Questions and uncertainties have clouded recent reports that an indigenous firm, Backbone Infrastructure Nigeria Limited (BINL), had secured $50 billion to construct a 500,000 barrels-per-day refinery and develop the Sunshine Free Trade Zone in the Ilaje Local Government Area of Ondo State.
According to a statement released by BINL, the financing was sealed through a joint venture agreement between the Nigerian company and NEFEX Holdings Limited of Canada, following a Memorandum of Understanding (MoU) signed earlier in July between BINL and the Ondo State Government, through the Ondo State Investment Promotion Agency (ONDIPA).
Partnership announcement
BINL said a delegation from NEFEX Holdings arrived in Nigeria on Sunday ahead of a visit to Ondo State to meet with government officials, pay a courtesy call on Governor Lucky Aiyedatiwa, and engage with host communities led by the Olugbo of Ugbo Kingdom, Oba Obateru Akinrutan.
The BINL delegation, according to the release, was led by its chairman, Senator Ken Nnamani, and included members of the board and executive management team led by Henry Owonka.
In the statement, Wale Adekola, BINL’s Vice President for Corporate Services, described NEFEX Petroline, a subsidiary of the Canadian partner, as a firm with vast experience in engineering, port development, petrochemical trading, and project financing across the Middle East, Europe, and North America.
“Our partnership with NEFEX opens the next chapter for the commencement of the BINL Refinery development,” Adekola said. “NEFEX maintains partnerships with global financial institutions to secure multi-currency credit lines and liquidity support for large-scale operations,” he added.
The company said the $50 billion investment is expected to transform Ondo State’s economic landscape, providing thousands of jobs, expanding local infrastructure, and strengthening Nigeria’s energy security by reducing pressure on foreign exchange reserves.
The refinery project, according to BINL, will include roads, storage tanks, loading bays, terminals, and other logistics facilities, while the Sunshine Free Trade Zone will feature modern infrastructure and support facilities to enhance trade and industrial activities.
In addition, BINL stated that, when completed, the refinery is expected to supply petroleum products for domestic consumption, serve as feedstock for local industries, and export surplus products to international markets, positioning Ondo State as a key player in Nigeria’s oil and gas sector.
No proven track record
However, Energy Time’s findings revealed that Backbone Infrastructure Nigeria Limited (BINL), which was registered in 2022 with the Corporate Affairs Commission (CAC) under registration number RC 1900690, has not executed any verifiable project since its incorporation.
For context, the notable project stated on BINL’s website is the Route 1, 2, 3, and 6 Corridor project, “to provide a north to south backbone transportation infrastructure (Route 1 Corridor) to support federal government’s and BINL’s vision.
“Additionally, key infrastructure corridors that are connected to Route 1 will also be created (Route 2, 3, and 6 Corridors), as well as other important infrastructure projects along the Corridors,” the company stated on its website.
According to the company, the timeline of the project was 2022 and it’s expected to be executed by 2031.
Similarly, NEFEX Holdings Limited of Canada, the firm identified as BINL’s partner in the investment, has no public record of completed projects.
While NEFEX Holdings’ stated subsidiary (in the statement released earlier), NEFEX Petro Line Ltd, has a valid corporate registration in Canada, records from the Government of Canada’s Federal Corporation Information show that it was incorporated on February 10, 2025, and is based in Aurora, Ontario.
There is, however, no publicly available data indicating that the company has undertaken or completed any infrastructure, refinery, or energy project.
No response from BINL, NEFEX
On Thursday, November 6, 2025, Energy Time sent separate emails to both Backbone Infrastructure Nigeria Limited and NEFEX Holdings Limited, using the contact addresses listed on their official websites — (https://ngbil.com/) and (https://www.nefex.ca/) — seeking clarification on their partnership, project scope, and funding arrangements.
At the time of filing this report, neither company had responded to the inquiries.
Corporate information for Backbone Infrastructure Nigeria Limited can be viewed – (https://b2bhint.com/en/company/ng/backbone-infrastructure-nigeria-limited–RC-1900690), while details for NEFEX Petro Line Ltd are available on Canada’s federal corporation registry – (https://ised-isde.canada.ca/cc/lgcy/fdrlCrpDtls.html?lang=eng&corpId=16735959).
Editor’s note
The report above is based solely on verifiable public records, corporate filings, and official statements released by the parties. Neither BINL nor NEFEX had responded to Energy Time’s requests for comment as of press time.
