Ken Nnamani secured $50bn for refinery, free zone development in Ondo, says Backbone Infrastructure

Ken Nnamani secured $50bn for refinery, free zone development in Ondo, says Backbone Infrastructure

Backbone Infrastructure Nigeria Limited (BINL) says it has secured over $50 billion for the development of a “500,000-barrels-per-day refinery and a 1,471-hectare sunshine free trade zone” in Ondo state.

In a statement on Monday, the firm said the funding follows the successful execution of the memorandum of understanding (MoU) between BINL and the state government in July, through the Ondo State Investment Promotion Agency (ONDIPA). Backbone Infrastructure said it secured the project funding, “exceeding $50 billion for both projects”, through a joint venture agreement with its partner, NEFEX Holdings Limited of Canada.

Ken Nnamani, chairman of Backbone Infrastructure, according to the statement, is leading a team on a courtesy visit to Lucky Aiyedatiwa, governor of Ondo, and interactions with state officials.

The company said the team also includes other board members and executive management, led by Henry Owonka, who arrived in Nigeria last Sunday.

The meeting, according to the firm, will explore the roadmap towards the commencement of the projects, including presentations with ONDIPA, visits to the project sites and engagement with the host communities led by Obateru Akinrutan, the Olugbo of Ugbo Kingdom.

Speaking on the refinery financiers, Wale Adekola, BINL’s vice-president for corporate services, said NEFEX Petroline is involved in engineering and construction services for ports, terminals and logistics facilities, including pipelines and facilities in the oil and gas industry.