New Rival for Dangote: Meet the People Behind 500,000 Barrels Refinery Project in Ondo State
- Nigeria is set to welcome another major refinery following the success of the Dangote Petroleum Refinery
- The new refinery, which will be located in Ondo State, will have the capacity to process 500,000 barrels of crude oil per day
- The project is valued at $15 billion, with over $50 billion in funding commitments already secured
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigeria’s push to expand its refining capacity is gaining momentum, with Backbone Infrastructure Nigeria Limited (BINL) leading a consortium to develop a 500,000 barrels-per-day (BPD) refinery and a Free Trade Zone (FTZ) in Ilaje Local Government Area of Ondo State.
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The project is estimated at $15 billion but has already secured over $50 billion in funding commitments, the Nation reports.
This will be one of the largest private-sector investments in the nation’s oil and gas sector after the Dangote Refinery.
According to BINL, a multi-sectoral infrastructure development company with offices in Abuja, London, and Zug, this project will be phased, commencing with a 100,000-barrel refinery.
The people behind the refinery
At the forefront of the initiative is Senator Ken Nnamani, Chairman of BINL and former President of the Nigerian Senate.
Nnamani brings political and administrative experience to guide the project, which aims to transform Ondo State into a refining and export hub in Southwest Nigeria.
Under his leadership, BINL has expanded partnerships with international investors to deliver this large-scale infrastructure Punch reports.
Wale Adekola, BINL’s Vice President for Corporate Services, oversees operations and community engagement.
He has been instrumental in outlining the company’s development framework, which includes employment creation, education support, and local infrastructure projects.
Adekola said the refinery will not only supply fuel for domestic use but also export petroleum products to global markets, reducing Nigeria’s dependence on imports.
Another key figure within the BIN Group who will play a vital role in executing the project is Executive President and CEO, Henry Owonka.
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Lucky Aiyedatiwa, Governor of Ondo State, has played a key role in creating an enabling environment for the project through the Ondo State Development and Investment Promotion Agency (ONDIPA).
The state’s partnership with BINL underscores its commitment to attracting investors and building long-term industrial growth.
Also central to the project is Oba Obateru Akinrutan, the Olugbo of Ugbo Kingdom, whose support has strengthened ties between the developers and host communities.
His influence is expected to foster peace and cooperation during the project’s implementation phase.
Backing the refinery technically and financially is NEFEX Holdings Limited of Canada, through its subsidiary NEFEX Petroline, an international engineering and energy infrastructure firm with operations across North America, Europe, and the Middle East.
The company is responsible for mobilising global financing and providing engineering expertise for the refinery and the 1,471-hectare Sunshine Free Trade Zone.
Upon completion, the BINL-NEFEX refinery is expected to redefine Ondo State’s economic landscape, create thousands of jobs, and position Nigeria as a major refining hub in Africa.
Dangote Refinery expansion plan
Earlier, Legit.ng reported that Dangote Refinery is set to become the world’s largest refinery within three years.
Aliko Dangote, who disclosed this while speaking to journalists, revealed that a second single-train unit will be constructed to expand the refinery from its current 650,000 barrels per day (bpd). capacity to 1.4 million bpd.
Dangote said the expansion would address Africa’s growing fuel demand, reduce dependence on imports, and create 65,000 jobs.
Source: Legit.ng
