Backbone Infrastructure Limited (BINL) said it has secured over $50 billion in funding for the construction of a 500,000 barrels-per-day refinery and the development of the Sunshine Free Trade Zone in Ilaje Local Council of Ondo State.
The financing, it said, was sealed through a joint venture agreement between BINL and NEFEX Holdings Limited of Canada, following a Memorandum of Understanding (MoU) earlier signed between BINL and the Ondo State Government through the Ondo State Investment Promotion Agency (ONDIPA) in July.
A delegation from NEFEX Holdings arrived in Nigeria on Sunday ahead of a scheduled visit to Ondo State to meet government officials, pay a courtesy visit to Governor Lucky Aiyedatiwa, and engage with host communities led by the Olugbo of Ugbo Kingdom, Oba Obateru Akinrutan.
The BINL team will be led by its chairman, Senator Ken Nnamani, and include members of the board and executive management team led by Henry Owonka.
According to BINL’s Vice President for Corporate Services, Wale Adekola, NEFEX Petroline, a subsidiary of the Canadian partner brings vast experience in engineering, port development, petrochemical trading, and project financing across the Middle East, Europe, and North America.
“Our partnership with NEFEX opens the next chapter for the commencement of the BINL Refinery development,” Adekola said.
“NEFEX maintains partnerships with global financial institutions to secure multi-currency credit lines and liquidity support for large-scale operations,” he added.
The $50 billion investment is expected to transform Ondo State’s economic landscape, providing thousands of jobs, expanding local infrastructure, and strengthening Nigeria’s energy security by reducing pressure on foreign exchange reserves.
The refinery project will include roads, storage tanks, loading bays, terminals, and other logistics facilities, while the Sunshine Free Trade Zone will feature modern infrastructure and support facilities for seamless trade operations.
The company also pledged to prioritize education, local employment quotas, and community infrastructure as part of its corporate social responsibility commitments.
Adekola praised Governor Aiyedatiwa for his leadership and openness to investors, noting that the administration’s policies have fostered confidence among both local and international partners.
“We commend the governor for creating the right environment for genuine investors and for his robust support, which has attracted widespread approval from the people of the state,” Adekola said.
When completed, the BINL refinery is projected to supply petroleum products for domestic consumption, serve as feedstock for local industries, and export surplus products to international markets and positioning Ondo State as a key player in Nigeria’s oil and gas sector.
