Ondo govt, BINL sign MoU for 500,000bpd refinery, free trade zone

The Ondo State Government has signed a landmark Memorandum of Understanding (MoU) with Backbone Infrastructure Nigeria Limited (BINL) to execute two major projects aimed at driving industrialisation and economic growth in the state.

The projects include the establishment, funding, construction, and operation of a 500,000 barrels-per-day (bpd) refinery, as well as the management of infrastructure for the Sunshine Free Trade Zone at the Sunshine Industrial Park located in Ogboti/Erunna, Ilaje Local Government Area.

Speaking during the official signing ceremony held in Akure, the Secretary to the State Government, Dr. Taiwo Fasoranti, described the initiative as a transformative step that will accelerate development in both Ondo State and Nigeria at large.

He said, “This is a landmark development. The refinery and associated infrastructure will change the economic landscape of our state.

“It will not only create jobs but also reduce crime and support our vision of bringing democratic dividends to our people,”

He commended the State Governor, Lucky Aiyedatiwa, for his proactive developmental efforts and reaffirmed the government’s full support for the private sector partnership.

“You can count on us. What you’re bringing will change the face of this state,” he added.

The SSG also stressed the importance of environmental sustainability and community engagement, urging the investors to safeguard the host environment and maintain cordial relations with the local community.

Speaking, the CEO/Managing Director of BINL, Mr. Henry Onwonka, expressed appreciation to the state government for the opportunity, reiterating the company’s commitment to the industrialisation agenda and job creation efforts in the state.

“This partnership is a reflection of our dedication to supporting the state’s economy through strategic investments,” Onwonka said.

Also speaking, the Vice President, Legal and Corporate Affairs of BINL, Barr. Wale Adekola described the MoU signing as the beginning of “greater things to come” for Ondo State and expressed optimism about a fruitful collaboration.

Also speaking, the Administrative Secretary of the Ondo State Development and Investment Promotion Agency (ONDIPA), Emmanuel Omomowo, confirmed that the terms of the agreement had undergone full legal and administrative review, paving the way for execution.

Other dignitaries at the event included the Attorney General and Commissioner for Justice, Dr. Kayode Ajulo (SAN); BINL Board Member, Dr. Stephen Dike; Vice President, Oil and Gas, Dr. Aliyu Ahmed; Vice President, Architecture and Design, Mr. Paul Waliber; and Vice President, Technology, Mr. Jean-Michel Roberts.

Also in attendance were management staff of ONDIPA and representatives from both the state government and BINL.

The development marks a significant milestone in Ondo State’s journey towards becoming a major hub for oil refining and trade in Nigeria.

ALSO READ TOP STORIES FROM NIGERIAN TRIBUNE