—Says MoUs shrouded in secrecy

By Dayo Johnson Akure

A civil society group, the Association for Good Governance Advocacy (AGGA), Ondo state, has asked the stste governor Lucky Aiyedatiwa to disclose the identity of the company involved in the two major investment deals- the deep seaport and $4B petrochemical fertiliser plant

The group, raised serious concerns over the lack of transparency surrounding two major investment deals signed by the state government.

It’s State Coordinator, Mrs. Folakemi Benson, in a statement declared that the signing of the Memorandum of Understanding (MoU) for the Ondo Deep Seaport was shrouded in secrecy and demanded that the state governor Lucky Aiyedatiwa, should come out in open on the company involved.

Benson noted that providing full details of the agreement will promote transparency and safeguard the interests of the people on the two major investments.

According to her, the MoUs include one with an unnamed company for the proposed Ondo Deep Seaport, and another with a firm identified as Resident Fertiliser, aimed at establishing a $4 billion petrochemical fertiliser plant in the state.

She said that while the government disclosed the identity of Resident Fertiliser, it withheld the name of the company set to drive the seaport project.

The coordinator explained that, according to the limited details released, Ondo State is to hold only a 12.5 per cent equity stake in the seaport, with the undisclosed company controlling the remaining 87.5 per cent.

They however, expressed alarm over what it described as a “shroud of secrecy” surrounding these deals.

The group highlighted that Resident Fertiliser is a newly registered company, incorporated with the Corporate Affairs Commission (CAC) on May 5, 2025, and less than a year old, saying it’s website, residentfertilizerplc.com, appears to have been created in 2026 and lists only the proposed Ondo fertiliser plant as a project.

According to the group, the only images displayed are of Governor Aiyedatiwa receiving Bauchi State Governor Bala Mohammed, who led the company delegation to Akure on July 11, 2025.

The group maintained that “While the government disclosed the name “Resident Fertiliser” in respect of the $4 billion fertiliser plant, it did not mention the name of the company it signed an MoU with for the Ondo Deep Seaport project.
‎
“It added that “The only information available to the people of the state regarding the seaport deal is that Ondo State will hold a 12.5 per cent equity stake, while the undisclosed company will control 87.5 per cent.
‎
“‎We conducted a background check on Resident Fertiliser, the only company whose name was made public, and observed the following:• Its website https://residentfertilizerplc.com appears to have been recently created in 2026.
‎
‎”The only major project displayed on the website is the proposed Ondo State fertiliser plant. This suggests no visible activities elsewhere.

According to the group “The only photographs displayed on the site 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.

“We also discovered that Resident Fertiliser is less than one year old. The company was registered with the Corporate Affairs Commission (CAC) on May 5, 2025” the group said

The group said “These facts raise fundamental questions. Where will a company less than one year old source $4 billion to finance a complex petrochemical project? Which financial institutions would extend such a massive loan to an unproven entity? The people of Ondo state deserve to know the answers.”

Benson further warned that failure to scrutinize investment partners could expose the state to significant risks, citing a 2024 incident in Ogun State, where a Chinese firm, Zhongshan Fucheng Industrial Investment Co. Ltd., successfully seized three Nigerian presidential jets over a $74.5 million arbitration award following a contractual dispute.

The group said that “without proper due diligence, glossy investment proposals can turn into costly liabilities, exploiting loopholes to siphon public resources.”

“AGGA is now calling on the Aiyedatiwa administration to: reveal the identity of the company partnering with Ondo state on the deep seaport project.

“Provide comprehensive details of the MoU with Resident Fertiliser, including the source of financing, project timelines, and legal safeguards for the state.

“Governor Aiyedatiwa must act swiftly to shed light on these opaque agreements. With only three years left in his tenure, the people of Ondo State cannot afford to have their collective future mortgaged through secretive deals. Transparency is not optional; it is a duty owed to the citizens.”

The group said that “the statement becomes necessary following growing public calls for accountability and responsible governance, particularly in the face of large-scale investments that could shape the economic future of Ondo state for decades.