News

Ondo Govt, Company Sign MoU To Build $15bn 500,000bpd Refinery

Published

10 months ago

July 10, 2025

Ondo State Government and a multi-sectoral infrastructure development company, Backbone Infrastructure Nigeria Limited (BINL) have announced have announced the plan to construct and operate a 500,000 barrel per day (bpd) refinery at the Sunshine Industrial Park in Ogboti, Eruuna and Sunshine Free Trade Zone (FTZ) in the Ilaje Local Government Area of the state.

According to BINL with offices in Abuja, London and Zug in (Switzerland), the project will be phased commencing with a 100,000 bpd refinery.

And as part of efforts to formalise the arrangement, the Company’s management has scheduled a courtesy visit to Governor Lucky Aiyedatiwa of Ondo State with the MoU expected to be signed to kick start the delivery of the projects as BINL is also exploring partnership with the Nigerian National Petroleum Corporation Limited (NNPC) to facilitate the delivery of the ultra-modern crude oil refinery.

BINL’s Vice President for Corporate Services, Mr Wale Adekola, said the refinery will provide petroleum products for local consumption, feedstock for other local industries and petroleum products for the international market.

The refinery project, according to Adekola, will include the construction of roads, storage tanks, loading bays, terminals and handling equipment while the scope of the Free Trade Zone Project includes the development of the required infrastructure and facilities for the effective operation and management of the Free Trade Zone.

He also added that the development framework will involve a comprehensive and strict governance structure, the development of the local community in compliance with international standards and relevant laws.

“These projects will contribute significantly to reducing Nigeria’s trade deficit, conserving foreign exchange reserves, increasing government revenue and economic development.

“At the state and local levels, these projects will create local jobs, stimulate the local economy through increased demand for goods and services.

“The Corporate Social Responsibility (CSR) strategy includes community engagement programs such as education initiatives, local employment quotas and infrastructure development for surrounding communities and engaging local stakeholders early to mitigate potential opposition to the project,” Adekola stated.

News

Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

5 hours ago

May 6, 2026

Editor

Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.

Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.

La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.

The 24-year-old has two years left on his contract with the Serie A club.

The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.

He has been a regular feature for Lazio this season.

News

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

6 hours ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

8 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.