AGGA queries secrecy over Ondo Investment Summit MoUs. By Olaitan Adesina
AGGA queries secrecy over Ondo Investment Summit MoUs
The Association for Good Governance Advocacy (AGGA) has faulted the Ondo State Government over what it described as a “shroud of secrecy” surrounding key agreements signed at the recent investment summit held in Akure.
In a press statement signed by its State Coordinator, Mrs Folakemi Benson, the group demanded full disclosure of the company behind the Memorandum of Understanding (MoU) on the proposed Ondo Deep Seaport project.
The summit, organised by the administration of Lucky Orimisan Aiyedatiwa, took place last Monday at the International Centre for Culture and Events (DOME) as part of activities marking the governor’s one year in office.
The event was attended by prominent figures, including personalities from Nigeria’s comedy industry.
The high point of the programme was the signing of two MoUs, one with an unnamed company for the Ondo Deep Seaport project and another with a firm identified as Resident Fertiliser Plc for a proposed $4 billion petrochemical fertiliser plant.
However, AGGA said that despite the governor’s assurance that the summit was not a ceremonial gathering, the government failed to provide detailed information about the companies involved.
While the name “Resident Fertiliser” was disclosed in respect of the fertiliser plant, the identity of the company partnering with the state on the deep seaport project was not made public.
According to the group, the only information available to residents regarding the seaport agreement is that Ondo State will hold a 12.5 per cent equity stake, while the undisclosed company will control 87.5 per cent.
AGGA said it conducted a background check on Resident Fertiliser and observed that the company’s website appears to have been created in 2026, with the proposed Ondo fertiliser plant as its only major project.
It also noted that the only photographs displayed on the website are those of Governor Aiyedatiwa receiving the Governor of Bauchi State, Bala Mohammed, who led the company’s delegation to Akure on July 11, 2025.
The group further stated that Resident Fertiliser was registered with the Corporate Affairs Commission on May 5, 2025, making it less than one year old.
“These findings raise fundamental questions,” the statement read.
“Where will such a company source $4 billion to finance a petrochemical fertiliser plant in Ondo State? Which financial institution will extend a multi-billion-dollar loan to a company without a verifiable track record?”
AGGA argued that the state government ought to have conducted thorough due diligence before signing the agreements, warning that history is replete with cases of purported investors presenting glossy proposals only to exploit loopholes and siphon public resources.
The group also cited the 2024 incident involving the Ogun State Government, when a French court reportedly authorised the Chinese firm Zhongshan Fucheng Industrial Investment Co. Ltd. to seize three of Nigeria’s presidential jets over a $74.5 million arbitration award arising from a contractual dispute with the state government.
Describing itself as a civil society organisation committed to transparency, accountability and good governance, AGGA called on the Ondo State Government to immediately disclose the identity of the company behind the Ondo Deep Seaport MoU.
It also demanded comprehensive details of the agreement signed with Resident Fertiliser, warning that with only three years left in office, the Aiyedatiwa administration must ensure that the collective destiny of the people of Ondo State is not mortgaged through opaque agreements.
