The Ondo State government has taken a major step toward industrial transformation of the state as Governor Lucky Orimisan Aiyedatiwa on Tuesday formalised a $50 billion investment agreement with an international consortium under the Sunshine Infrastructure Joint Venture (JV).
The partnership, involving Backbone Infrastructure, MJ Care Investment Finance, China Harbour and Honeywell OUP, will drive the establishment of a 500,000-barrels-per-day refinery and a 1,471-hectare Sunshine Free Trade Zone in Ilaje Local Government Area.
In a statement issued by the Chief Press Secretary to the Governor, Prince Ebenezer Adeniyan said the landmark deal, coordinated through the Ondo State Investment Promotion Agency (ONDIPA), marks a significant milestone in the government’s drive to position the state as a major industrial hub and attract large-scale foreign direct investment.
Receiving the investors at the Governor’s Office in Akure, Aiyedatiwa described the partnership as “a strategic step towards sustainable industrialisation and long-term economic stability.”
“This investment marks a new dawn for Ondo State. It will fast-track industrial development, attract more investors, and create jobs for our people,” he said.
He assured the investors of his administration’s commitment to transparency, a conducive business environment, and full protection of their investments.
The Managing Director of Sunshine Infrastructure JV, Mr Henry Owonka, said the initiative had grown from conception to execution through consistent engagement with ONDIPA.
He noted that the project’s initial valuation of $30 billion was reviewed to $50 billion after its scope was expanded to include broader infrastructure and community-focused programmes.
“The Sunshine JV is not just an investment; it’s a development framework that will transform industries, strengthen communities, and improve livelihoods,” Owonka stated.
According to him, the refinery will serve both local and international petroleum markets, while the consortium’s corporate social responsibility (CSR) programmes will focus on education, youth empowerment, healthcare, and infrastructure in host communities.
A representative of the consortium, A. Clement, said preparations for implementation were already underway, adding that the project would also drive development in agriculture, aviation, and healthcare.
He emphasised that the group was committed to ensuring full economic transformation of Ondo State and sustainable benefits for its people.
The consortium’s Chairman and former Senate President, Ken Nnamani, was commended for his leadership in facilitating the partnership, which stakeholders described as a model for credible public-private collaboration.
Present at the event were the Deputy Governor, Dr Olajide Adelami; Secretary to the State Government, Dr Taiwo Fasoranti; Chief of Staff, Prince Segun Omojuwa; Head of Service, Dr Bayo Philip; Commissioner for Infrastructure, Engr Ayorinde Abiola Olawoye; Commissioner for Physical Planning, Hon. Sunday Olajide; Commissioner for Information and Orientation, Mr Idowu Ajanaku; Director-General of the OSRC, Mr Kenneth Odusola-Stevenson; Administrative Secretary of ONDIPA, Mr Omomowo Emmanuel; and Director of Business Development, Mr Femi Akarakiri.
