Former Senate President, Ken Nnamani, Seals Up $50 Billion Oil Deal

<p>Former Senate President<&sol;p>&NewLine;<p><strong><a href&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;">OpenLife Nigeria<&sol;a><&sol;strong> reports that former Senate President&comma; Senator Ken Nnamani&comma; has sealed up a &dollar;50 Billion oil business deal that would not only generate employment but would provide sustainable corporate social responsibility&comma; CSR&comma; to its host community&period;<&sol;p>&NewLine;<p>According to the story&comma; Backbone Infrastructure Nigeria Limited &lpar;BINL&rpar;&comma; a company that has Senator Ken Nnamani as its chairman&comma; says it has secured over &dollar;50 billion for the development of a &OpenCurlyDoubleQuote;500&comma;000-barrels-per-day refinery and a 1&comma;471-hectare sunshine free trade zone” in Ondo state&period;<&sol;p>&NewLine;<p>In a statement&comma; the firm said the funding follows the successful execution of the memorandum of understanding &lpar;MoU&rpar; between <a href&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;">BINL<&sol;a> and the state government in July&comma; through the Ondo State Investment Promotion Agency &lpar;ONDIPA&rpar;&period;<&sol;p>&NewLine;<p>Backbone Infrastructure said it secured the project funding&comma; &OpenCurlyDoubleQuote;exceeding <a href&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;">&dollar;50 billion<&sol;a> for both projects”&comma; through a joint venture agreement with its partner&comma; NEFEX Holdings Limited of Canada&period;<&sol;p>&NewLine;<p>Ken Nnamani&comma; chairman of Backbone Infrastructure&comma; according to the statement&comma; is leading a team on a courtesy visit to Lucky Aiyedatiwa&comma; governor of Ondo&comma; and interactions with state officials&period;<&sol;p>&NewLine;<p>The company said the team also includes other board members and executive management&comma; led by Henry Owonka&comma; who arrived in Nigeria last Sunday&period;<&sol;p>&NewLine;<figure id&equals;"attachment&lowbar;31009" aria-describedby&equals;"caption-attachment-31009" style&equals;"width&colon; 294px" class&equals;"wp-caption alignnone"><img class&equals;"size-full wp-image-31009" src&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;wp-content&sol;uploads&sol;2025&sol;11&sol;Untitled-c&period;jpeg" alt&equals;"Former Senate President&comma; Ken Nnamani&comma; Seals Up &dollar;50 Billion Oil Deal" width&equals;"294" height&equals;"172" &sol;><figcaption id&equals;"caption-attachment-31009" class&equals;"wp-caption-text"><em><strong>Former Senate President&comma; Ken Nnamani<&sol;strong><&sol;em><&sol;figcaption><&sol;figure>&NewLine;<p>The meeting&comma; according to the firm&comma; will explore the roadmap towards the commencement of the projects&comma; including presentations with ONDIPA&comma; visits to the project sites and engagement with the host communities led by Obateru Akinrutan&comma; the Olugbo of Ugbo Kingdom&period;<&sol;p>&NewLine;<p>Speaking on the refinery financiers&comma; Wale Adekola&comma; BINL’s vice-president for corporate services&comma; said NEFEX Petroline is involved in engineering and construction services for ports&comma; terminals and logistics facilities&comma; including pipelines and facilities in the oil and gas industry&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;With operations across the <a href&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;">Middle East&comma; Europe&comma; North America<&sol;a>&comma; and beyond&comma; NEFEX Petroline combines the advantages of a global network with deep local understanding&comma;” Adekola said&period;<&sol;p>&NewLine;<p>&OpenCurlyDoubleQuote;The firm maintains partnerships with leading global financial institutions to secure multi-currency credit lines and liquidity support for large-scale operations&period;<br &sol;>&NewLine;&OpenCurlyDoubleQuote;Our partnership with <a href&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;">NEFEX<&sol;a> opens the next chapter for the commencement of BINL Refinery development&period;”<&sol;p>&NewLine;<p>Adekola lauded Aiyedatiwa for creating a welcoming environment for investors&comma; noting the project has garnered global approval from the state’s people&period;<&sol;p>&NewLine;<figure id&equals;"attachment&lowbar;31011" aria-describedby&equals;"caption-attachment-31011" style&equals;"width&colon; 259px" class&equals;"wp-caption alignnone"><img class&equals;"size-full wp-image-31011" src&equals;"https&colon;&sol;&sol;openlife&period;ng&sol;wp-content&sol;uploads&sol;2025&sol;11&sol;bbbbb&period;jpeg" alt&equals;"Former Senate President&comma; Ken Nnamani&comma; Seals Up &dollar;50 Billion Oil Deal" width&equals;"259" height&equals;"194" &sol;><figcaption id&equals;"caption-attachment-31011" class&equals;"wp-caption-text"><em><strong>Backbone Infrastructure Nigeria Limited &lpar;BINL&rpar;<&sol;strong><&sol;em><&sol;figcaption><&sol;figure>&NewLine;<p>The BINL said the refinery will supply petroleum products locally and internationally&comma; while its corporate social responsibility &lpar;<a href&equals;"https&colon;&sol;&sol;www&period;vanguardngr&period;com&sol;">CSR&rpar;<&sol;a> focuses on education&comma; local employment and infrastructure development in surrounding communities&period;<&sol;p>&NewLine;<p>The organisation added that the refinery project includes the construction of roads&comma; storage tanks&comma; loading bays&comma; terminals&comma; and handling equipment&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;