Expert faults $50bn Ondo refinery project

The aspiration of Ondo State to become Nigeria’s next industrial powerhouse through a $50 billion 500,000-barrels-per-day refinery and a 1,471-hectare Free Trade Zone in Ilaje, a riverine community, appears to have run into murky waters.

Ondo State Governor, Mr. Lucky Aiyedatiwa, on November 7, announced the $50 billion Sunshine Infrastructure Joint Venture (JV), hailed as a turning point for job creation, investment, and energy independence.

The consortium, featuring Backbone Infrastructure Nigeria Limited (BINL), MJ Care Investment Finance, China Harbour, and Honeywell OUP, is said to be backed by NEFEX Holdings Limited (Canada) through its Nigerian subsidiary, Nefex Petro Line Ltd.

But days after the announcement of the deal, a policy communications expert focused on energy and strategic investment narratives, Mr. Kunle Odusola-Stevenson, raised dust about the integrity of the companies involved, its financial capability and the technical know-how of the promoters of the project.

He pointed out that a deeper interrogation of the deal using a structured risk framework raises fundamental questions about its credibility, warning that new corporate filings in the United Kingdom, linked to the same individuals behind NEFEX, now cast additional doubt on the substance of this multi-billion-dollar narrative.

He explained that the story took another twist when records from Companies House UK revealed the incorporation of Supreme International Monetary and Credit Organization Limited (Company No. 16716243), registered in London on 15 September 2025, with just £100 in share capital.

“With no operational base, employees, or financial statements, the pattern is unmistakable: a network of thinly capitalised, multi-jurisdictional companies designed to appear global, yet offering little substance,’’.

According to him, the Sunshine JV spans four regulatory jurisdictions, Nigeria, Canada, Oman, and the United Kingdom, yet none provide a transparent financial trail. NEFEX lists a Canadian registration, operates via a Swiss phone line, and is directed primarily by Omani nationals while its supposed UK affiliate, Supreme International Monetary and Credit Organization Ltd, claims expertise in credit, investment, and advisory services, but offers no evidence of operational activity. Such opacity, he said, creates severe cross-border enforcement risks. Should disputes or defaults occur, the Nigerian government — or Ondo State taxpayers — would face a legal maze with little practical recourse.

Despite promises of “transparency,” no escrow accounts, proof of funds, or letters of credit have been presented publicly.

Odusola-Stevenson, further raised financial implausibility on the project, saying the numbers alone raise eyebrows.

“A $50 billion investment claim, equivalent to Nigeria’s entire federal budget, from an entity less than a year old, without bank references or audited accounts, strains credulity.

Project valuations have shifted repeatedly: from $15 billion to $30 billion, and now to $50 billion, justified vaguely as including “community programmes.” Such valuation inflation suggests an effort to boost optics rather than disclose actual financing.

Moreover, NEFEX and its UK counterpart list a combined share capital of only £100, offering no evidence of credit lines, guarantees, or institutional backers. Even their promised Corporate Social Responsibility (CSR) pledges — youth empowerment, healthcare, and skills development — lack any contractual or financial commitments.’’