Business
Ondo Signs MoUs for Deep Sea Port and $4B Fertiliser Plant to Boost Investment
Ondo State signs MoUs for a deep sea port and $4B petrochemical fertiliser plant, aiming to create jobs, attract FDI, and boost industrialisation
The Ondo State government has taken major steps to boost industrialisation and attract investment by signing two significant Memoranda of Understanding (MoU) during the Ondo State Investment Summit 2026 in Akure.
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Governor Lucky Aiyedatiwa signed agreements for a proposed deep sea port and a $4 billion petrochemical fertiliser plant, describing them as catalysts for business, industry, innovation, and global partnerships.
The state will hold a 12.5% equity stake in the deep sea port under a Public-Private Partnership, while private partners will control the remaining 87.5%.
The fertiliser plant, located in the southern senatorial district, will leverage Ondo’s proximity to the Niger Delta energy belt and support gas-based industries and embedded power solutions.
Aiyedatiwa emphasised that these projects signal a deliberate shift in Ondo’s economy from consumption to production. He noted that investors prioritise structure, certainty, and political will, all of which Ondo provides.
The governor assured that all investment discussions and agreements would be tracked, with results showcased at the 2027 summit, highlighting implemented projects and economic impact.
Under the “OUR EASE” mantra, the government has simplified processes, strengthened institutions, improved transparency, and accelerated approvals to attract investors.
Ondo’s 75-kilometre Atlantic coastline, solid mineral deposits, oil-producing communities, and strong connectivity make it a strategic investment destination.
Senate President Godswill Akpabio, represented by Senator Jimoh Ibrahim, praised Aiyedatiwa for his first-year achievements and urged strategic planning for a lasting legacy.
The Nigerians in Diaspora Commission highlighted the importance of diaspora involvement in investment, describing Ondo as a land of opportunity.
Abike Dabiri-Erewa encouraged Nigerians abroad to leverage enabling legislation and government protocols to drive growth and job creation.
The summit also featured discussions on agriculture, solid minerals, and the blue economy, emphasising Ondo as a food basket and industrial hub in the South.
Speakers, including Cosmas Maduka of Coscharis Group and representatives from MTN Group, stressed that domestic investment generates sustainable growth, citing how an initial $10 million commitment yielded $1 billion in a year.
Special Adviser to the President on Economic Affairs, Tope Fasua, highlighted federal reforms, including naira adjustments, fuel subsidy removal, and taxation measures, which aim to ease investment processes across states.
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The summit positions Ondo State as a leading investment destination, signalling a proactive approach to industrialisation, job creation, and economic diversification.
The Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has dismissed allegations that it appropriated the Niger Delta Economic & Investment Summit (NDEIS) brand, insisting it lawfully obtained trademark acceptance for the name and will proceed with its 2026 summit as scheduled.
In a statement issued on September 12, 2026, the chamber described claims by Kunle Nwiwa Junior as “cheap blackmail, misleading, mischievous and a misrepresentation of the facts,” maintaining that it independently developed the summit and followed all required regulatory procedures.
According to NDCCITMA, it applied for and received a Trademark Acceptance Letter for the name Niger Delta Economic & Investment Summit (NDEIS) in August 2025 under File No. NG/TM/O/2025/387284.
The chamber said the chronology of events contradicts allegations that it copied another party’s application, arguing that its trademark acceptance predated the period during which Nwiwa’s own application was reportedly still pending before the relevant authorities.
“Economic Summit” is a generic expression
NDCCITMA further argued that the phrase “Economic Summit” is a generic description widely used for conferences that bring together governments, investors, businesses, development institutions and other stakeholders to discuss investment and economic development.
The chamber maintained that while concepts may be widely used, legal protection only arises from recognised intellectual property rights, including duly registered trademarks and other enforceable proprietary interests.
It therefore rejected suggestions that any individual or organisation has exclusive ownership of the broader concept of an economic summit.
Court grants interim injunction
Addressing reports that the summit had been halted, NDCCITMA said the dispute is already before the Federal High Court in Port Harcourt and that there is no court order restraining the event.
The chamber disclosed that in Suit No. FHC/PHC/CS/57/2026, Justice Stephen Dalyop Pam granted an interim injunction restraining the defendants—Kunle Nwiwa Junior and Keneva Consult Ltd.—from interfering with the planned summit.
According to NDCCITMA, the court also directed the defendants to remove publications, notices, petitions, social media posts and other statements allegedly considered damaging to the chamber’s name, integrity and reputation pending the hearing of its motion for interlocutory injunction.
The matter has been adjourned until September 22, 2026 for further hearing.
Chamber rejects ₦500 million demand claim
NDCCITMA also alleged that it had received a demand from Nwiwa Junior requesting ₦500 million as a condition for abandoning his claims over the summit.
The chamber said the demand was rejected, adding that it subsequently petitioned the Inspector-General of Police over what it described as repeated harassment and threats directed at its officials.
It said the petition sought police intervention, including inviting the complainant for questioning and caution where necessary.
Summit opens September 15
Despite the legal dispute, NDCCITMA reaffirmed that the 2026 Niger Delta Economic & Investment Summit will hold from September 15 to 17, 2026, at the Obi Wali Conference Centre in Port Harcourt, Rivers State.
The summit will be held under the theme “Driving Investment, Innovation & Industrial Growth in the Niger Delta” and is expected to bring together policymakers, investors, business leaders, development partners and industry stakeholders to discuss economic transformation across the region.
The chamber said it remains committed to promoting commerce, industry, trade, mining, agriculture and sustainable economic development throughout the Niger Delta while allowing the courts to determine all outstanding legal issues.
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