Enemies working to stop $50bn Ondo refinery initiative – AG

Dr Olukayode Ajulo (SAN) Ondo State Attorney General and Commissioner for Justice, says many attacks on the proposed $50 billion refinery and industrial investment in the state are mere political mischief and bitterness.

The News Agency of Nigeria (NAN) recalls that the Ondo state government on Nov. 5, signed a 50 billion dollars investment agreement with some international firms under the Sunshine Infrastructure Joint Venture.The international firms involved in the deal include Backbone Infrastructure, MJ Care Investment Finance and China Harbour, all under the Sunshine Infrastructure Joint Venture.

Controversy had continued to trail the 50 billion dollars refinery and industrial investment initiative that is expected to positively affect the income of Ondo state and its residents.

Ajulo in a statement on Tuesday in Akure, said the attacks on the initiative were orchestrated by political and individual bitterness and not by genuine concern for the state.

According to him, much of the noise is unnecessary, as the law and fundamentals of the strategic investment are clear and safe.

“Ondo state is not losing a kobo of its resources at this stage. Instead, the arrangement opens the door for investors to prove their capacity within an agreed timeframe.

“The Sunshine Infrastructure Joint Venture is governed by a Memorandum of Understanding that clearly outlines milestones, performance conditions, timelines, and exit clauses which protect 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 stated.

The commissioner explained that most of those shouting online had neither read the agreements of the Joint Venture nor understood modern investment frameworks.

He noted that a dedicated legal team led by a Senior Advocate of Nigeria and Senior State Counsel from his office under his overall supervision had conducted thorough due diligence.

Ajulo added that the team had engaged professionals and designed multilayered safeguards to protect public interest.

He said further that the project would 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 had been 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.

“The 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.

“When Dangote considered siting his refinery in Ondo state , external enemies fought the idea, and the state lost that opportunity. Today, the enemies are internal, motivated by politics, ego, and personal gains.

“The Sunshine JV is another bold, strategic step to secure opportunities for Ondo people.

“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 kilometres of expansive Atlantic coastline, the longest in Nigeria, and it deserves these significant investments,” he said.

He noted that the Gov. Lucky Aiyedatiwa-led administration welcomed constructive criticism but would reject manufactured alarmism, saying the people of the state deserved truth, clarity, and progress, not hysteria and misinformation.( NAN)