Critics of $50bn Ondo Refinery are enemies of progress – Attorney General Ajulo

By Boye Oyeyemi –

The Attorney General and Commissioner for Justice of Ondo State, Dr. Olukayode Ajulo, has dismissed criticism trailing the Sunshine Infrastructure Joint Venture and the proposed $50 billion refinery investment, describing the attacks as driven by personal bitterness and political mischief.

He maintained that Ondo State was not losing any resources, explaining that the arrangement merely provided a window for investors to demonstrate their capacity within an agreed timeframe.

The Attorney General revealed that “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 said.

Ajulo disclosed that a dedicated legal team had conducted thorough due diligence and designed multilayered safeguards to protect public interest.

“Ondo State retains a 20 per cent equity stake, out of which 5 per cent is specifically allocated to the host communities in Ilaje Local Government Area, an unprecedented model of inclusive development that ensures local ownership and long-term benefit.

“Backbone Infrastructure Nigeria Ltd, the funding and lead investment partner, holds 65 per cent equity, having undertaken responsibility for all financial commitments required for the establishment of the 500,000 barrels per day scalable refinery and associated industrial infrastructure. The remaining 15 per cent equity is conditionally allotted to the Nigerian National Petroleum Company Limited, strictly tied to the conversion of a 100,000-barrel-per-day crude allocation for five years, subject to the fulfilment of NNPCL’s contractual obligations.

“These terms are clear, lawful, and heavily safeguard Ondo State. No land has been sold, no asset has been mortgaged, no state fund has been committed, and every party’s responsibility is fully documented. This is how modern investment frameworks operate,” Dr Ajulo explained.

Ajulo concluded that the government of Governor Lucky Aiyedatiwa welcomed constructive criticism but rejected manufactured alarmism, adding that the people of Ondo State deserved truth, clarity, and progress, not hysteria and misinformation.