Backbone Infrastructure Ltd (BINL) has secured $50 billion in funding for the development of a new 500,000 barrels-per-day (BPD) refinery in the Ilaje area of Ondo State, alongside a 1,471-hectare Sunshine Free Trade Zone.

The initiative follows a Memorandum of Understanding (MoU) signed in July between BINL and the Ondo State Investment Promotion Agency (ONDIPA). The funding is part of a joint venture with NEFEX Holdings Limited of Canada, which will also provide engineering and construction services for ports, terminals, pipelines, and other logistics infrastructure.

The BINL delegation, led by Senator Ken Nnamani, Chairman, and Henry Owonka, Executive Management Team Lead, arrived in Nigeria last Sunday to meet with Governor Lucky Aiyedatiwa and inspect project sites. The visit includes engagements with host communities, led by the Olugbo of Ugbo Kingdom, Oba Obateru Akinrutan.

Speaking on the project, BINL’s Vice-President for Corporate Services, Wale Adekola, said:

“NEFEX Petroline combines a global network with deep local understanding and maintains partnerships with leading financial institutions to secure multi-currency credit lines for large-scale operations. This partnership opens the next chapter for the commencement of BINL Refinery development.”

BINL operates from offices in Abuja, London, and Zug, Switzerland, and is exploring a strategic partnership with the Nigerian National Petroleum Company Limited (NNPC Ltd) to develop the ultra-modern refinery complex.

The refinery is expected to provide petroleum products for local consumption, feedstock for local industries, and export-ready petroleum products. Complementing the refinery, the Free Trade Zone project will develop critical infrastructure, roads, storage tanks, terminals, and handling equipment to support operations.

The company also announced plans to prioritize education, local employment, and community infrastructure as part of its corporate social responsibility (CSR) strategy.

The $50 billion investment is projected to transform Ondo State’s infrastructure, boost energy security, and enhance the social and economic welfare of the local population.

Adekola applauded Governor Aiyedatiwa for fostering a favorable investment climate in Ondo State:

“We commend the governor for opening the state to genuine investors and creating the right environment to partner with local and international investors.”