Criticisms against $50bn Ondo Refinery initiative orchestrated by political, personal bitterness – AG
Dr Kayode Ajulo (SAN) Ondo State Attorney General and Commissioner for Justice, says the attacks being orchestrated against the refinery initiative in the state are not driven by genuine concern but by personal bitterness and political mischief.
Ajulo made this known in a statement on Tuesday.
Recall that the Ondo state government in July, concluded plans with Backbone Infrastructure Nigeria Limited (BINL) to construct and operate a 500,000 barrels per day (bpd) oil refinery at the Sunshine Industrial Park in Ogboti, Eruuna, and the Sunshine Free Trade Zone (FTZ), located in Ilaje Local Government Area of the State.
Controversy had continued to trail the 50 billion dollars refinery and industrial investment, expected to positively affect the income of Ondo State and residents.
Ajulo pointed out that Sunshine JV is credible, lawful, with all agreements, safeguards, and due diligence meticulously observed under the oversight of the Attorney General’s office.
“Ondo must not miss another mega project as misguided critics spread baseless falsehoods, citing the Dangote Refinery loss as a lesson.”
According to him, much of the noise is unnecessary, as the law and fundamentals of the strategic investment are clear and safe.
He said Ondo state is not losing a kobo of its resources at this stage, noting that the arrangement opened the door for investors to prove their capacity within an agreed timeframe.
The attorney general explained that the Sunshine Infrastructure Joint Venture is governed by a Memorandum of Understanding that clearly outlined milestones, performance conditions, timelines, and exit clauses which protected the state from any financial exposure or liability.
“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.
Ajulo further explained that most of those shouting online have neither read the agreements of the Joint Venture nor understood modern investment frameworks.
He noted that a dedicated legal team led by a SAN and Senior State Counsel from his office, under his overall supervision have already conducted thorough due diligence, engaged professionals, and designed multilayered safeguards to protect public interest.
He added that the project will rise on verifiable financial capacity, not on public drama or fabricated crises.
He further clarified that the Sunshine JV is composed of credible and duly verified partners, emphasising that all entities involved were subjected to rigorous due diligence checks.
According to him, the state’s interest remains fully protected through established transparency and control mechanisms, ensuring that only competent and trustworthy partners are engaged in the project.
“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.
The attorney general disclosed that ONDIPA subjected the JV consortium to its mandatory compliance and verification procedures.
” These included assessment of financial, technical and operational competence, evaluation of corporate structure, background and integrity checks, feasibility and environmental compliance reviews, and validation of the Special Purpose Vehicle framework.
“Under the MOU,the 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.
” Beyond providing land free of encumbrances and facilitating statutory permits and approvals, the state incurs no financial obligation whatsoever.
He added that the MOU clearly spelt out the equity structure of the Sunshine Infrastructure Joint Venture Company.
“Ondo state retains a 20 per cent equity stake, out of which five per cent is specifically allocated to host communities in Ilaje Local Government Area, an unprecedented model of inclusive development that ensures local ownership and long-term benefit.
“Backbone Infrastructure Nigeria Ltd.., the funding and lead investment partner, holds 65 per cent equity, haven undertaken responsibility for all financial commitments required for the establishment of the 500,000 barrels per day scalable refinery and associated industrial infrastructure.
“The remaining 15 per cent equity is conditionally allotted to the Nigerian National Petroleum Company Ltd., , strictly tied to the conversion of a 100,000 barrels per day crude allocation for five years, subject to the fulfilment of NNPCL’s contractual obligations.
“These terms are clear, lawful, and heavily safeguard Ondo state. No land has been sold, no asset has been mortgaged, no state fund has been committed, and every party’s responsibility is fully documented. This is how modern investment frameworks operate.” Ajulo stated.
The attorney general dismissed claims that the incorporation dates of the companies involved made the partnership suspicious.
” What matters is the constitution, competence, capacity, resources, and reach of the people behind the entities. Even the world’s greatest companies began as newly registered entities.
He emphasised that the arrangement being implemented in Ondo state is a Special Purpose Vehicle, a standard practice for major projects globally.
“SPVs are deliberately incorporated for specific, large-scale investments. The real question is whether the individuals behind them can deliver, and in this case, the answer is yes.”
The attorney general condemned activities of those circulating falsehoods online, describing them as enemies of the people.
Their anger, he said, is not about the project itself but about the fact that they never imagined such a monumental initiative could come from the current administration.
He recalled that when Dangote considered siting his refinery in Ondo, external enemies fought the idea, and the state lost that opportunity.
“Today, the enemies are internal, motivated by politics, ego, and personal gains.
“The refinery, free trade zone, the port, job creation, and industrial growth will directly uplift the Ilaje community and entire state.
He emphasised that Gov. Lucky Aiyedatiwa, coming from the financial sector, is prudent with public resources.
“The administration spends only on what truly benefits the state and has consistently demonstrated transparency, accountability, and a commitment to development. The Sunshine JV is another bold, strategic step to secure opportunities for the people.”
According to him, the critics should have waited to see the outcome before rushing into panic and propaganda.
“Why cry when no land has been sold, no assets mortgaged, no funds released, and no financial obligations imposed on the government?
“These outbursts only reveal one truth: some people are allergic to progress unless they are the ones controlling it. They shout before thinking and condemn before understanding.
” It is even laughable when they claim that the EFCC is coming to investigate the deal.
“We are one of the safest States in Nigeria. Foreign envoys have visited and even spent the night here. The State has hosted several investor groups, and all engagements have been successful.
“Ondo state boasts over 75 km of expansive Atlantic coastline, the longest in Nigeria, and it deserves these significant investments.”
He said that Aiyedatiwa welcomed constructive criticism but rejects manufactured alarmism, saying the people of Ondo state deserved truth, clarity, and progress, not hysteria and misinformation.
