The Peoples Democratic Party (PDP) in Ondo State has criticised the Ondo state government’s announcement of a $50 billion refinery and free trade zone project in Ilaje, describing it as a political distraction.
In a statement by its Director of Media and Public Communications, Wande Ajayi, the party said the government’s claim lacked evidence of feasibility studies, environmental clearance, or land preparation.
The PDP called on the state government to publish the full Memorandum of Understanding (MoU), disclose the financiers, and release the Environmental Impact Assessment (EIA) report to prove the authenticity of the investment.
According to the statement, the party questioned the credibility of the companies involved, Backbone Infrastructure Nigeria Limited and its Canadian partner, NEFEX, claiming the latter was only recently incorporated and had no track record of major projects.
The opposition party described the deal as a ‘publicity stunt’ and urged the government to focus on governance, transparency, and infrastructure development rather than making unverified investment announcements.
‘The Peoples Democratic Party(PDP) in Ondo State wishes to address the people of our dear state on what has now become a recurring spectacle of illusion, the so-called $50billion refinery and free trade zone project announced by the Aiyedatiwa administration.
‘When next you hear that Ondo State has secured a fifty billion dollar investment, take a deep breath and remember that arithmetic is not witchcraft. What we are witnessing is not development but classic performance art. The government has mastered the act of conjuring figures that dazzle the eyes and insult the intelligence of the people.
‘According to official statements, a company called Backbone Infrastructure Nigeria Limited, in partnership with a Canadian firm known as NEFEX, has secured a staggering fifty billion dollars to build a refinery and free trade zone in Ilaje.
‘For perspective, the Dangote Refinery, which is the largest in Africa, cost nineteen billion dollars and took nearly a decade to complete. Yet, without a single sign of feasibility study, environmental clearance, or land preparation, Ondo State is told to believe that fifty billion dollars has suddenly appeared like manna from political heaven.
‘The facts, however, are less divine. NEFEX, the supposed foreign partner, was only incorporated in February this year in Canada. It has no verifiable record of handling any project beyond the digital ink of its registration certificate.
‘No credible financial institution has confirmed the existence of the funds it claims to have secured. Even the Memorandum of Understanding that anchors this phantom project remains hidden from public view. The people have not seen the terms, the obligations, or the liabilities. Everything exists in the realm of storytelling, not transparency.
‘It is deeply insulting that a government which has failed to maintain basic infrastructure or maintain academic calendar on our campuses now seeks refuge in fantasy economics. The people of Ondo State are not gullible. They are tired of empty declarations that make headlines but deliver no hope. If the government truly believes in this project, let it publish the full MoU, disclose the names and profiles of the financiers, release the Environmental Impact Assessment, and present verifiable evidence of any actual funding.
‘Until these are done, the so-called fifty billion dollar deal remains exactly what it appears to be, a media illusion crafted to distract the public from glaring failures in governance.
‘Governance is not a theatre and development is not a press release. The people deserve truth, not trickery; results, not rhetoric,’ the statement read.