FIC Report (Ondo State) – The Ondo State Government, through the Ondo State Development and Investment Promotion Agency (ONDIPA), has provided detailed clarification on the investors, financial capacity, governance structure, and institutional safeguards guiding the State’s ongoing large-scale industrial investments.
This statement addresses public interest and ensures clarity regarding the Port Ondo Deep Sea Port and the Integrated Fertilizer Plant.
These projects are structured strictly under private-sector financing, performance-based land allocation, and internationally recognized Public-Private Partnership (PPP) frameworks.
The Ondo State Government, through its investment agency ONDIPA, has reaffirmed that the proposed Multi-purpose Port Ondo Project is a fully structured private-sector–driven infrastructure development valued at US$1.4 billion, with no financial burden on the state treasury and no transfer of sovereign assets.
Recent public commentary raised concerns regarding financing, ownership, and transparency.
The Government clarifies that the executed Memorandum of Understanding (MOU) reflects a standard Public-Private Partnership (PPP) concession model consistent with Nigerian maritime regulatory requirements and global infrastructure best practices.
PROJECT STRUCTURE AND LEGAL FRAMEWORK
The Ondo State Government entered into a formal MOU with MITARK Consulting Limited, Hong Kong, for the development of a multi-purpose deep seaport located at Erunna/Ogboti in Ilaje Local Government Area.
The project is structured under a federal concession framework in which the Nigerian Ports Authority (NPA) retains statutory authority over port development in Nigeria.
A Special Purpose Vehicle (SPV) established for the project — Port Ondo Development Limited — has been duly incorporated as the concessionaire project company.
SHAREHOLDING STRUCTURE
MITARK & Partners – 85%
Ondo State Government – 12.5%
Nigerian Ports Authority – 2.5%
MITARK holds the controlling equity position due to its responsibility for capital mobilization, technical partnerships, and overall project execution.
The Ondo State Government maintains a minority equity participation of 12.5%, reflecting strategic involvement without financial exposure.
NO PUBLIC FUNDING COMMITMENT
The approved Full Business Case confirms that the Phase 1 capital expenditure of US$1.4 billion will be sourced entirely by private investors.
The MOU does not obligate the Ondo State Government to finance any portion of the development cost.
The State Government’s role is facilitative and includes:
- Provision of the Port site
- Facilitation of Federal and approvals and statutory authorizations
- Provision of existing technical studies including the Full Business Case
- Creation of an enabling regulatory and business environment
FEDERAL REGULATORY COMPLIANCE
The project has followed all required federal regulatory procedures involving:
- Nigerian Ports Authority (NPA)
- Infrastructure Concession Regulatory Commission (ICRC)
- Federal Ministry of Marine and Blue Economy
The project also received Federal Executive Council (FEC) revalidation in December 2025.
FINANCIAL CAPACITY AND STRATEGIC PARTNERSHIPS
MITARK Consulting Limited is a Hong Kong-based private investment and project development company that has secured strategic technical partnerships with:
- China State Construction Harbour and Channel Engineering Group Co. Ltd.
- Shandong Port Yantai Port Group Co. Ltd.
The company has also secured full financing commitment of US$1.4 billion from African Export-Import Bank (Afreximbank).
CLARIFICATION OF KEY POINTS
- The Ondo State Government is not funding the US$1.4 billion project.
- The State is not transferring ownership of sovereign assets.
- The project is financed entirely by private capital.
- Development operates under federal oversight through the NPA concession framework.
- The State participates only as a minority equity stakeholder.
ONDO STATE GOVERNMENT STRUCTURE AND SCOPE OF PROPOSED $4 BILLION FERTILIZER PLANT INVESTMENT
The Ondo State Government, through its investment agency ONDIPA, has also clarified the recently signed Memorandum of Understanding between the Government and Resident Fertilizer and Petrochemical Plc for the development of a proposed $4 billion integrated urea fertilizer plant.
The proposed project will be located within the Sunshine Free Trade Zone in Erunna/Ogboti, Ilaje Local Government Area.
PROJECT OVERVIEW
The investment involves the development of a 2 million metric tons per annum (2MMTPA) urea fertilizer production facility.
The project scope also includes:
- A 50-megawatt captive power plant
- A 75-kilometre gas pipeline connection from the ELPS corridor at Ore
- A 1.5-kilometre shoreline load-out jetty for marine export
STRATEGIC ECONOMIC IMPACT
When completed, the fertilizer plant is expected to:
- Strengthen Ondo State’s position in Nigeria’s fertilizer value chain
- Stimulate marine logistics and export activities
- Catalyze industrial clustering within the Sunshine Free Trade Zone
- Enhance gas utilization and captive power infrastructure
- Create over 5,000 direct job opportunities
Akinbiola Funmilayo
FIC, Akure, Ondo State
7th March, 2026
