Governor Lucky Aiyedatiwa of Ondo State has formalised a $50 billion deal for the development of a 500,000-barrels-per-day refinery and a 1,471-hectare sunshine free trade zone in Ilaje Local Government Area of the state
The deal involves global partners, such as Backbone Infrastructure, MJ Care Investment Finance, China Harbour, and Honeywell OUP, under the Sunshine Infrastructure Joint Venture (JV). It aims to position the state as a major industrial hub in Nigeria.
The funding followed the successful execution of a Memorandum of Understanding (MoU) between the Joint Venture and the state government through the Ondo State Investment Promotion Agency (ONDIPA).
Receiving the investors at the governor’s office in Akure, Aiyedatiwa described the partnership as a strategic step towards sustainable industrialisation and long-term economic stability.
He said, “This investment marks a new dawn for Ondo State. It will fast-track industrial development, attract more investors and create jobs for our people.”
He assured the investors of his administration’s commitment to transparency, a conducive business climate, and full protection of their investments.
Aiyedatiwa stated that his government had been deliberate in implementing policies that promoted ease of doing business, adding that the project would stimulate productivity and economic growth across multiple sectors.
Managing Director of Sunshine Infrastructure JV, Mr. Henry Owonka, said the initiative had progressed from conception to execution through consistent engagement with ONDIPA.
Owonka explained that the project’s initial $30 billion valuation was reviewed to $50 billion following an expansion to cover broader infrastructure and community-driven programmes.
“The Sunshine JV is not just an investment; it’s a development framework that will transform industries, strengthen communities and improve livelihoods,” Owonka stated.
He said the refinery will supply petroleum products locally and internationally, while its corporate social responsibility (CSR) focused on education, local employment, and infrastructure development in surrounding communities.
He revealed that the investors would introduce social programmes focusing on healthcare, youth empowerment, and skills acquisition to ensure inclusive growth.
A representative of one of the partners in the consortium, A. Clement, said the group had already begun preparations before arriving in Ondo State.
He explained that beyond the oil refinery and free trade zone, the investment would drive industrial, agricultural, aviation and healthcare development.
According to him, the aim is not just to reciprocate the state’s support but to ensure a full transformation of Ondo State.
He added that the consortium’s partners, who had visited project sites, were excited and ready to contribute to the state’s economic growth.
The consortium’s Chairman and former Senate President, Ken Nnamani, who had earlier visited the governor, in a separate meeting, was commended for his leadership role in the project, which stakeholders described as a model of credible public-private partnership.
Present at the event were the deputy governor, Dr. Olajide Adelami; Secretary to the State Government, Dr. Taiwo Fasoranti; Chief of Staff, Prince Segun Omojuwa; Head of Service, Dr Bayo Philip; Commissioner for Infrastructure, Lands and Housing, Engr Ayorinde Olawoye; and Commissioner for Physical Planning, Hon. Sunday Olajide.
Equally present were Commissioner for Information and Orientation, Idowu Ajanaku; Director-General of Ondo State Radiovision Corporation (OSRC), Mr. Kenneth Odusola-Stevenson; Administrative Secretary of ONDIPA, Mr. Omomowo Emmanuel; and Director of Business Development, Mr. Femi Akarakiri.
Fidelis David in Akure
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