Ondo governor formalises $50bn investment agreement for refinery, free trade zone

News Update

Governor Lucky Orimisan Aiyedatiwa on Tuesday formalised a $50 billion investment agreement with an international consortium under the Sunshine Infrastructure Joint Venture (JV) to position Ondo State as a major industrial hub in Nigeria.

The consortium, comprising global partners such as Backbone Infrastructure, MJ Care Investment Finance, China Harbour, and Honeywell OUP, has secured funding exceeding $50 billion for the establishment of a 500,000-barrels-per-day refinery and the development of a 1,471-hectare Sunshine Free Trade Zone in Ilaje Local Government Area of the state.

The investment follows the successful execution of a Memorandum of Understanding (MoU) between the Joint Venture and the Ondo State Government through the Ondo State Investment Promotion Agency (ONDIPA).

Receiving the investors at the Governor’s Office in Akure, Governor Aiyedatiwa described the partnership as a strategic move toward sustainable industrialisation and long-term economic growth. He stated that the agreement represents “a new dawn for Ondo State,” adding that it will accelerate industrial development, attract additional investments, and generate employment opportunities for residents.

The Governor reaffirmed his administration’s commitment to transparency, accountability, and the creation of a business-friendly environment that guarantees the safety of investors and their assets. He noted that his government has been deliberate in implementing policies that enhance the ease of doing business, while emphasising that the project would stimulate productivity and economic activity across multiple sectors.

The Managing Director of Sunshine Infrastructure JV, Mr. Henry Owonka, explained that the initiative had advanced from conception to execution through sustained engagement with ONDIPA. He disclosed that the initial project valuation of $30 billion was revised to $50 billion to accommodate expanded infrastructure and community development components.

“The Sunshine JV is not just an investment; it is a development framework designed to transform industries, strengthen communities, and improve livelihoods,” Owonka said. He added that the refinery would serve both domestic and international markets, while the consortium’s corporate social responsibility (CSR) initiatives would prioritise education, job creation, and infrastructure development within host communities.

The consortium’s Chairman and former Senate President, Ken Nnamani, who had earlier met with Governor Aiyedatiwa, was commended for his leadership and coordination of the multi-sectoral partnership. Stakeholders described the initiative as a model for credible and impactful public-private collaboration in Nigeria.

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