Ondo State Governor, Lucky Aiyedatiwa, has formalised a $50 billion investment deal for the development of a 500,000-barrel-per-day refinery and a 1,471-hectare Sunshine Free Trade Zone in Ilaje Local Government Area of the state.
The project, executed under the Sunshine Infrastructure Joint Venture (JV), brings together global partners including Backbone Infrastructure, MJ Care Investment Finance, China Harbour, and Honeywell OUP. It is expected to position Ondo as a major industrial and economic hub in Nigeria.
The agreement followed the signing of a Memorandum of Understanding (MoU) between the Joint Venture and the Ondo State Government through the Ondo State Investment Promotion Agency (ONDIPA).
Speaking while receiving the investors at the Governor’s Office in Akure, Aiyedatiwa described the deal as a “strategic milestone” towards sustainable industrialisation and long-term economic stability in the state.
“This investment marks a new dawn for Ondo State. It will fast-track industrial development, attract more investors, and create jobs for our people,” the governor said.
He reaffirmed his administration’s commitment to ensuring transparency, providing a conducive environment for investors, and protecting all investments in the state.
Managing Director of Sunshine Infrastructure JV, Mr. Henry Owonka, said the project’s initial $30 billion valuation was increased to $50 billion to accommodate expanded infrastructure and community-based programmes.
“The Sunshine JV is not just an investment; it’s a development framework that will transform industries, strengthen communities, and improve livelihoods,” Owonka noted.
He added that the refinery would serve both local and international petroleum needs, while its corporate social responsibility (CSR) initiatives would focus on education, local employment, and infrastructure development.
A representative of one of the consortium partners, Mr. A. Clement, stated that the investment would drive industrial, agricultural, aviation, and healthcare development in Ondo State, describing the project as “a catalyst for total transformation.”
The consortium’s chairman and former Senate President, Ken Nnamani, was commended for his leadership role in facilitating the deal, which stakeholders hailed as a model for credible public-private partnerships in Nigeria.
Dignitaries present at the ceremony included the Deputy Governor, Dr. Olajide Adelami; Secretary to the State Government, Dr. Taiwo Fasoranti; Chief of Staff, Prince Segun Omojuwa; and several commissioners and top government officials.
