With defined milestones, timelines, conditions and thresholds, the State remains fully protected. If the investors fail to meet their obligations, the government retrieves the land and redeploys it. Nothing is lost.”— Dr Olukayode Ajulo
He stressed that Ondo State is not committing funds or losing assets at this stage, and that the arrangement simply allows investors time to demonstrate capacity under strict, enforceable conditions.
“The law and fundamentals of the strategic investment are clear and safe,” he said stressing :“With defined milestones, timelines, conditions and thresholds, the State remains fully protected. If the investors fail to meet their obligations, the government retrieves the land and redeploys it. Nothing is lost.”
With defined milestones, timelines, conditions and thresholds, the State remains fully protected. If the investors fail to meet their obligations, the government retrieves the land and redeploys it. Nothing is lost.”
— Dr Olukayode Ajulo
According to Dr. Ajulo, the Sunshine JV is governed by a Memorandum of Understanding (MOU) that sets out milestones, performance conditions, timelines and exit clauses designed to prevent financial exposure or liability for the State.
He said a dedicated legal team — including a Senior Advocate of Nigeria and senior counsel from his office — carried out exhaustive due diligence, engaged independent professionals and built multilayered safeguards to protect public interest.
Dr. Ajulo also defended the credibility of the consortium, saying all partners underwent ONDIPA’s mandatory compliance and verification processes.
Those procedures, he said, included checks on financial, technical and operational competence, corporate structure, background and integrity, environmental feasibility, and the Special Purpose Vehicle (SPV) framework used for the project.
Under the MOU, Ondo State is contributing roughly 1,300 hectares of land within the Sunshine Industrial Park for the refinery and a Sunshine Free Trade Zone.
The State, Dr. Ajulo emphasised, provides the land free of encumbrances and support for statutory permits but takes on no financial obligations.
He outlined the proposed equity structure: Ondo State would hold 20 percent — with a notable 5 percent specifically allocated to host communities in Ilaje Local Government Area — Backbone Infrastructure Nigeria Ltd would be the lead funding partner with 65 percent, and 15 percent would be conditionally allotted to the Nigerian National Petroleum Company Limited (NNPCL), contingent on conversion of a 100,000 barrels-per-day crude allocation for five years.
“These terms are clear, lawful and heavily safeguard Ondo State. No land has been sold, no asset mortgaged, no State fund committed”, Dr. Ajulo said.
These terms are clear, lawful and heavily safeguard Ondo State. No land has been sold, no asset mortgaged, no State fund committed”,
— Dr. Olukayode Ajulo
He stressed that SPVs are standard for major projects and that what matters is the competence of the people behind the entity, not the company’s incorporation date.
Responding to claims that newly registered companies are suspicious, the AG argued that capacity resides in people, citing experienced professionals as an analogy: “If the three of us were to start a Joint Venture today…it would bear a 2025 incorporation date. But does that erase decades of expertise? Absolutely not.”
Dr. Ajulo accused the project’s opponents of being “enemies of the people,” saying their opposition stems from disbelief that such a bold initiative could come from the current administration rather than from genuine concern.
He invoked the missed opportunity when Dangote’s refinery was once considered for Ondo, warning that internal sabotage could again cost the State a major prize.
He also defended Governor Lucky Aiyedatiwa, noting the governor’s Ilaje roots and background in finance as reasons why he would not approve any project that harms his home community.
His words: “The refinery, the free trade zone, the port, job creation and industrial growth will directly uplift his Ilaje community and the entire State”.
The refinery, the free trade zone, the port, job creation and industrial growth will directly uplift his Ilaje community and the entire State”.
— Dr Olukayode Ajulo
The AG dismissed premature calls for probes by anti-graft agencies, asking rhetorically, “investigate what exactly?” He pointed to Ondo’s long Atlantic coastline, recent foreign envoy visits and multiple investor engagements as proof the State is an attractive and secure investment location.
Dr. Ajulo said the government welcomes constructive criticism but will not tolerate “manufactured alarmism,” urging residents to demand truth and clarity rather than hysteria and misinformation as the Sunshine JV moves through its contractual milestones.
Culled from Exclusive Big Story (www.exclusivebigstory.com)
