$50b Ondo Refinery Investments: a strategic venture that will transform the economic landscape of the state - Ondo AG. ‎...says all agreements followed due process with verifiable partners* ‎

 

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‎The Attorney General and Commissioner for Justice, Ondo State, Dr. Kayode Ajulo said the $50b Refinery Investment in Ondo State would fast-track industrial development, attract more investors, create jobs and make the state one of the industrial hubs of the nation.

‎The Attorney General explained that an international energy consortium has finalized a landmark $50 billion investment deal to build what will become Africa’s second-largest oil refinery in Ondo State, Nigeria under a Joint Venture investment. 

‎The arrangements followed the successful execution of the Memorandum of Understanding (MoU) between the Joint Venture and the state government through the Ondo State Investment Promotion Agency (ONDIPA).

‎The over $50 billion Refinery is being established on about1,471-hectares of land at the sunshine free trade zone in Ilaje Local Government Area of Ondo state and expected to produce over 500,000 barrels of refined oil per-day.

‎Speaking against the skepticism expressed in some quarters, Dr Ajulo explained that the Sunshine Infrastructure Joint Venture is governed by a Memorandum of Understanding that clearly outlines milestones, performance conditions, timelines, and exit clauses which protect the State from any financial exposure or liability.

‎The Commissioner noted that a dedicated legal team led by a Senior Advocate of Nigeria and Senior State Counsel had diligently engaged professionals, and designed multilayered safeguards to protect public interest, adding that the project would rise on verifiable financial capacity, not on public drama or fabricated crises.

‎According to him, it was too early and unnecessary for any individual or group to express doubt about the strategic investment as the law and fundamentals guiding its establishment are clear and safe, nothing that Ondo State is not losing any of its resources at this stage.

‎"With defined milestones, timelines, conditions, and thresholds, the State remains fully protected. If the investors fail to meet the obligations, the government simply retrieves the land and redeploys it for other uses. Nothing is lost. There is no exposure, no sacrifice of State funds, and no risk to the people." He said.

‎Dr. Ajulo described the attacks being orchestrated against the initiative at this early stage as unnecessary, stressing that they are not driven by genuine concern for the State but by personal bitterness and political mischief.

‎The State Attorney General further clarified that that the Sunshine Joint Venture is composed of credible and duly verified partners, emphasising that all entities involved have been subjected to rigorous due diligence checks and enjoined critics of the project to strive to understand modern investment frameworks.

‎"Ondo State Development and Investment Promotion Agency (ONDIPA) is an experienced one-stop shop responsible for investment promotion and multilateral corporations in the State. The agency, under competent and dedicated hands, actively facilitates, promotes, manages, and supports the investments." He asserted.

‎While positing that the State’s interest remains fully protected through established transparency and control mechanisms by ensuring that only competent and trustworthy partners are engaged, the Attorney General explained that the arrangement opens the door for investors to prove their capacity within an agreed timeframe.

‎Dr Ajulo disclosed that ONDIPA had subjected the Joint Venture consortium to mandatory compliance and verification procedures which included assessment of financial standings, technical and operational competence, evaluation of corporate structure, background and integrity checks, as well as feasibility, environmental compliance reviews and validation of the Special Purpose Vehicle framework.

‎According to him, under the Joint Venture arrangements, Ondo State Government is contributing approximately 1,300 hectares of land within the Sunshine Industrial Park for the development of the refinery and the Sunshine Free Trade Zone, while the State retains a 20 per cent equity stake, out of which 5 per cent is specifically allocated to the host communities in Ilaje Local Government Area.

‎He affirmed that the administration of Governor Lucky Orimisan Aiyedatiwa in Ondo State has consistently demonstrated accountability, transparency and commitment to the development of the state as it only spends on what would really benefit the state and its people.

‎The Commissioner said although the Lucky Aiyedatiwa's administration welcomes constructive criticisms and useful suggestions, it would not however yield to manufactured alarmism and orchestrated political cynicism.