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Backbone Infrastructure Ltd Secures $50B Funding for Ondo 500,000bpd Refinery, Free Zone Development

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Backbone Infrastructure Ltd Secures $50B Funding for Ondo 500,000bpd Refinery, Free Zone Development

By: Michael Mike

Following the successful execution of the Memorandum of Understanding (MoU) between Backbone Infrastructure Ltd and the Ondo State Government, through the Ondo State Investment Promotion Agency (ONDIPA), for the construction of a 500,000 barrels-per-day refinery and the development of a 1,471-hectare Sunshine Free Trade Zone in the Ilaje area of Ondo State in July, Backbone has secured project funding exceeding $50 billion for both projects through a joint venture agreement with its partner, NEFEX Holdings Limited of Canada.

The team, which arrived in Nigeria last Sunday, is set to visit Ondo State to interact with the State Government Officials and pay a courtesy call on the Executive Governor, HE Lucky Aiyedatiwa.

The BINL team will be led by the Chairman, HE Senator Ken Nnamani, including other Board members and the Executive management team led by Henry Owonka.

The meeting will explore the roadmap towards commencement of the projects, including presentations with ONDIPA and visits to the project sites and engagement with the host communities led by the Olugbo of Ugbo Kingdom, Oba Obateru Akinrutan.

Speaking on the refinery financiers, BINL’s Vice-President for Corporate Services, Mr Wale Adekola, disclosed that NEFEX Petroline is involved in engineering and construction services for ports, terminals and logistics facilities, including pipelines and facilities in the Oil and Gas Industry.

Their specialty also includes port and infrastructure development, petrochemical trading and supply, investment and project management.

Adekola stated, ‘’With operations across the Middle East, Europe, North America, and beyond, NEFEX Petroline combines the advantages of a global network with deep local understanding. The firm maintains partnerships with leading global financial institutions to secure multi-currency credit lines and liquidity support for large-scale operations.’’

‘’Our partnership with NEFEX opens the next chapter for the commencement of BINL Refinery development, ‘’ the BINL executive added.

BINL, which operates from offices in Abuja, London and Zug, Switzerland, is also exploring a strategic partnership with the Nigerian National Petroleum Company Limited (NNPC Ltd) to drive the development of the ultra-modern refinery complex.

BINL initiative would provide a critical lifeline, easing pressure on foreign exchange reserves and enhancing national energy security.

It said its corporate social responsibility strategy would prioritise education, local employment quotas and infrastructure development in surrounding communities.

The BINL refinery will provide petroleum products for local consumption, feedstock for other local industries and petroleum products for the international market.

The refinery project includes the construction of roads, storage tanks, loading bays, terminals and handling equipment. The scope of the Free Trade Zone Project includes the development of the required infrastructure and facilities for the effective operation and management of the Free Trade Zone.

The projected $50billion investments in the refinery and FTZ are expected to change the landscape of infrastructure in Ondo state while transforming the social and economic status of the people.

Adekola applauded Governor Aiyedatiwa for his commitment and robust support for the projects which have attracted a groundswell of approval from the people of the state across the globe.

‘’We commend the governor for opening the state to genuine investors and creating the right environment to partner with investors, local and international.’’

Backbone Infrastructure Ltd Secures $50B Funding for Ondo 500,000bpd Refinery, Free Zone Development

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Army troops of Operation FANSAN YANMA foil bandits’ attack, recover rustled animals in Sokoto

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Army troops of Operation FANSAN YANMA foil bandits’ attack, recover rustled animals in Sokoto

By: Zagazola Makama

Troops of the Nigerian Army under Operation FANSAN YANMA, in collaboration with other security agencies, have foiled an early morning attack by armed bandits on Gandu Village in Wamako Local Government Area of Sokoto State.

Sources told Zagazola Makama that the incident occurred on Feb. 1, 2026, at about 4:00 a.m., when a large group of bandits armed with sophisticated weapons invaded the community, firing sporadically.

The sources said troops from a nearby Army Forward Operating Base (FOB) and tactical teams were immediately deployed to block entry and exit routes to the village, while combing the area for suspects.

“Two suspects, identified as Aliyu Abubakar and Malam Garba, were arrested in possession of two rustled cows and a pickup vehicle,” the source said, adding that all neighbouring units have been alerted to watch out for fleeing bandits.

Army troops of Operation FANSAN YANMA foil bandits’ attack, recover rustled animals in Sokoto

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Financial Inclusion: FG Signs MoU With 6 Professional Bodies To Train 10m Nigerians

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Financial Inclusion: FG Signs MoU With 6 Professional Bodies To Train 10m Nigerians

By: Our Reporter

Nigeria will reap from its demographic dividend if youths, women are prioritised, equipped with skills, says VP Shettima

The Federal Government of Nigeria, on Monday, flagged off a free nationwide training of 10 million Nigerians on financial inclusion and literacy.

This is just as the Vice President, Senator Kashim Shettima, has said Nigeria can reap bountifully from its demographic dividend only if young Nigerians and women are equipped with the needed skills and ethical grounding required for a speedily progressing digital economy.

The training being undertaken by the Office of the Vice President through the Presidential Committee on Economic & Financial Inclusion (PreCEFI), chaired by Vice President Kashim Shettima, is designed to equip Nigerians, particularly women and youths, with essential financial skills, investment knowledge, and digital competencies for sustainable wealth creation.

Accordingly, the Office of the Vice President, through the PreCEFI, signed a Memorandum of Understanding (MOU) with six professional bodies to jointly design training programmes, certification pathways, digital skills initiatives, and mentorship platforms that would strengthen Nigeria’s financial and enterprise workforce.

The professional bodies include the Institute of Chartered Accountants of Nigeria (ICAN); Chartered Institute of Bankers of Nigeria (CIBN); Chartered Institute of Stockbrokers (CIS); National Institute of Credit Administration (NICA); Chartered Risk Management Institute (CRMI) and Nigeria Institute of Innovation and Entrepreneurship (NIIE).

Speaking when he officially flagged off the free nationwide training of 10 million Nigerians, on behalf of President Bola Ahmed Tinubu, at the Presidential Villa, Abuja, the Vice President noted that the signing of the MoU between the Federal Government and the six of Nigeria’s foremost professional bodies was more than a formal agreement.

“It is a strategic national investment in capacity as infrastructure which is the human, institutional, and ethical foundations upon which inclusive growth must rest,” he stated

Senator Shettima noted that the Aso Accord on Economic and Financial Inclusion, which the PreCEFI is mandated to implement, recognises the fact that “financial inclusion is not achieved by access alone, but by competence, trust, and capability.”

According to him, the nation “cannot build a one-trillion-dollar economy on weak skills, fragmented standards, or disconnected professional ecosystems.”

He explained: “This MoU therefore establishes a working framework to harness the collective expertise of ICAN, CIBN, CIS, CRMI, NICA, and NIIE to advance inclusion through capacity building, advocacy, digital transformation, youth empowerment, and support for small and medium practitioners.

“It establishes a structured mechanism for joint training programmes, policy dialogue, digital skills development, and professional standards that align market practice with national inclusion goals.”

VP Shettima pointed out that while capacity building is financial inclusion, “without accountants who understand MSME formalisation, credit administrators who can assess risk beyond collateral, bankers who embed consumer protection, risk professionals who anticipate digital threats, and innovators who translate ideas into enterprises, inclusion remains a slogan rather than a system.”

Maintaining that the training programme must prioritise young Nigerians and women, the VP said, “Importantly, this collaboration prioritises women and youth inclusion and digital transformation, recognising that Nigeria’s demographic dividend will only materialise if young people are equipped with relevant skills and ethical grounding for a fast-evolving digital economy.”

He charged the PreCEFI and the professional bodies not to treat the MoU as a mere document, but as a living platform for execution.

“Accordingly, on behalf of President Bola Ahmed Tinubu,GCFR, I hereby flag off the free training of 10 million Nigerians with priority for women and youth across the country,” VP Shettima declared.

Earlier, the President of the Institute of Chartered Accountants of Nigeria (ICAN), Mallam Haruna Nma Yahaya, applauded the administration of President Bola Ahmed Tinubu for its bold economic reforms that has culminated in the flag off of the financial inclusion free training programme for 10 million women and youths in Nigeria.

He said the decision to embark on the project was prompted by visible improvements in the economy as a result of the gains of the Federal Government’s policy reforms.

Yahaya assured the Vice President of their professional support in the realisation of set objectives, describing their involvement involvement in the project as an institutional honour.

For his part, the CEO of WAWU Africa – technical partners in the programme, Mr Emmanuel Lennox, assured of the company’s readiness to deliver on the project, particularly in providing the digital platform and overall enabling environment for its success.

Also, explaining why the training of 10 million Nigerians on financial inclusion had become necessary, the Technical Adviser to the President on Economic and Financial Inclusion, Dr. Nurudeen Abubakar Zauro, said said, “Exclusion is not only by lack of access, but by limited skills, weak institutional capacity, and insufficient professional support.

“Consequently, financial inclusion is not achieved by infrastructure alone; it is achieved when people and institutions are equipped to use that infrastructure responsibly, productively, and sustainably.”

The high point of the event was the signing of the MoU for the capacity building programme by the Federal Government and the six professional bodies.

Financial Inclusion: FG Signs MoU With 6 Professional Bodies To Train 10m Nigerians

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NCC, NSCDC Warn Construction Firms Against Fibre Optic Cable Damage

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NCC, NSCDC Warn Construction Firms Against Fibre Optic Cable Damage

By: Michael Mike

The Nigerian Communications Commission (NCC) and the Nigeria Security and Civil Defence Corps (NSCDC) have issued a strong warning to construction companies, contractors, and other stakeholders over the rising incidents of fibre-optic cable damage during road construction and civil engineering activities across the country.

In a joint statement issued at the weekend, the two agencies described fibre-optic infrastructure as a critical national asset and cautioned that negligence leading to its damage will no longer be tolerated. They stressed that offenders risk prosecution, as such acts now constitute criminal offences under existing laws.

According to the NCC and NSCDC, fibre-optic cables are central to Nigeria’s digital economy, supporting communication networks, emergency services, business operations, and government functions. They warned that frequent and avoidable fibre cuts pose serious threats to national security, economic stability, and public safety.

The agencies noted that under the Designation and Protection of Critical National Information Infrastructure (CNII) Order 2024, telecommunication fibre infrastructure has been classified as Critical National Information Infrastructure. As a result, any damage arising from unauthorized excavation, construction activities, or failure to coordinate with relevant authorities is deemed a criminal act.

They further stated that individuals, construction firms, or government contractors found culpable will face prosecution and applicable sanctions as provided under laws such as the Cybercrimes (Prohibition, Prevention, etc.) Act 2015.

The NCC and NSCDC warned that future incidents linked to road construction, excavation, or civil works carried out without proper consultation with network operators and regulators would attract strict legal consequences.

The agencies urged federal, state, and local government authorities, road construction companies, utility providers, and private developers to comply fully with established guidelines. These include conducting pre-construction verification of fibre routes, collaborating with the NCC, telecom operators, and NSCDC before and during construction, and adhering to approved excavation and right-of-way procedures.

They also called for the immediate reporting of any accidental fibre damage to enable swift response and minimize service disruptions.

Members of the public were encouraged to report acts of fibre-optic infrastructure sabotage or damage to the nearest NSCDC office or through designated communication channels.

NCC, NSCDC Warn Construction Firms Against Fibre Optic Cable Damage

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