Background
On 15 July 2025, the Government of Ondo State announced that it had concluded plans with Backbone Infrastructure Nigeria Limited (BINL) to construct and operate a 500,000 barrels-per-day (bpd) oil refinery at the Sunshine Industrial Park in Ogboti, Eruuna, and within the Sunshine Free Trade Zone (FTZ) in Ilaje Local Government Area at an estimated cost of $15 billion. The first phase of the refinery was projected for completion within 48 months, according to the official announcement on the state’s website: https://ondostate.gov.ng
A year earlier, BINL had proposed $172 billion investments across Nigeria’s mining, agriculture, housing, transportation, and energy sectors over a 22-year period.
BINL is described as a consortium of three companies:
Integrated Advanced Backbone Ltd
Netzone Engineering Ltd
Tunnelcraft Ltd
On 4 November 2025, BINL announced that it had secured project funding exceeding $50 billion from NEFEX Holdings Limited of Canada for the refinery and the development of a 1,471-hectare Sunshine Free Trade Zone in Ilaje.
BINL’s Vice President for Corporate Services, Mr. Wale Adekola, claimed that NEFEX Petroline is involved in engineering and construction services for ports, terminals, pipelines, and logistics facilities in the oil and gas industry.
The next day, 5 November 2025, the Ondo State Government announced the signing of a $50 billion investment agreement with a consortium of international firms under the Sunshine Infrastructure Joint Venture to establish the refinery and free trade zone.
According to Ebenezer Adeniyan, Chief Press Secretary to Governor Lucky Ayedatiwa, the consortium partners include Backbone Infrastructure, MJ Care Investment Finance, China Harbour, and Honeywell UOP.
Before We Roll Out the Drums
As citizens of Ondo State, we cannot but welcome the prospect of a massive investment of this nature, given the potential economic transformation it could bring — from employment opportunities and revenue expansion to industrial development.
Indeed, if realized, this would be the largest single private investment in Nigeria in decades, far exceeding the combined Final Investment Decisions (FIDs) in the oil and gas sector since 2023, estimated at $8 billion.
However, while acknowledging the government’s efforts, several grey areas and red flags make the BINL–Ondo deal highly questionable and potentially fraudulent.
One Investment, Multiple Promoters
Between July 2025 (when BINL first announced its partnership intent) and November 2025 (when the agreement was signed), at least nine different entities have been linked to the project:
The three companies forming BINL (Integrated Advanced Backbone Ltd, Netzone Engineering Ltd, and Tunnelcraft Ltd)
NEFEX Holdings Limited (Canada)
NEFEX Petroline
MJ Care Investment Finance
China Harbour
Honeywell UOP
This inconsistent corporate representation raises serious questions about authenticity and transparency.
Who Are the Promoters?
A background investigation into each of these entities revealed the following:
BINL (RC 1900690) — Incorporated in March 2022 with ₦1,000,000 share capital. Its stated business activities are mining and mineral refining. The company’s website and corporate filings do not reflect the profile of a firm capable of executing a $50 billion project.
Significant Controller: Oshobi Oyetola (100% ownership)
Address: Churchgate Tower, Constitution Avenue, Abuja
Integrated Advanced Backbone Project Ltd — Incorporated 10 October 2016 (RC 1366463) with ₦1,000,000 share capital. Flagged as inactive on CAC records and has no website.
Netzone Engineering Ltd — Described online as an international infrastructure consultancy with UK and Nigeria offices. Claims appear generic, with no verifiable track record of major projects.
Tunnelcraft Ltd (UK) — A genuine civil engineering company involved in tunnelling works. Appears to be the only credible member of the BINL consortium.
NEFEX Holdings Limited (Canada) — BINL’s claimed financier.
Registered address: 27 Watts Meadow, Aurora, Ontario — a residential property.
The company’s directors — Eghbal Kord Jamshidi, Navid Zaheri, Farhad Salehi, and Mahdi Jafarghloizade — have little or no digital or corporate footprint.
NEFEX is not listed on any Canadian corporate registry.
Its website offers vague claims about a “global credit network” but no verifiable financials.
The same directors are listed on another UK-registered firm — Supreme International Monetary and Credit Organization Ltd, incorporated on 15 September 2025 with just £100 share capital.
NEFEX Petroline — Not listed as a NEFEX subsidiary and absent from Canadian corporate databases.
MJ Care Investment Finance — No online presence or registration record exists for this company outside references to the Ondo refinery project.
China Harbour Engineering Company — A legitimate global construction firm under CCCC, with offices in Abuja.
Honeywell UOP — A well-known U.S.-based oil and gas technology company, though its role in the Ondo project remains unconfirmed.
Key Inferences
BINL has no proven technical or financial capacity to execute a $50 billion project.
NEFEX Holdings Limited appears to exist only on paper, with questionable credentials and unverifiable financial backing.
NEFEX is not registered in Canada or any recognized jurisdiction.
The supposed parent company linking NEFEX directors is a £100 shell company registered in the UK barely two months ago.
Pertinent Questions
What exactly is the nature of the funding from NEFEX Holdings? Are there binding bank guarantees or merely letters of intent?
Which engineering firm has been officially contracted for the project design and construction?
Where precisely is the 1,473-hectare land pledged by the Ondo State Government?
What is the state government’s financial commitment or counterpart funding in this venture?
Conclusion
The purported $50 billion refinery investment announced by BINL and endorsed by the Ondo State Government raises grave concerns about authenticity, due diligence, and feasibility.
Given the opaque corporate backgrounds, lack of verifiable registration, and disproportionate financial claims, this deal bears all the hallmarks of a potential scam or “heist in the making.”
The Ondo State Government owes the public full transparency on the identities, capacities, and financial legitimacy of all parties involved. Anything less risks exposing the state to monumental reputational and economic damage.
— Barrister Mogbojuri Kayode
DISCLAIMER:
This report was authored by Barrister Mogbojuri Kayode and made available to Roving Reporters for publication in the public interest, in line with the outlet’s commitment to transparency, accountability, and responsible journalism.
The findings, statements, and opinions expressed herein are entirely those of the author and are based on publicly available information, corporate registry searches, and media reports as of November 2025.
Roving Reporters has published this material as a platform for informed civic dialogue. The organization does not independently verify or endorse every assertion contained in the report.
Both Roving Reporters and the author affirm their willingness to correct any inaccuracies or misrepresentations if credible evidence is presented.
