Ondo, Firm To Sign MoU On 500,000Bpd Oil Refinery

…as Aiyedatiwa pledges support for investors
The governor of Ondo State, Lucky Aiyedatiwa, has pledged full backing for genuine investors whose projects align with the state’s development goals.
A statement by the Governor’s Chief Press Secretary, Ebenezer Adeniyan, said the governor made this known while receiving the leaders of Backbone Infrastructure Nigeria Limited, who are proposing a refinery, a free trade zone, and other critical infrastructure projects in the state.
The state government and the company are expected to sign a Memorandum of Understanding (MoU) on the project later this week.
Aiyedatiwa described the proposed investments as timely and strategic, assuring the group of a peaceful, business-friendly environment. He said the projects would not only boost the state’s economy but also create meaningful job opportunities and reduce crime.
The governor also praised the collaboration between the investors and the Ondo State Development and Investment Promotion Agency (ONDIPA), saying he had been receiving encouraging updates and was confident of the project’s success.


Highlighting Ondo’s untapped resources, including bitumen deposits and the state’s long coastline, the Governor revealed that license has already been secured for a deep seaport and the government is in talks with international partners, including investors from China.
Earlier, a board member of the company, Mr. Stephen Dike, expressed the team’s strong confidence in the leadership and vision of the Aiyedatiwa-led administration, emphasizing that their decision to begin their operations in Ondo State was based on the clarity of purpose and support they had received.
Also speaking, the Managing Director of Backbone Infrastructure Nigeria Limited, Mr. Henry Owonka, reiterated the company’s readiness to begin the implementation of the project.
“Since our last meeting, we’ve worked closely with ONDIPA to develop a working framework. Your team has been outstanding. We are now prepared to sign an MOU and begin work,” he said.



