing.

Moreover, NEFEX and its UK counterpart list a combined share capital of only £100, offering no evidence of credit lines, guarantees, or institutional backers. Even their promised Corporate Social Responsibility (CSR) pledges — youth empowerment, healthcare, and skills development — lack any contractual or financial commitments.

Regulatory and Compliance Exposure

While neither NEFEX nor its UK affiliate appears on sanctions lists, both structures raise classic AML (Anti-Money Laundering) and PEP (Politically Exposed Persons) red flags — cross-border ownership, rapid incorporation, and political association.

Environmental, local content, and host community requirements — including EIA, NCDMB clearance, and community consent — remain conspicuously absent. While the Olugbo of Ugbo Kingdom has reportedly been briefed, there is no public evidence of a signed agreement ensuring local benefit-sharing or environmental protection.

A Mirror of Nigeria’s Investment Dilemma

The Ondo refinery deal reflects Nigeria’s ongoing development paradox: a nation eager for transformative capital yet chronically vulnerable to speculative partnerships. Subnational governments, often excluded from federal funding pipelines, have grown dependent on MoU diplomacy — signing ambitious deals that seldom mature into tangible assets.

Governor Aiyedatiwa’s intent to industrialise Ondo is commendable. However, development cannot be built on press releases and ceremonial signings. True progress requires certified funding proofs, phased milestones, third-party audits, and transparent accountability mechanisms.

Still, the initiative demonstrates a growing assertiveness of Nigerian states seeking economic autonomy. If properly managed, Ondo’s ambition could inspire a more competitive subnational investment culture. But ambition must be grounded in verification, not spectacle.

Conclusion: Between Vision and Verification

The Ondo refinery project stands at a crossroads between vision and verification. On paper, it promises thousands of jobs, exports, and industrial rebirth. In reality, it rests on the untested foundations of recently incorporated entities with no proven financial capacity.

The discovery of Supreme International Monetary and Credit Organization Ltd in London — tied directly to NEFEX directors — deepens concerns about the authenticity of the claimed funding.

Before a single spade of sand is turned, Ondo State must demand:

•Certified funding documentation and escrow validation,

•Independent verification by reputable financial auditors, and

•Public disclosure of beneficial ownership and governance structures.

Economic transformation is not achieved by rhetoric — it is earned through verifiable execution. If the Sunshine State truly seeks to illuminate Nigeria’s path, it must do so not with billion-dollar headlines, but with evidence-based investment and accountable governance.

Only then will Ondo’s promise rise from projection to proof — and from political spectacle to genuine legacy.

*Kunle Odusola-Stevenson is a Lagos-based Public Relations and Policy Communications professional focused on media, energy, and strategic investment narra
Oloye Abiola

Ondo barely survived Rotimi Akeredolu and his his wife using Ondo resources for Imo State the land of many Osu villages. Now it looks like Aiyedatiwa is supervising the economic rape of Ondo by Àjòjì àti àlejò.

It's privately owned Nigeria secured nothing

Very welcome development. Benefit of total deregulation of the oil sector.

doctimi:
They have started again. See one of the companies that will lead $50 billion Africa’s second-largest refinery in Nigeria. Newly registered 9 Months ago.

I support a better Nigeria, and Bola Tinubu, but as a business man, I doubt this narrative.

Like someone commented, Nigeria is still finding it difficult to fully feed crude to dangote refinery for its maximum capacity.

Only a delusional business man will see an opportunity in such a dire situation. Talk less of a business consortium that has $50 billion to spend.

Again, this story doesn't add up.

Dem go see crude buy?

No loud am abeg, person wey never start gas cylinder refill business, na im wan open filling station em sorry refinery.
Ok ooo, see urchins up and down the thread licking propaganda ice cream.
If Shettima mess now, dem go tell u say im mess dey smell like Paco Rabanne.

doctimi:
They have started again. See one of the companies that will lead $50 billion Africa’s second-largest refinery in Nigeria. Newly registered 9 Months ago.

I don't think you know what $50bn is or what raising it entails

Just like telecommunication.... Soon there would be options for the masses and competition between the refineries.

ponlear:
The timing of this refinery is no coincidence. After years of inaction, it only became a priority once a private competitor (Dangote) emerged, exposing the government's failure to act in the public's interest.

God will heal Nigeria

No. The problem has been about the existence of the fuel subsidies. No one will invest billions of dollars into building refineries when the final price is set by the government and due to price deregulation.

With the removal of the fuel subsidy, it is now profitable to build refineries.

pillager:
I really hope it is not embezzled

It is a private sector project. It isn't federal government.

lapintoz:
One of the greatest lamba of the year. Another PIDD in the making. I can bet its all audio $50 billion. Even $1 million naira the consortium no get. The target is Ondo State Government treasury by way of counterparty funds which will be siphoned and taken to foreign account. Then excuses and dis information will follow.
S C A M..... SCAM .........S C A M

You need to Use Your Head Before Talking,you know.
This Is Not Your gaulible talk,where you think you Fool' anybody,this is a Real Deal 🤝
I didn't know why Some of you Didn't like Anything Good- to be said About Nigeria!
Indeed,it's in your Blood to always think Negatively!

F

Obaofaba:
Enemy of Nigeria, over to you to wail.

Guess what again, it's in South West which is the most industrious and most productive zone in Nigeria.

Stop saying things like these. It stokes jealousy.

I suspect the real reason might be because of the militancy in the South South.