Aspian Bitumen Limited, an Ibadan-based local investor, has claimed to lose billions of naira following a quit notice order issued by the Oyo State government at its operation base in Makanju village, Akinyele Local Government Area.

However, the Oyo State Ministry of Lands and Housing stated that the quit notice was served due to the company?s alleged infringement on the Right of Way of the Ibadan Circular Road.

Ayoola Bello, Managing Director of Aspian Bitumen Limited, disclosed that the acquired land contains a minimum deposit of 90 million tons of granite, valued at approximately one trillion naira.

According to Bello, harnessing this resource could significantly boost Nigeria?s Gross Domestic Product (GDP).

He further explained that the company?s operations were halted by a state government agency, leading to losses amounting to billions of naira despite an existing court order.

Bello lamented the setback, revealing that investors from the USA, who visited Nigeria in July 2024 and were encouraged to invest in the country?s solid minerals sector, had plans to establish a factory in Ibadan.

He also noted that the land at Makanju village, acquired since 1979, has been developed responsibly and enjoyed support from local villagers over the years.

Bello said, ?The possibility of getting lithium oxide for electrical battery is been exploited in this direction. Our company brought investors from the USA to explore the resource and build a factory in Ibadan.

?The team of investors came to Nigeria in July 2024 and visited the Director of Solid Minerals in Abuja when they were encouraged that Nigeria is a Destination for Investment.

?Our research has shown that when we commence work at the quarry, we will reach a level when abundant water that could serve the whole of Ibadan would be discovered. We are looking at how to utilize the benefits of water supply to the citizenry.

?However, it is sad to note that the state government through one of its agencies shutdown our operations which culminated into the loss amounting to billions of naira even with the existing court order.

?We were made to know that the decision was taken in the interest of the public. It is worthy of note that since the land was acquired in 1979, we have been mindful of the public Interest.

?Since we acquired the land in 1979, we have been managing the land so as not to be encumbered with house development. The Makanju villagers have been very cooperative in protecting the quarry. Building at the proximity of the quarry was prevented so as not to constitute an impediment to mining activities.?

But, reacting to the claim, the State Commissioner for Lands and Housing, Mr. Williams Akin-Funmilayo in a letter titled; Enforcement Notice regarding Unauthorized Occupation of Government Land designated for the Circular Road Construction Project ordered the Company to remove all machinery, equipment, and materials from the said land within the period

The letter which was signed by TPL Sorunke F.O on behalf of the Commissioner read in part; ?Following the official visit to your quarry site on Tuesday 21st January, 2025 during which statutory enforcement notices were served to order the removal of the machinery and equipment placed by your Company on a portion of land that is designated for the ongoing Circular Road, I wish to reiterate that the blockage constitutes an obstruction to the timely and successful execution of this critical public infrastructure project.

?It should be emphasized that the land in question falls within the Circular Road Right of Way and should be vacated to enable unhindered progress of the road construction.

?Meanwhile, it is disheartening to note that, despite the earlier statutory notices issued to you since September, 2023 on same matter, you have flagrantly disregarded the State Government?s order to remove the encumbrances created on the subject site.

?For the avoidance of doubt, even the portion of Senator Abiola Ajimobi GRA land encroaching on the Circular Road?s Right of Way would be adjusted accordingly.

?To this end, you are to remove all machinery, equipment, and materials from the said land within the period stipulated in the notice served. Kindly note that this correspondence serves as a formal reiteration of the enforcement notice previously issued and you are urged to act swiftly to ensure compliance and avoid unnecessary disruption to the ongoing project? (The Nation)

Update news