Firm Secures $50bn Funding for Ondo’s 500,000bpd Refinery, FTZ Development 

Michael Olugbode in Abuja 

Following the successful execution of the Memorandum of Understanding (MoU) between Backbone Infrastructure Limitde and the Ondo State Government, through the Ondo State Investment Promotion Agency (ONDIPA), 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 said that it has secured project funding exceeding $50 billion for both projects through a joint venture agreement with its partner, NEFEX Holdings Limited of Canada.

The team, which arrived in Nigeria recently, is set to visit Ondo State to interact with the State Government Officials and pay a courtesy call on the State Governor, Lucky Aiyedatiwa. 

The BINL team will be led by the Chairman, Senator Ken Nnamani, including other Board members and the Executive management team led by Henry Owonka.

Speaking on the refinery financiers, BINL’s Vice-President for Corporate Services, Mr Wale Adekola, disclosed that NEFEX Petroline is involved in engineering and construction services for ports, terminals and logistics facilities, including pipelines and facilities in the Oil and Gas Industry. 

Adekola stated, ‘’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.’’

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

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

Adekola applauded Governor Aiyedatiwa for his commitment and robust support for the projects which have attracted a groundswell of approval from the people of the state across the globe.