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Nigeria Missing out on $110bn global bitumen market – Senate…As Stakeholders support establishment of Bitumen Development Commission

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From Lateef Taiwo

The Senate through its committee on Solid Minerals , declared on Thursday that Nigeria is missing out of the $110billion bitumen global market .

This is as the various stakeholders in the solid minerals sector , threw their weight behind establishment of Bitumen Development Commission .

Need for Nigeria to tap into the $110billion global bitumen market , came to the fore during public hearing on bill seeking for an Act on establishment of Bitumen Development Commission , organized by the Senate Committee on Solid Minerals chaired by Senator Samson Ekong ( PDP Akwa Ibom South ) .

In his submission at the public hearing , the sponsor of the bill, Senator Jimoh Ibrahim ( APC Ekiti South) , lamented that Nigeria which has the highest deposit of bitumen after after Canada and Venezuela, has not tapped into the $110billion global bitumen market due to lack of required galvanization.

The $110billion bitumen global market according to him, is currently being controlled by Nine countries in the world , some of which have less quantities of the Natural resources when compared to Nigeria .

He specifically stated that Ondo State has the highest deposit of bitumen in Africa with an estimated value of $42billion .

” Earnings from bitumen deposit in Nigeria , if properly harnessed, can finance Nigeria’s budget”, he said.

He added that the global in- place bitumen and heavy oil resources are estimated to be 5.9 trillion barrels (937 billion m3); more than 80 percent of these resources are found in Canada, the US, Nigeria, Venezuela.

The global bitumen market according to him , is valued at USD 107.12 billion in 2023 and is projected to reach USD 146.58 billion by 2030 which presently has the United States, Germany, UK, France, Italy, Spain, Russia, Poland,China, Japan, India, Malaysia, Columbia and Mexico as key players .

” Bitumen Development Commission of Nigeria will lead innovation and improved strategy of finance resource. A good case of the impressive alternative revenue for Nigeria “, he stressed.

The chairman of the Committee, ,Senator Ekong said Nigeria need a legal inroad to develop her mineral industry to expand her earning power and contribute greatly to the nation’s Gross Domestic Product (GDP) and provide ample job opportunities .

He commended the sponsor of the bill for his passion in the development of the solid mineral sector and bringing to the limelight the vast deposits of bitumen in Ondo State and other states like Edo, Ogun, Akwa Ibom and Lagos states

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Groups condemn sponsored protests, media attacks against ex-NNPCL boss Kyari

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Coalition Of Civil Society Organisations In Nigeria (COCSON) and Bloggers and Vloggers, Content Creators Association (BAVCCA) have warned against politically engineered protests against the immediate past Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Malam Mele Kyari, who “served the nation faithfully.”

In a statement jointly signed on Thursday by COCSON’s National Mobilisation Officer Comrade Tabuko Kennedy and BAVCCA’s Spokesperson Efe John Abayomi, the two groups urged President Bola Tinubu to overlook undue distraction from enemies of his administration while rejecting a calculated attempt to malign the person and office Kyari hitherto held concerning the $2 billion crude-for-loan deal.

COCSON and BAVCCA chided agents of mischief and fake news merchants over baseless media attacks on the former NNPCL GCEO while urging anyone with genuine proof of Kyari’s wrongdoing while in office to present it through proper legal channels and not through sponsored headlines and mob protests.

The groups maintained that Kyari has done everything a true patriotic and honest leader can do. In a very difficult economic crisis and Part of the solution to Nigeria’s foreign exchange challenge, a puzzle that nearly crumbled the economy.

The statement read in part:

“We will not sit back and watch a reformer be sacrificed on the altar of politics. We call on our progressive President Bola Ahmed Tinubu to remain steadfast and not allow these desperate tactics to distract his government from the broader goal of sanitizing the petroleum sector.

“If anyone has genuine proof of wrongdoing, let them present it through proper legal channels — not through sponsored headlines and mob protests.

“Mele Kyari has done everything a true patriotic and honest leader can do. In a very difficult economic crisis, He stood for the greater good of all Nigerians instead of a few cabals. He has been Part of the solution to Nigeria’s foreign exchange challenge, a puzzle that nearly crumbled the economy.

“Let us be clear: this is not a scandal — it is a structured misrepresentation of a standard commercial transaction that predates this administration and has been carefully supervised under the regulatory and sovereign structures of the Federal Government of Nigeria.

THE TRUTH THEY WON’T TELL YOU:

“The $3.3 Billion Crude-Backed Loan Was a Sovereign Deal: This transaction, executed in collaboration with Afreximbank and backed by the Federal Government, was designed to stabilize Nigeria’s foreign exchange reserves and provide a buffer against economic shocks — not to “mortgage Nigeria’s future” as ignorantly portrayed by politically motivated street protesters hired by ungrateful elements working against the progressive leadership of President Bola Ahmed Tinubu.

“Kyari Was Not Acting Alone: Every stage of the crude-for-loan framework was vetted by relevant agencies — including the Ministry of Finance, Debt Management Office, and the Attorney General’s Office. Kyari was executing national policy, not personal ambition.

“No Missing Crude, No Diversion of Funds: There is zero evidence of crude diversion, missing shipments, or financial misappropriation. All proceeds and repayment schedules are transparent, documented, and auditable. Anyone who has a valid case should first present proof of his claims instead of taking Nigerians’ collective sense of judgment for a ride.

“Kyari Has Been Nigeria’s Most Transparent NNPC Boss in Decades: Under Kyari’s leadership, NNPC was transitioned into a commercially-run, limited liability company. For the first time in NNPC’s history, its books are published, audited, and made public. That’s not corruption — that’s reform.

PRESIDENT TINUBU REPOSES TRUST IN MELE KYARI
“On January 8, 2025, President Bola Ahmed Tinubu commended the former NNPCL GCEO, Mallam Mele Kyari, on his 60th birthday, praising his service and integrity. In the President’s words, “Kyari is a shining example and embodiment of the ideals of the Renewed Hope Agenda. I commend his commitment to creating new opportunities and ensuring the growth and sustainability of Nigeria’s energy sector.” This statement, made soon after Kyari’s exit, makes it clear that his departure was not a dismissal but a smooth transition, with his legacy of reforms and achievements in the oil and gas sector fully recognized and appreciated at the highest level.

“The Protest Is Politically Engineered: We have credible information that certain vested interests, threatened by the sanitization of the oil sector, are sponsoring protests and media hysteria to derail reforms and force Kyari out.

“We stand with Mele Kyari. We stand for due process. We stand for national interest.”

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KAM Holding GMD Felicitates Emir Of Ilorin On 85th Birthday

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  • Describes Emir As Harbinger Of Hope, Development

Stephen Olufemi Oni, Ilorin

The Group Managing Director of
KAM Holding Ltd, Dr. Kamoru Yusuf, has felicitated the Emir of Ilorin, Alhaji Ibrahim Sulu-Gambari on the occasion of his 85th birthday.

Yusuf, in a congratulatory message, praised the Emir for being an harbinger of hope and development.

The business mogul expressed delight that the reign of Sulu-Gambari has brought unparalleled development to Ilorin Emirate and Kwara State as a whole.

Yusuf added: “It is heartening that Allah has preserved Your Highness for us to cover this mileage with truckload of accomplishments in all spheres of human endeavour.

“No doubt, Ilorin has grown to be a Cosmopolitan City during your reign, and this is an attestation to Your Highness’s pragmatic leadership. With the level of growth and development in Ilorin among its contemporaries, I am of implicit confidence that what has been achieved is just a precursor for more goodies in the offing.

“On behalf of my family, management and staff of KAM Holding Limited, I congratulate Your Highness and wish you longevity of life with sound health.”

Ends

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Fire Destroys Newly Built Female Hostel at Sokoto State University

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A newly constructed female hostel at Sokoto State University was engulfed by fire on Tuesday, causing panic among students and staff.

The blaze, which started around 3:30 p.m., completely destroyed the building, which had been built to ease accommodation challenges. While the cause remains unknown, a student noted that those initially assigned to the hostel had already been relocated before the incident.

Confirming the fire, the Students’ Union President said firefighters arrived at the scene by 5:00 p.m. to combat the flames. However, authorities have yet to release an official statement on the cause or extent of the damage.

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