Nigeria’s refining sector is about to witness another giant move and this time, it’s coming from Ondo State. Following the success of the Dangote Petroleum Refinery, a new $15 billion project led by Backbone Infrastructure Nigeria Limited (BINL) could soon become one of the country’s biggest industrial ventures.
With a target capacity of 500,000 barrels of crude oil per day, this refinery is being described as a potential game-changer for both Ondo’s economy and Nigeria’s energy future.
This is a bold vision for Ondo
The proposed refinery will sit in the Ilaje Local Government Area, an oil-rich region on the Ondo coastline.
The project also includes the creation of a Sunshine Free Trade Zone (FTZ) spanning over 1,400 hectares. Together, they aim to position Ondo as a key refining and export hub in the southwest.
BINL says the refinery will be built in phases, starting with an initial 100,000 barrels-per-day unit before scaling up to full capacity.
Beyond refining petroleum products for local use, the company plans to export fuel to global markets, cutting Nigeria’s long-standing dependence on imports.
The Team Behind the Project
At the heart of this ambitious undertaking is Senator Ken Nnamani, the former President of the Nigerian Senate, who now serves as Chairman of BINL. His political influence and administrative experience are proving valuable in driving investor confidence and securing government backing.
Working closely with him is Wale Adekola, BINL’s Vice President for Corporate Services. Adekola has been responsible for community engagement and sustainability planning, ensuring that the refinery brings real benefits to host communities.
According to him, the project will create thousands of jobs, boost local education initiatives, and fund key infrastructure developments.
Another crucial player is Henry Owonka, Executive President and CEO of the BIN Group. Owonka oversees the project’s execution and coordination with technical partners, ensuring that the refinery meets international standards.
Local and International Support
The Ondo State government has been a strong partner in the project through the Ondo State Development and Investment Promotion Agency (ONDIPA), led under the administration of Governor Lucky Aiyedatiwa.
His government’s support has helped create an investor-friendly environment to fast-track approvals and logistics.
Backing from traditional institutions has also played a major role. Oba Obateru Akinrutan, the Olugbo of Ugbo Kingdom, has lent his support to strengthen ties between developers and the host communities a critical step in maintaining peace and cooperation during construction.
On the international side, NEFEX Holdings Limited of Canada, through its subsidiary NEFEX Petroline is handling the engineering, energy infrastructure, and financing aspects of the project. With a track record across North America, Europe, and the Middle East, NEFEX brings the global expertise required for a refinery of this scale.
A New Rival or a Needed Ally?
With over $50 billion in funding commitments already secured, the Ondo refinery could become one of the largest private investments in Nigeria’s oil and gas sector after Dangote’s.
While some see it as a rising challenge to Aliko Dangote’s dominance, others believe it’s a complementary effort, a sign that Nigeria’s refining industry is finally opening up to healthy competition.
Meanwhile, the Dangote Refinery isn’t slowing down. The company recently announced plans to double its capacity from 650,000 barrels per day to 1.4 million barrels, which would make it the largest refinery in the world within three years.
Still, the emergence of the BINL-led project shows that Nigeria’s refining future will no longer rest on a single giant. With new players entering the field, the competition could finally push the nation toward energy independence, job creation, and industrial growth, something Nigerians have long awaited.