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 in Igbotiri, Ilaje Local Government Area of the state.
The signing ceremony took place at the Governor’s office in Akure.
The Secretary to the State Government, Dr. Taiwo Fasoranti, 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.
The Managing Director of Backbone Infrastructure Nigeria Limited, Mr. Henry Owonka, revealed that the refinery would be accompanied by basic infrastructure such as roads, terminal storage tanks, and others.
He also disclosed that the second phase of the MOU involves the development of the Sunshine Industrial Park and Free Trade Zone.
According to the MOU breakdown, Backbone Infrastructure Limited will hold 65% equity, while the Ondo State Government will hold 20% and the Nigerian National Petroleum Corporation Limited (NNPCL) will hold 15%.
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 for their operations.
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 signing of the MOU were the state Attorney General and commissioner for Justice,Kayode Ajulo SAN ,ONDIPA Team, Teams from the Backbone infrastructure limited among other top government Functionaries
