$50 Billion Secured for 500,000 Barrels-Per-Day Refinery and 1,471-Hectare Free Zone Development in Ondo State, Announces Backbone Infrastructure
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| Brand logo of BINL Source: Online |
Lagos/Nigeria – Backbone Infrastructure Nigeria Limited (BINL) is pleased to announce that it has secured **funding exceeding US$50 billion** for the development of a 500,000-barrel-per-day oil refinery and a 1,471-hectare “Sunshine Free Trade Zone” in Ondo State. ([TheCable][1])
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Project Overview
* The project follows the signing of a Memorandum of Understanding (MoU) in July between BINL and the Ondo State Government via the Ondo State Investment Promotion Agency (ONDIPA). ([TheCable][1])
* The funding was secured through a joint-venture agreement between BINL and its Canadian partner, NEFEX Holdings Limited. ([THISDAYLIVE][2])
* The refinery will process 500,000 barrels of crude oil per day. ([Vanguard News][3])
* The Free Trade Zone will cover 1,471 hectares of land, along the Ilaje corridor of Ondo State. ([TheCable][1])
* Infrastructure components will include roads, storage tanks, loading bays, terminals, and handling equipment for the refinery; and tailored logistics and operation facilities for the Free Trade Zone. ([Leadership News][4])
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Strategic Significance
* The project marks one of the largest private-sector infrastructure commitments in the region, and is expected to transform the economic and industrial landscape of the state. ([Leadership News][4])
* It aligns with efforts to expand Nigeria’s refining capacity and export potential, while leveraging the strategic coastal location of Ilaje / Ondo State.
* The Free Trade Zone offers significant opportunities in logistics, manufacturing, trade and export processing, thereby generating employment and boosting local value-addition.
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Leadership & Next Steps
* The project team is led by BINL’s Chairman, Ken Nnamani, supported by Executive Management led by Henry Owonka. ([TheCable][1])
* On-site engagements are already in motion, including visits to project sites, engagement with host communities (notably under the leadership of the Oba Obateru Akinrutan, Olugbo of Ugbo Kingdom) and courtesy calls to the state government led by Lucky Aiyedatiwa, Governor of Ondo State. ([Vanguard News][3])
* The immediate focus now is finalising detailed engineering plans, commencing ground-works, securing necessary regulatory approvals and mobilising the construction and logistics teams.
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Commitment to Social Responsibility
BINL emphasises that beyond the core industrial investment, the project incorporates a strong commitment to corporate social responsibility (CSR). Key community programmes will focus on education, local employment, infrastructure development and meaningful engagement with the host communities. ([TheCable][1])
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“We believe this project will not only elevate Ondo State’s industrial capacity but will also deliver transformational socio-economic benefits for the people,” said Mr Wale Adekola, Vice President of Corporate Services at BINL, referring to the company’s partnership with NEFEX-Petroline, which brings global engineering, logistics and construction expertise to the venture. ([Leadership News][4])
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About BINL
Backbone Infrastructure Nigeria Limited (BINL) is an energy and infrastructure development company committed to delivering large-scale projects that integrate refining, logistics, free trade zones and associated industrial infrastructure.
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About NEFEX Holdings
NEFEX Holdings Limited, based in Canada, through its operating arm NEFEX Petroline, specialises in engineering and construction services for ports, terminals, pipelines, logistics and oil-&-gas infrastructure. ([THISDAYLIVE][2])
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