The Ondo State government has signed a Memorandum of Understanding (MoU) with Backbone Infrastructure Limited for the establishment of a 500,000 barrels per day oil refinery and development of free trade zone in Igbotiri, Ilaje Local Government Area of the state.
Secretary to the state government, Dr. Taiwo Fasoranti, who represented the state governor, Dr. Lucky Aiyedatiwa at signing ceremony, described the proposed investment as timely and strategic, assuring the investors of a peaceful and business-friendly environment.
He emphasized that the project would boost the state’s economy, create meaningful job opportunities, and reduce crime.
In his remarks on behalf of Backbone Infrastructure, the vice president, Legal & Corporate Services, Barrister Wale Adekola appreciated the state government for the opportunity to partner in the infrastructure development of the state and assured of his company’s commitment to ensure successful delivery of the two projects.
Also, the managing director / chief executive of Backbone Infrastructure Nigeria Limited, Engr. Henry Owonka revealed that the two projects would be accompanied by basic infrastructure such as roads, terminal storage tanks, and other facilities that will change the landscape of the state.
According to the MoU breakdown on the refinery, Backbone Infrastructure Limited will hold 65 per cent equity, while the Ondo State government will hold 20 per cent and the Nigerian National Petroleum Corporation Limited (NNPCL) will hold 15 per cent stakes.
The investors have expressed confidence in the leadership and vision of the Aiyedatiwa-led administration, citing the clarity of purpose and support they have received as the reason for choosing Ondo State as their investment destination.
Meanwhile, the state government has pledged its support for the project, which is expected to transform the state’s economy and create jobs.
Present at the event were the secretary to the state government, Dr. Taiwo Fasoranti, who represented the governor; Attorney general and commissioner for Justice, Kayode Ajulo; The Ondo State Development and Investment Promotion Agency (ONDIPA) team while the Backbone team was led by Dr. Steve Dike, a member of the board of directors representing the chairman, Senator Ken Nnamani; The managing director/CEO, Engr. Henry Owonka; The vice president, Legal & Corporate Services.
