Firm to Invest $1bn in Bitumen Exploration in Ondo

Lucky Aiyedatiwa, Executive Governor of Ondo State

Lucky Aiyedatiwa, the Ondo state governor, has announced that his administration is welcoming investments to drive development in the state. The focus? Bitumen exploration. Owena Bitumen Exploration Nigeria Limited, led by Musa Ibrahim Mantu, plans to invest approximately one billion dollars in this venture.

Mantu’s primary goal is to explore bitumen in Ondo State. The company is constructing a processing plant in Ijebu Ode, which is projected to be the largest in the world. Owena Bitumen Exploration Nigeria Limited has secured financing from Europe to support this ambitious project.

The company aims to deploy advanced bitumen technology within the next 12 months. Despite the processing plant being located in Ijebu Ode, just a short drive from Ondo State, Governor Aiyedatiwa expressed optimism about the partnership. The development of the Ondo sea port, construction of the Araromi to Lekki road, and the newly flagged off Lagos-Calabar Coastal Highway will further boost the bitumen exploration venture.

The collaboration promises employment creation and local economic growth. By leveraging local raw materials and technological expertise, the project aims to minimize the need for crude oil transportation.

    Governor Aiyedatiwa assured the delegation of the government’s cooperation in creating a secure and conducive business environment for this significant investment. The future of bitumen exploration in Ondo State looks promising, with potential benefits for both the local community and the state’s economy.

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