Backbone Infrastructure Ltd (BINL) has secured over $50 billion in 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.
The funding follows a joint venture agreement with NEFEX Holdings Limited of Canada, coming months after the signing of a Memorandum of Understanding (MoU) between BINL and the Ondo State Government through the Ondo State Investment Promotion Agency (ONDIPA).
A delegation from BINL, led by its Chairman, Senator Ken Nnamani, and the Executive Management team headed by Henry Owonka, is expected in Ondo State to meet government officials and pay a courtesy visit to Governor Lucky Aiyedatiwa. The team will also hold discussions with ONDIPA, inspect project sites, and engage host communities under the leadership of the Olugbo of Ugbo Kingdom, Oba Obateru Akinrutan.
BINL’s Vice President for Corporate Services, Mr. Wale Adekola, said NEFEX Petroline—an engineering and construction firm with operations across the Middle East, Europe, and North America—will provide technical and financial support for the projects.
“NEFEX Petroline brings global expertise in ports, terminals, and petrochemical infrastructure development, with strong partnerships among top financial institutions to secure multi-currency credit lines and liquidity for large-scale operations,” Adekola noted.
He added that the partnership marks “the next chapter for the commencement of BINL Refinery development,” with the firm also exploring collaboration with the Nigerian National Petroleum Company Limited (NNPC Ltd) for the refinery project.
BINL said the refinery would bolster Nigeria’s energy security, reduce pressure on foreign exchange reserves, and provide petroleum products for both local and international markets.
The $50 billion investment will also fund the construction of critical infrastructure—roads, terminals, storage tanks, and loading bays—while the Free Trade Zone will be equipped with modern facilities for efficient operations.
Adekola commended Governor Aiyedatiwa for creating an investor-friendly environment in the state, saying the administration’s commitment had attracted wide support for the transformative projects.
“Governor Aiyedatiwa has opened Ondo State to genuine investors through transparent partnerships and strategic policies,” he said.
The projects are expected to significantly reshape the economic and infrastructural landscape of Ondo State, providing thousands of jobs and development opportunities for host communities.
