…says Sunshine JV is credible, lawful, with all agreements, safeguards, and due diligence meticulously observed under the oversight of the Attorney General’s office.
…adds Ondo must not miss another mega project as misguided critics spread baseless falsehoods, citing the Dangote Refinery loss as a lesson.
Amid the uproar from certain critics following the announcement of the Sunshine Infrastructure Joint Venture and the proposed $50 billion refinery and industrial investment in Ondo State, the Attorney General and Commissioner for Justice, Dr. Olukayode Ajulo SAN, OON, has clarified that the attacks being orchestrated against the initiative are not driven by genuine concern for the State but by personal bitterness and political mischief.
According to him, much of the noise is unnecessary, as the law and fundamentals of the strategic investment are clear and safe. He said Ondo State is not losing a kobo of its resources at this stage. Instead, the arrangement opens the door for investors to prove their capacity within an agreed timeframe.
He explained that the Sunshine Infrastructure Joint Venture is governed by a Memorandum of Understanding that clearly outlines milestones, performance conditions, timelines, and exit clauses which protect the State from any financial exposure or liability.
“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.
Dr Ajulo explained that most of those shouting online have neither read the agreements of the Joint Venture nor understood modern investment frameworks. He noted that a dedicated legal team led by a Senior Advocate of Nigeria and Senior State Counsel from his office under his overall supervision have already conducted thorough due diligence, engaged professionals, and designed multilayered safeguards to protect public interest. He added that the project will rise on verifiable financial capacity, not on public drama or fabricated crises.
He further clarified that the Sunshine JV is composed of credible and duly verified partners, emphasising that all entities involved have been subjected to rigorous due diligence checks. According to him, the State’s interest remains fully protected through established transparency and control mechanisms, ensuring that only competent and trustworthy partners are engaged in the project.
“Ondo State Development and Investment Promotion Agency (ONDIPA) is an experienced one-stop shop responsible for investment promotion and multilateral corporations in the State. The agency, under competent and dedicated hands, actively facilitates, promotes, manages, and supports the investments.” He asserted.
To further reaffirm the transparency of the process, the Attorney General disclosed that ONDIPA subjected the JV consortium to its mandatory compliance and verification procedures. These included assessment of financial, technical and operational competence, evaluation of corporate structure, background and integrity checks, feasibility and environmental compliance reviews, and validation of the Special Purpose Vehicle framework.
Under the MOU, he said, the Ondo State Government is contributing approximately 1,300 hectares of land within the Sunshine Industrial Park for the development of the refinery and the Sunshine Free Trade Zone. Beyond providing land free of encumbrances and facilitating statutory permits and approvals, the State incurs no financial obligation whatsoever.
He added that the MOU clearly spells out the equity structure of the Sunshine Infrastructure Joint Venture Company. “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 barrels 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.
The Attorney General dismissed the claim that the incorporation dates of the companies involved make the partnership suspicious. What matters, he said, is the constitution, competence, capacity, resources, and reach of the people behind the entities. Even the world’s greatest companies began as newly registered entities.
“Take, for example, my over 25 years in legal practice. Chief Afe Babalola, SAN, CON, OFR, is renowned worldwide as one of Nigeria’s most revered legal practitioners, with more than 60 years at the Bar, while Chief Wole Olanipekun, SAN, OFR, CRF, has about 50 years of distinguished practice. If the three of us were to start a Joint Venture today and incorporate a company specifically for that purpose, it would bear a 2025 incorporation date. But does that erase the decades of expertise these revered jurists have accumulated? Absolutely not. True capacity resides in the people, not in the registration date.” Dr. Ajulo explained.
He emphasised that the arrangement being implemented in Ondo State is a Special Purpose Vehicle, a standard practice for major projects globally. “SPVs are deliberately incorporated for specific, large-scale investments. The real question is whether the individuals behind them can deliver, and in this case, the answer is yes.”
The Attorney General condemned the activities of those circulating falsehoods online, describing them as enemies of the people. Their anger, he said, is not about the project itself but about the fact that they never imagined such a monumental initiative could come from this administration. They did not know the government was working quietly, strategically, and methodically.
He reminded the public of the historical example involving Dangote’s refinery. “When Dangote considered siting the refinery in Ondo, external enemies fought the idea, and the State lost that opportunity. Today, the enemies are internal, motivated by politics, ego, and personal gains.”
Dr Ajulo also noted that it is illogical to assume that Governor Aiyedatiwa would approve anything that harms the land of his birth. “The refinery, the free trade zone, the port, job creation, and industrial growth will directly uplift his Ilaje community and the entire State. So how do you think the Governor would endorse something that would harm his own home? Leadership is about legacy, not noise.”
He emphasised that Governor Aiyedatiwa, coming from the financial sector, is prudent with public resources. “The administration spends only on what truly benefits the State and has consistently demonstrated transparency, accountability, and a commitment to development. The Sunshine JV is another bold, strategic step to secure opportunities for the people.”
Dr Ajulo, questioning the basis of the ongoing uproar, said, “candidly, why the hue and why the cry? The critics should have waited to see the outcome before rushing into panic and propaganda. Why cry when no land has been sold, no assets mortgaged, no funds released, and no financial obligations imposed on the government? These outbursts only reveal one truth: some people are allergic to progress unless they are the ones controlling it. They shout before thinking and condemn before understanding. It is even laughable when they claim that the EFCC is coming to investigate the deal, investigate what exactly?
We are one of the safest States in Nigeria. Foreign envoys have visited and even spent the night here. The State has hosted several investor groups, and all engagements have been successful. Ondo State boasts over 75 km of expansive Atlantic coastline, the longest in Nigeria, and it deserves these significant investments.”
He concluded by noting that the government of Governor Lucky Aiyedatiwa welcomes constructive criticism but rejects manufactured alarmism, saying the people of Ondo State deserve truth, clarity, and progress, not hysteria and misinformation.
