ABUJABackbone Infrastructure Ltd (BINL) has secured over $50 billion funding for the construction of a 500,000 barrels-per-day refinery and the development of a 1,471-hectare Sunshine Free Trade Zone in Ilaje, Ondo State.

This is coming on the heels of the signing of a Memorandum of Understanding (MoU) with the Ondo State Government through the Ondo State Investment Promotion Agency (ONDIPA) in July,

The funding was secured through a joint venture agreement with Canadian partner NEFEX Holdings Limited.

The BINL team, led by Chairman Senator Ken Nnamani and the Executive Management led by Henry Owonka, arrived in Nigeria last July and are set to meet with the Ondo State government officials, including a courtesy visit to Governor Lucky Aiyedatiwa, to discuss the project’s next steps.

The team will engage with ONDIPA, visit project sites, and consult with the host communities, led by the Olugbo of Ugbo Kingdom, Oba Obateru Akinrutan.

Speaking on the financing partnership, BINL’s Vice-President for Corporate Services, Wale Adekola, said NEFEX Petroline specializes in engineering and construction services for ports, terminals, logistics, pipelines, and oil and gas infrastructure.

Adekola stated, ‘’With operations across the Middle East, Europe, North America, and beyond, NEFEX Petroline combines the advantages of a global network with deep local understanding. The firm maintains partnerships with leading global financial institutions to secure multi-currency credit lines and liquidity support for large-scale operations.’’

‘’Our partnership with NEFEX opens the next chapter for the commencement of BINL Refinery development, ‘’ the BINL executive added.

BINL, which has offices in Abuja, London, and Zug Switzerland, is also exploring collaboration with the Nigerian National Petroleum Company Limited (NNPC Ltd) to advance the ultra-modern refinery.

The refinery is poised to ease pressure on Nigeria’s foreign exchange reserves and strengthen national energy security by providing petroleum products for domestic use, feeding local industries, and supplying international markets.

The project includes the construction of roads, storage tanks, loading bays, terminals, and handling equipment.

Additionally, the Sunshine Free Trade Zone will feature infrastructure and facilities essential for its effective operation and management.

The $50 billion investment is set to transform Ondo State’s infrastructure, social fabric, and economic status significantly.

Adekola praised Governor Aiyedatiwa for his unwavering support and commitment, which have attracted positive reception from Ondo residents both locally and abroad.

“We commend the governor for creating an investor-friendly environment, opening the state to genuine local and international partnerships,” he added.