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$50 Billion Refinery, Free Trade Zone Deal: Aiyedatiwa’s Investment Move Is Real and Genuine
By Comrade Allen Sowore, Esq.
Just like the stretch of the Lagos–Benin Expressway, Ondo State boasts about 75 kilometres of uninterrupted Atlantic coastline, sprawling across several communities in the southern district and adorned with natural aquatic splendour—making it the longest seashore in Nigeria.
The state’s inland waterways, particularly in Okitipupa, Irele, Ilaje and Ese-Odo LGAs, and the two distinctive islands of Kasipere and Opotuo in Kiribo—the village with a big dream and my hometown—also hold immense potential for tourism and transportation.
This presents a huge opportunity for global trade. Successive administrations have made conscious efforts to tap into these natural advantages, but with limited success.
In William Shakespeare’s Twelfth Night, the bard observed that “some are born great, some achieve greatness, and some have greatness thrust upon them.” Governor Lucky Orimisan Aiyedatiwa fittingly embodies all three. Born great in the quiet community of Obe-Nla, he has achieved greatness through hard work and now bears greatness as a responsibility to his people.
Perhaps it is this rare blend of courage and vision that fuels his bold move toward economic transformation—creating a Special Economic Zone along the state’s coastline, contiguous to the proposed Ondo Deep Seaport. The project, known as the Sunshine Industrial Park (also called the Sunshine Free Trade Zone), is sited at Erunna/Ogboti in Ilaje LGA in collaboration with the Nigeria Export Processing Zones Authority (NEPZA). It aims to develop a multi-purpose industrial area to power Ondo’s economic renaissance.
On November 4, 2025, Governor Aiyedatiwa’s administration formalized a $50 billion investment agreement with an international consortium under the Sunshine Infrastructure Joint Venture (JV)—a giant leap toward realizing the state’s industrial aspirations.
This massive investment—one of the largest of its kind in Nigeria—is designed to reposition Ondo State as a leading industrial and energy hub in West Africa.
The deal brings together a consortium of globally reputable firms including Nefex Holdings, Cooldeal Synergy, and Backbone Infrastructure Limited (BINL), with technical support from China Harbour, Honeywell OUP, CNCEC, and Brainweb West Africa Limited serving as consultants.
The Ondo State Development and Investment Promotion Agency (ONDIPA)—which has been driving the state’s investment initiatives—midwifed the signing of the Memorandum of Understanding (MoU) between the Joint Venture and the State Government. In recent years, ONDIPA has stepped up efforts to remove bureaucratic bottlenecks and attract credible investors, branding Ondo as Nigeria’s next industrial frontier.
The Joint Venture announced that it has already secured about $50 billion for the development of a 500,000-barrels-per-day scalable refinery and a 1,471-hectare Sunshine Free Trade Zone in the oil-rich Ilaje Local Government Area.
Under the MoU, the Ondo State Government will contribute about 1,300 hectares of land of the Sunshine Industrial Park, facilitate permits and approvals, and hold 20% equity in the project company. BINL will provide the required funding for the refinery, while the Nigerian National Petroleum Company Limited (NNPCL) is conditionally allotted 15% equity through the conversion of a contractual crude allocation of 100,000 barrels per day for five years. The shareholding structure stands as follows: BINL – 65%, ODSG – 20%, and NNPCL – 15%. Further more, 5% out of the 20℅ ODSG’s stake goes to the host communities.
Governor Aiyedatiwa described the partnership as a strategic step toward sustainable industrialization and long-term economic stability, assuring investors of his administration’s commitment to transparency, a business-friendly environment, and full protection of their investments.
Since the announcement, some patriotic stakeholders have raised genuine calls for due diligence—an understandable response considering the magnitude of the funding involved, especially in foreign currency. The government will continue to engage such voices constructively.
However, there are also orchestrated and heavily sponsored campaigns aimed at sowing doubt about the authenticity and credibility of the deal—clearly attempts to discourage investors and undermine the administration’s developmental strides.
Imbued with the impetus of Governor Aiyedatiwa’s OUR EASE agenda—where the letter “R” represents Revolutionary Technological Advancement and Industrialization—the administration continues to drive transformative investments that redefine Ondo State’s economic landscape.
It is, therefore, important to reaffirm to the good people of Ondo State that this investment deal is real, credible, and genuine. Governor Aiyedatiwa’s investor-friendly policies are already attracting tangible results.
At this crucial juncture, what is expected of every patriotic indigene is to rally behind the administration in ensuring that these bold and genuine plans for the state’s industrialization come to full fruition.
Allen Sowore, Esq.
Special Adviser to the Ondo State Governor on Communication & Strategy
November 11, 2025
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