Ondo State has taken a major step toward the realisation of its proposed 500,000-barrel-per-day refinery and the Sunshine Free Trade Zone with the formal incorporation of a new project company, Sunshine Joint Venture Infrastructure Limited. The newly created entity will serve as the central platform through which the ambitious industrial projects will be executed. This development was confirmed in a statement issued on Thursday by the spokesperson for the joint venture partners, Wale Adekola, who described it as a clear demonstration of commitment from both the investors and the Ondo State Government.
The move builds on recent progress reported last month, when The PUNCH noted that the refinery and FTZ initiative had entered a fresh phase of implementation. Backbone Infrastructure Nigeria Limited had commenced technical assessments and site visits in the Ilaje Local Government Area, where the projects will be located. Prior to that, the company also revealed that it had secured funding commitments exceeding $50bn for the construction of the mega refinery and the development of the free trade zone. The financing arrangements were facilitated through a joint venture agreement between Backbone Infrastructure Nigeria Limited and Canadian firm NEFEX Holdings Limited, representing one of the largest private investment inflows targeted at Nigeria’s downstream oil and gas sector.
According to the joint venture partners, the newly incorporated Sunshine Joint Venture Infrastructure Limited will act as the primary channel for implementing the Memoranda of Understanding already signed with the Ondo State Government through the Ondo State Investment Promotion Agency (ONDIPA). The statement noted that the formation of the company “strengthens the resolve and unity of purpose among the funding partners,” while also signalling the seriousness with which they are approaching the execution of both projects.
As part of efforts to accelerate preparations, key members of the joint venture held a high-level strategy meeting in Dubai. At the session, the partners concluded financing plans, aligned on operational frameworks, and mapped out the initial steps needed for early groundwork on the proposed sites. These early activities include preparations for the groundbreaking events and robust engagements with host communities. In attendance at the Dubai meeting were Salehi Farhad, Zaheri Navid, Eghbal Kordjamshidi, Saheed Zaheri, Dr Stephen Dike, Henry Owonka, and Namvar Maryam,individuals regarded as central to driving the initiatives forward.
Adekola explained that plans have already been finalised to deploy contractors who will work with communities around the project area to establish an information centre, develop architectural designs, and put in place essential support infrastructure for the early stages of the project. He added that ONDIPA is working closely with communities that may be affected by development activities to ensure peaceful cooperation and a seamless relocation process where necessary.
The joint venture partners reaffirmed their commitment to partnering with the state government to reshape Ondo State’s economic landscape. When completed, the refinery and free trade zone are expected to become landmark industrial developments, capable of attracting massive investments, generating thousands of jobs, boosting exports, and positioning Ondo State as a major hub for energy, manufacturing, and international trade.
