₦airaland Forum

The GDP of Zambia is $50 billion

Let us be playing and joking in that country

make we continue

Tochi3:


.dont make it hard for you...

..can you show me how the Dangote refinery has improved the lives of Nigerians..?

..i thought most of you claimed that prices of petrol will cone down önce the refinery comes alive..

..i thought most of you tilumbu supporters claimed that the Foreign exchange will increase..& the value of the Naira will improve..

..i thought most of you tilumbu supporters claimed that it will provide jobs for Nigerians...Dangote just sacked the Nigerian workers of engineers..& replaced them with foreigners mostly fröm India..

..if Dangote refinery is not a fraud..for one man & his monopolistic elitist enablers ..can you pls state the benefits of Dangote refinery to Nigerians & Nigeria..

You are crud8ly active on this thread, spamming every space with your defect wish upon the project, just because it was not slated for your violence riddled region.

You said worse concerning Dangote refinery before its stabilisation, yet it continues to mount up like an eagle, achieving greater height everyday despite opposition everywhere.

The NEFEX/BINL project whether it succeeds or not, what's your own take there. Since your money is not invested on it, just sit down and watch. Its success will dazzle you.

Ondo State is the next investment location in the SW, after Lagos and Ogun. Prosperity all the way for our region.

Tochi3:


..if you are unable to read everything..here is the koko..



..when you remember the region where Advance fee fraud is prevalent..you will Find out that this is another Fraud from the usual suspects...

..if Nigerians know the amount of fraud going on under Tilumbu..Tilumbu should never be allowed to grab the mandate in 2027..

If I may ask, what are the roles of Ondo state government in the 50billion dollars refinery investment? Is the government funding part of the capital in the 50billion dollars investment?
Or is the state government role mainly providing business - friendly environment ensuring transparency and protecting investors assets? Many people jump on issues they barely have any comprehension such the one am quoting.

This was how someone wrote an article about how dangote refinery was a scam. He went into giving false details on how the said refinery would never come to fruition. Here, we are today, dangote refinery is producing petroleum products

I like this scrutiny. I was pleased about the project when I first heard it.

The $50bn sum should have been a red flag. It is still early days.

Anything could happen. The visionary who came up with the project may get financiers who would provide the funding. He might at the end of the days own 5% of the project or more, while the investors own the rest.

digitaccountant:
They are just there to collect salaries.

And constantly going on unnecessary strikes

BItt:
How come all the Nigerian Lecturers teaching on engineering and also Petro chemicals can't design a refinery??

Are they teaching what they don't know?

Audio lecturers

seunowa:
This was how someone wrote an article about how dangote refinery was a scam. He went into giving false details on how the said refinery would never come to fruition. Here, we are today, dangote refinery is producing petroleum products

Let's be honest: anyone would get worried knowing what we now know about the company behind the $50bn refinery project.

However, the initiator of the project does not need to put in a dime. He can get investors who would give him small equity stake for bringing the project together.

amazingspiderma:
Calling it a fraud without using the Word fraud.
If it smells like a dog, walk like a dog, eat like a dog.

Then it is a dog.

This one naa Bull dog 🐕🐕🐕

Unfortunately for people like you, Nigeria don move past your bitterness. We are on the roll.....wail from now till 2031......

So pe o ti lo..... 😁

Tochi3:


..if you are unable to read everything..here is the koko..



..when you remember the region where Advance fee fraud is prevalent..you will Find out that this is another Fraud from the usual suspects...

..if Nigerians know the amount of fraud going on under Tilumbu..Tilumbu should never be allowed to grab the mandate in 2027..

I don talk am from the beginning say this na scam, of the highest order. The consortium is after the counter party funding that will be taken from Ondo State treasury account....say $5 to $10 million dollars.....that will be shared amongst the promoters and the project will die a natural death from there.

Because its a subnational obligor, a PIDD scenario may not arise. Else, the fraudsters can sue Nigeria for $10 billion dollars claiming breach of contract!

[quote author=nothingspoil70 post=137477221]I never for once believed this project will ever take off. I believe it was hurriedly arranged by the Governor of the state to silence the growing noise of the people accusing him of inefficiency

Honestly, this is another white elephant project dead on arrival [/quote

More to this, the governor has devised a means of looting the state and safely carting away with it. Its a well organized attempt at grand theft.

dequir:
You are crud8ly active on this thread, spamming every space with your defect wish upon the project, just because it was not slated for your violence riddled region.

You said worse concerning Dangote refinery before its stabilisation, yet it continues to mount up like an eagle, achieving greater height everyday despite opposition everywhere.

The NEFEX/BINL project whether it succeeds or not, what's your own take there. Since your money is not invested on it, just sit down and watch. Its success will dazzle you.

Ondo State is the next investment location in the SW, after Lagos and Ogun. Prosperity all the way for our region.

..ok..state the benefits of Dangote refinery to Nigerians & Nigeria..

seunowa:
If I may ask, what are the roles of Ondo state government in the 50billion dollars refinery investment? Is the government funding part of the capital in the 50billion dollars investment?
Or is the state government role mainly providing business - friendly environment ensuring transparency and protecting investors assets? Many people jump on issues they barely have any comprehension such the one am quoting.

..confusion has set into you..

..did you see & read what your brother from Lagos stated..did you comprehend..or just brought your Laptop into the discission without graspping the issue..

dequir:
You are crud8ly active on this thread, spamming every space with your defect wish upon the project, just because it was not slated for your violence riddled region.

You said worse concerning Dangote refinery before its stabilisation, yet it continues to mount up like an eagle, achieving greater height everyday despite opposition everywhere.

The NEFEX/BINL project whether it succeeds or not, what's your own take there. Since your money is not invested on it, just sit down and watch. Its success will dazzle you.

Ondo State is the next investment location in the SW, after Lagos and Ogun. Prosperity all the way for our region.

..crooks support criminal activities...so no surprise..

..Mr man address the issue at stake...

Mr Kunle Odusola..made a point..are you interested..? ..No..?

Kunle Odusola-Stevenson is a Lagos-based Public Relations and Policy Communications professional focused on media, energy, and strategic investment narratives.

..

DaddyJapan:
Ondo State’s $50 Billion Refinery Deal: Promise, Peril, and the Pitfalls of Unverified Ambition



Source: https://theajerap.com/ondo-states-50-billion-refinery-deal-promise-peril-and-the-pitfalls-of-unverified-ambition

Big grammar.Weting be all this?

BItt:
And constantly going on unnecessary strikes

It's all about the money and not the passion for education..

Tochi3:


..ok..state the benefits of Dangote refinery to Nigerians & Nigeria..

If you can't see the benefits of Dangote Refinery, then don't expect me to convince you who is a diehard hat£rs of good things in Nigeria.

Besides I can't open a blind man eyes who loves his blindness

Chai! What an interesting read.

I suspected this too o because Dangote didn't spend up to that to construct a refinery, so why would they need that much to construct one with 50 billion and with lesser output 500k barrels to dangote's 600k.

I hope this won't end up like the P$ID case o

dequir:
If you can't see the benefits of Dangote Refinery, then don't expect me to convince you who is a diehard hat£rs of good things in Nigeria.

Besides I can't open a blind man eyes who loves his blindness

..your vituperations has just ended..

..you can't state any benefits of Dangote refinery to Nigeria & Nigerians..the reason for the inconsequential gaslighting..

..i know I had you at a tight corner...because you know there is none..

..if you are sure of the benefits to Nigeria & Nigerians..Just state one benefit..not 2 but 1..

..none..?

nothingspoil70:
I never for once believed this project will ever take off. I believe it was hurriedly arranged by the Governor of the state to silence the growing noise of the people accusing him of inefficiency

Honestly, this is another white elephant project dead on arrival

Delta state also signed a similar $20b mou wth some companies to build a massive refinery last year but nothing on ground on the site till today

DaddyJapan:
Ondo State’s $50 Billion Refinery Deal: Promise, Peril, and the Pitfalls of Unverified Ambition

Ondo State’s $50 Billion Refinery Deal: Promise, Peril, and the Pitfalls of Unverified Ambition

By Kunle Odusola-Stevenson, Lagos

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 narratives.
Source: https://theajerap.com/ondo-states-50-billion-refinery-deal-promise-peril-and-the-pitfalls-of-unverified-ambition

https://www.youtube.com/watch?v=d_6uoGlp46w?si=EHYy9ssfo6Qg-qNX


Red flags written all over. Due diligence and eternal vigilance MUST remain the keyword here. Aiyedatiwa has a background in international trade but has been accused of underperforming by his Ondo State folks has to sit up to deliver on infrastructural development and deliver on the Bitumen Refinery and this new refinery Petrochemical Refinery in the Ilaje area of Ondo State but it has to be done at a lesser cost.

Dangote did his for $20 billion borrowed funds and it's already bringing in profits for him. Therefore, inflated construction costs should be prevented and $30 billion should be the max expenditure to ensure that Ilaje in Ondo-based Petrochemical Refinery comes on stream in the nick of time.