A new special-purpose company, Sunshine Joint Venture Infrastructure Limited, has been established to spearhead the execution of the proposed Ondo State refinery and Sunshine Free Trade Zone project in Ilaje Local Government Area.
The development follows the formalisation of a joint venture between Backbone Infrastructure Nigeria Limited (BINL) and the Ondo State Government, which recently commenced technical engagements, including site assessments for the multi-billion-dollar project.
The initiative received renewed momentum after BINL announced that it had secured over $50 billion in funding commitments for the 500,000 barrels-per-day refinery and free trade zone. The funding, facilitated through a partnership between BINL and NEFEX Holdings Limited of Canada, is regarded as one of the largest single private-sector investment packages targeted at Nigeria’s downstream oil and gas sector.
In a statement issued at the weekend, Vice President for Corporate Services at BINL, Wale Adekola, confirmed that the joint venture agreement had resulted in the creation of Sunshine Joint Venture Infrastructure Limited — the designated platform for delivering the refinery and industrial corridor.
Adekola said the entity was formed after months of technical reviews and information-sharing sessions with the Ondo State Investment Promotion Agency (ONDIPA), bringing together BINL, NEFEX Petro Line Limited, and Cooldeal Limited as joint venture partners working with the state government.
He listed the official representatives in the new JV as Navid, Egbal and MJ for NEFEX; Henry Owonka and Steve Dike for BINL; and Namvapor Maryam Fard for Cooldeal Limited.
According to the statement, ONDIPA recently led a joint team of partners and global technical consultants from China Harbour Engineering, China Engineering, and Honeywell on a site assessment tour of the Ilaje waterways. The visit included meetings with community stakeholders and inspections of designated development zones earmarked for the refinery and free trade operations.
Adekola described the exercise as a “major milestone confirming the readiness of partners to move from planning to structured execution.”
Earlier, the team paid a courtesy call on Ondo State Governor Lucky Aiyedatiwa, led by the Chairman of BINL and former Senate President, Senator Ken Nnamani. Governor Aiyedatiwa applauded the investors’ confidence in the state and pledged full government support to ensure the project’s success.
“We are committed to providing a conducive environment for this partnership to thrive and for all stakeholders to enjoy mutually beneficial outcomes,” he said.
The delegation also visited the Olugbo of Ugbo Kingdom, Oba Frederick Obateru Akinruntan, who endorsed the project and assured the visiting partners — including Navid, JM and Maryam — of full community cooperation and security support.
Adekola noted that the JV is committed not only to the technical delivery of the industrial complex but also to improving local infrastructure. Planned community benefits include hospitals, schools, potable water systems, and new settlement clusters with essential services.
The refinery and free trade zone form a major component of Ondo State’s long-term industrialisation strategy, designed to harness the economic potential of its coastal region. Project outlines include pipelines, tank farms, modular and standard refinery units, fabrication yards, export-processing facilities, and a dedicated logistics corridor to attract global energy and manufacturing investors.
Upon completion, the refinery is expected to meet domestic demand for refined petroleum products, supply feedstock to industries, and serve export markets. It will feature storage depots, loading terminals, and an integrated internal road network as part of a world-class industrial ecosystem.
