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Firm Secures $50bn Funding For Ondo Refinery, Free Trade Zone Project

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Backbone Infrastructure Ltd has secured funding commitments exceeding $50 billion for the development of a 500,000 barrels-per-day refinery and the Sunshine Free Trade Zone in Ilaje Local Government Area of Ondo State.

The funding was facilitated through a joint venture agreement between BINL and NEFEX Holdings Limited of Canada, marking one of the largest single private sector investment packages targeted at Nigeria’s downstream oil and gas industry.

According to a statement issued by the company on Monday, the investment follows the signing of a Memorandum of Understanding between BINL and the Ondo State Government, through the Ondo State Investment Promotion Agency, in July.

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The company said the project is expected to transform the state into a key refining and export hub in the Niger Delta corridor.

The statement read, “Following the successful execution of the Memorandum of Understanding between Backbone Infrastructure Ltd and the Ondo State Government, through the Ondo State Investment Promotion Agency, for the construction of a 500,000 barrels-per-day refinery and the development of a 1,471-hectare Sunshine Free Trade Zone in the Ilaje area of Ondo State in July, Backbone has secured project funding exceeding $50bnfor both projects through a joint venture agreement with its partner, NEFEX Holdings Limited of Canada.”

READ ALSO:Two Suspected Internet Fraudsters Arrested In Ondo For ₦11m Scam

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The statement added that a team from BINL, led by its Chairman and former Senate President, Senator Ken Nnamani, is scheduled to visit Akure on Monday for meetings with state government officials and a courtesy visit to Governor Lucky Aiyedatiwa.

The visit will also include site inspections, stakeholder engagements, and consultations with host communities, including a royal audience with the Olugbo of Ugbo Kingdom, Oba Obateru Akinrutan.

According to BINL’s Vice President for Corporate Services, Wale Adekola, the partnership with NEFEX Petroline, an engineering, construction, and energy infrastructure firm with operations across North America, Europe, and the Middle East, will fast-track the technical and financial groundwork needed to commence construction.

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Their speciality also includes port and infrastructure development, petrochemical trading and supply, investment, and project management.

READ ALSO:Youths Beat Ondo Monarch, Wife, Son During Festival

“With operations across the Middle East, Europe, North America, and beyond, NEFEX Petroline combines the advantages of a global network with deep local understanding. The firm maintains partnerships with leading global financial institutions to secure multi-currency credit lines and liquidity support for large-scale operations,” Adekola said.

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‘’Our partnership with NEFEX opens the next chapter for the commencement of BINL Refinery development, ‘’ the BINL executive added.

He added that the BINL-NEFEX partnership represents “the next chapter” in the company’s refinery development efforts, with plans to also collaborate with the Nigerian National Petroleum Company Limited to ensure seamless integration into Nigeria’s oil value chain.

The refinery, upon completion, is expected to meet local demand for petroleum products, provide feedstock to industries, and export refined products to international markets. It will also include storage facilities, loading bays, terminals, and a network of internal roads, according to the project brief.

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Similarly, the 1,471-hectare Sunshine Free Trade Zone will host industrial clusters, logistics facilities, and residential zones, positioning Ondo State as an emerging industrial hub in Southwest Nigeria.

READ ALSO:2Face Idibia Reportedly Arrested After Heated Argument With Natasha In London

The $50bn project could significantly reduce Nigeria’s reliance on imported refined fuel, conserve foreign exchange, and create thousands of direct and indirect jobs.

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It also aligns with the Federal Government’s push to attract private capital into critical infrastructure, especially as the country seeks to replicate the Dangote Refinery model and expand its refining capacity.

BINL, which operates offices in Abuja, London, and Zug, Switzerland, said its corporate social responsibility framework will focus on education, skills development, and infrastructure projects in host communities.

Adekola commended Governor Aiyedatiwa for his “visionary leadership” and commitment to attracting credible investors.

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We commend the governor for opening the state to genuine partnerships and creating the right environment for both local and international investors to thrive,” he said.

The refinery and free zone project, expected to span several phases, could redefine the economic landscape of Ondo State, making it a key energy and industrial hub in Nigeria’s South-West region.

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Children’s Day: Chaos At Ogbe Stadium As Dozens Faint

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Chaos erupted on Wednesday during the Children’s Day celebration as dozens of students reportedly collapsed following a stampede triggered by the use of pepper spray.

The event,
organised by the Edo State Ministry of Education at the Samuel Ogbemudia Stadium was disrupted after some male students of Ihogbe College allegedly made uncompromising advances towards female students at the venue.

‎ A parent who identified himself as Oboh Emmanuel said, “the behaviour of those uncultured students attracted the attention of bouncers stationed at the stadium as they rebuked the male students.”

‎Oboh said the affected students later regrouped and attacked the bouncers, leading to a confrontation within the crowded arena.

READ ALSO:Children’s Day: Edo Commits To Child Protection

It was gathered that in the ensuing confusion, the bouncers were reported to have deployed pepper spray in an area occupied by a large number of students.

‎Several students, particularly female students, reportedly fainted after inhaling the substance, while others sustained injuries after being stepped on during the ensuing melee.

‎The panic was said to have spread across the stadium as students, teachers and parents scampered for safety.

‎Many of the affected students were reportedly rushed to the Edo Specialist Hospital for medical attention.

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READ ALSO: Egor LG Chair, Ogbemudia, Vice, Osawe Impeached

Reacting to the incident, Chief Press Secretary to Governor Monday Okpebholo, Dr Patrick Ebojele, said the security personnel that fired the tear gas had been detained.

He said all the students, except two, that were rushed to the hospital have been discharged.

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Ebojele stated that doctors wanted to observe the students till tomorrow before allowing them to go home.

The two students are not seriously injured. Doctors want to observe them overnight. Permanent Secretary, Ministry of Education is still at the hospital. The man who used pepper spray has been detained.

“The incident did not happen the way it is being exaggerated. All modalities were put in place to ensure the children enjoyed their day.”

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Okpebholo Salutes Edo Muslims, Seeks Continued Support, Prayers

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Governor Monday Okpebholo of Edo State has urged Muslims and all Nigerians to continue to pray for peace, unity and progress in the country even as they celebrate the annual Eid-al-Adha

The governor, who was represented by his deputy, Dennis Idahosa, stated this during the annual Eid-al-Adha celebration with Muslim faithfuls held at Government House in Benin City.

He reiterated his administration’s commitment to fairness, inclusivity and equal opportunities for all citizens irrespective of religion and tribe.

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READ ALSO:ADC Penetrates Okpebholo’s District As Defections Strengthen Party in Edo Central

According to him, the present administration remains determined to building a government that reflects the diversity of Edo State, noting that competent and qualified Muslims have continued to play vital roles in his government because of their capacity, integrity and commitment to service.

“As a government, we remain committed to fairness, inclusivity and equal opportunity for every Edo citizen, irrespective of religion, ethnicity or political affiliation. This is why quality and competent Muslims are serving in key positions in our administration.”

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Okpebholo appreciated the Muslim community in Edo State for their unwavering support and continuous prayers for his administration, noting that such prayers and support have contributed immensely to the peace and steady development being witnessed across the state.

READ ALSO:Okpebholo Felicitates Muslims On Eid-el-Fitr Celebration

He then called on all Nigerians to use the occasion of Eid-al-Adha to pray for the administration of President Bola Ahmed Tinubu, stressing that the country needs collective prayers, unity and cooperation to overcome its present economic and security challenges.

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I urge all Muslims and indeed all Nigerians to use this occasion to pray for our dear nation and for the administration of President Bola Ahmed Tinubu. Nigeria needs our collective prayers, unity and support as we strive to overcome our challenges and build a more prosperous future for all.”

In his remarks, the Chief Imam of Edo State, Abdulfatai Enabulele, applauded the governor for what he described as remarkable developmental strides recorded in less than two years in office.

The cleric commended the administration for ongoing infrastructural development and efforts geared towards improving governance in the state, but appealed to the government to revisit and complete some abandoned projects inherited from the previous administration for the benefit of the people.

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Children’s Day: Edo Commits To Child Protection

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The Edo State Government has reaffirmed its commitment to protecting the rights of children, promoting quality education, and strengthening sports development across the state.

This assurance was given by the governor of Edo State, Monday Okpebholo, during the 2026 Children’s Day Celebration and Governor’s Cup Finale held on Wednesday at the Samuel Ogbemudia Stadium, Benin City.

Addressing pupils, students and teachers,
the governor described children as the pride of Edo State and the future of the nation.

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The governor, represented by his deputy, Dennis Idahosa,
noted that the annual celebration provides an opportunity to honour their dreams, talents, and limitless potential.

READ ALSO:Eid-el-Kabir: Edo Deputy Gov Solicits prayers For Okpebholo

Speaking on this year’s Children’s Day theme, “Choose Kindness, Reject Bullying,” the governor said the message was timely and significant, as it emphasizes the need to create safe, supportive, and inclusive environments for children both in schools and communities.

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He stated that bullying in all forms — physical, verbal, emotional, or online — has no place in society, adding that the Edo State Government remains fully committed to protecting the rights and dignity of every child.

According to him, the administration will continue to strengthen policies and programmes that promote child protection, discipline, mutual respect, and positive learning environments across schools in the State.

The governor urged children to embrace kindness, compassion, teamwork, and respect for one another, stressing that true strength lies not in intimidation but in empathy, good character, and mutual understanding.

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