Speaking at the CEO Roundtable on the sidelines of the 2024 Nigeria Mining Week, Alake encouraged the CEOs to spearhead the mining bank with the aim of making it private-sector driven to wean it off government interference and ensure its longevity and effectiveness.

He assured the CEOs that the federal government was actively dismantling bottlenecks to enhance the ease of doing business within the sector to foster viable investments.

The minister sued for continued cooperation from mining executives in support of the ongoing reforms, noting that the reforms were vital to creating a sustainable and resilient framework for the long-term development of the mining industry.

Addressing concerns regarding state-level interference in mining operations, the minister reiterated the federal government’s stance that sub-national entities did not have the constitutional authority to make policy decisions on mining, as the sector was under the exclusive legislative list.

READ ALSO: Lagos’ N3trn 2025 budget prioritises growth in tourism, economy

“We have held extensive discussions with state governments to address concerns around interference and explore ways of involving them constructively. As part of these efforts, we have made provisions for states to apply for mining licenses and operate as Limited Liability Companies. This approach ensures their participation in the mining of local resources, which was a major concern. Several states have already adopted this initiative, and we have approved licenses for those that have completed the application process,” Alake emphasised.

Looking ahead, the minister revealed plans to provide a more conducive environment for investment, including the development of a mining infrastructure corridor.

He emphasized that inter-ministerial collaboration was underway to kickstart the project and ensure its successful implementation.

Conclusively, the minister appealed for the continued support of the CEOs on ongoing reforms, particularly the review of the rates regime of the mining sector, assuring them that the ministry was carefully considering the concerns raised.

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Speaking while receiving in audience the UAE Ambassador to Nigeria, Ambassador Salem Shaeed Al Shamsi, in his office, Alake reflected on the historical significance of the over 50-year robust relationship between the two nations, emphasising the need to deepen these ties through expanded trade in the mining sector.

“In the mining sector, we see significant opportunities for collaboration. While there is considerable trade in gold, much of it remains illegal, with a large portion of Nigerian gold ending up in the UAE unlawfully. We propose working together to develop strategies to curb illegal gold trade and establish a regulatory framework that legitimizes this trade, allowing both countries to maximize their benefits,” the minister stated.

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Alake highlighted Nigeria’s wealth of globally sought-after minerals and noted that the UAE, as a major hub for mineral trade, stood to gain from a strengthened partnership in the mining sector.

The minister also expressed interest in partnering with the UAE on technology transfer to advance Nigeria’s mining sector.

In his remarks, Ambassador Al Shamsi affirmed the UAE’s commitment to reinforcing its longstanding relationship with Nigeria, citing the recent resolution of visa restrictions and the signing of a Memorandum of Understanding, MOU, between UAE companies and Nigeria via the Solid Minerals Development Fund, SMDF.

“The lifting of visa application restrictions and the launch of a new visa application website demonstrate my country’s dedication to advancing bilateral relations,” Ambassador Al Shamsi asserted.

He also announced an upcoming Nigeria-UAE economic forum set to take place in Nigeria, featuring participation by 30 to 35 major companies from the Middle East and UAE, aimed at boosting Foreign Direct Investments (FDI) in Nigeria.

To address illegal mineral trade and promote legitimate commerce, both nations agreed to establish a technical committee to explore collaboration strategies.

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Making the announcement on Wednesday at a press conference, the Minister of Solid Minerals Development, Dr. Dele Alake, declared that in line with constitutional provisions, adequate notice was given to all concerned parties through the official Gazette of the Federal Republic of Nigeria, No. 227, which was published on December 27, 2023.

“The notice gave all concerned parties 30 days to regularise their status, including clarifications on what caused the license to be dormant. Thus, although a total of 963 licensees were published and notified of the threat of revocation, no fewer than 39 either moved to site immediately or convinced the authorities of the challenges hindering their operations,” the minister asserted.

In view of the foregoing, Dr. Alake affirmed the revocation of 928 dormant licenses, which include 528 exploration licenses; 20 mining leases; 101 quarry licenses, and 273 Small Scale Mining Licenses, SSML.

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Speaking further, the minister stated that the action followed due process and fair consideration whilst it underscored the commitment of the federal government to implement the standard policy of “Use it or Lose it” as enshrined in mining guidelines.

According to Alake, “Investors across the globe are now free to apply for any of the affected Cadastral Units on the basis of “first come, first served.” It is our belief that this decision will sanitise the licensing system by penalising those who have commercialised the opportunities offered by the sector into a bazaar. ”

Noting that the revocation was not meant to be punitive, the Minister announced an opportunity for affected licensees to make restitution, imposing fines for different categories of revoked licenses, stressing that that also applied to the 1,633 titles revoked last year for default in payment of annual service fees.

“For revoked Mining Licenses, a fine of N10m applies;  N7.5m for Small Scale Mining License (SSML) while N5m for Exploration License (EL). They will be required to make the payments within 30 days to qualify for consideration,” Alake emphasised.

The minister warned that thenceforth, the federal government would not tolerate the nefarious activities of license racketeering or those that obtained licenses for speculation in order to offer them to the highest bidder.

“A good lesson from this exercise is for investors to do their homework and be ready to flag off their projects as soon as they obtain licenses. Nigeria is open for business, and we shall encourage smart, serious, and adventurous investors to set up and provide jobs to our teeming youths,” Alake added.

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Speaking while playing host to members of the House Committee on Solid Minerals on oversight visit to the ministry, Alake applauded the lawmakers for their support in repositioning the mining sector, stressing that changing the economic fortunes of Nigeria was a joint task by both the executive and legislature.

He also seized the occasion to assure the legislators of the significant contribution of sub-nationals to mining development, stressing that state chairmen of Mineral Resources and Environmental Management Committee, MIREMCO, and five members of the committee were nominated by state governments.

“The importance of this committee cannot be overstated because whether we like it or not, we are at the cusp of history and it does beckon on us individually and collectively whether as executive or legislature to change the paradigm of Nigeria’s economic fortunes because we have to diversify our economy away from the mono-cultural dependency on oil. Again, that underscores the significance of this committee because of the importance of the ministry in that regard. That is why I view your visit here today with all sense of proprietary, responsibility, and appreciation of the oversight functions that you are saddled with.

“We welcome you and believe that from the type of comradeship that I have personally enjoyed with the committee and the leadership, I have no doubt in my mind, that what the executive of this ministry needs to forge ahead to achieve its stated objectives in terms of logistics support, legislative framework crafting is assured. It gives me great confidence that when you have members of a committee that understand the issues at stake, understand the problems that the ministry faces and knows how to give the necessary back-up, then we in the executive will have no excuse for failure. We can only forge ahead,” the minister said.

Highlighting the renewed interest of the international community in Nigeria’s mineral resources, Alake stressed that his 7-point agenda had put the mining sector on the global front burner since his assumption of office.

“With the support of the Permanent Secretary, management and the House committee, we have been able to project the sector globally and the result of our efforts culminated in my election as the Chairman of the Africa Minerals Strategy Group (AMSG) on the sidelines of the Future Minerals Forum (FMF) in Riyadh, Saudi Arabia based on our 7-point agenda which was applauded by all and sundry. This is a group that consists of all African countries’ Ministers of Solid Minerals/Mineral Resources.”

Speaking further, the minister revealed that with the pact that led to the formation of the AMSG, there is now unity of purpose on the African continent on the issue of local value addition.

“We are no longer going to allow anybody or license any company that want to go into the mineral sector without giving us a plan for local value addition like processing, refining and this has a multiplier effect on the economy. It instantly generates employment rather than a few people carting away lithium, gold, and the likes to other countries to sell. These minerals must now be processed in Nigeria, creating more value and beneficiation for local communities where they are sourced,” Alake added.

On security, the minister revealed that the federal government has finalized a new security outfit to secure the nation’s natural resources that would incorporate the existing structure of the Nigeria Security & Civil Defence Corps, NSCDC, with infusion of technology and specialized training.

“We have come up with what we believe can stem insecurity around natural resources like solid minerals, forests, and marine economy. We decided to use the existing structure of the NSCDC because of the cumbersome process of establishing a new security architecture.  In terms of deterrence, the new NSCDC corps will be useful,” he asserted

According to the minister, there would be a command in every state of the country, and would involve the infusion of a huge dose of technology, noting the modern day security architecture is predicated on mostly technology than reliance on only boots on the ground.

“What a whole battalion can do, one single drone can do it, so the new security outfit will be largely technologically driven, and they will be under the overall command of the Ministry of Solid Minerals Development (MSMD). They are to secure our mine sites, help in stemming theft, illegal mining, and carting away of our solid minerals. The command structure of the new outfit will be inaugurated in the coming days, the minister affirmed.

In his remarks, chairman of the committee, Hon. Gaza Gbefwi, stated that the House Committee on Solid Minerals, in fulfilling its constitutional responsibility of oversight, paid a visit to the ministry to ensure that the executive was doing what it was supposed to do for citizens to get maximum beneficiation from the mining sector.

He expressed appreciation to the minister for cooperating with the legislature in its oversight function of checks and balances, emphasizing that the committee will do what is necessary to back up reforms with requisite legislations that will enable the executive propel the sector into an enviable position, with significant contribution to the nation’s economy.

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Speaking while receiving Charge d’Affairs, US Embassy, David Greene, in his office on Thursday, Alake lauded the United States’ commitment to fostering cooperation with Nigeria in diverse sectors of the economy, stating that it underscored the significance of the smooth bilateral relations between both countries.

“I thank you for your visit. I met the US Assistant Secretary of State for Energy Resources, Geoffrey Pyatt, on the sidelines of the Mines and Money conference in London last year, and we had a fruitful engagement. I did analyse all our issues, and fundamentally, we just want to diversify our economy from oil. Not just for our own economic survival but also to be in tune with global trends for reduction in global warming. We also want to be part of the move to reduce global emissions and put our mining sector on the global map. We have critical minerals that are in commercial demand globally,” Alake said.

The minister welcomed partnership with the US on investments in the mining value chain, expanding access to technology in extracting and processing minerals and securing mining areas.

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In his remarks, the US Ambassador commended the renewed interest of Nigeria in solid minerals, stressing that the sector has huge potentials to rival the contribution of oil to the nation’s economy.

“Nigeria and US have had decades of cultural ties, cooperation in security agriculture amongst others. Your mining sector has huge potentials and we are interested in collaborating to invest in extracting and processing of minerals alongside providing training and knowledge transfer to the security agencies to assist in securing your mining environment,” Grene asserted.

Throwing light on reforms embarked upon by the federal government, the Minister highlighted revised Community Development Agreement, CDA, guidelines geared towards reducing friction in host communities; on-going plans for new security architecture to secure natural resources; efforts to generate big geo-data; the formalisation of artisanal miners into cooperatives amongst others.

“The mining sector provides a veritable avenue for increased trade between Nigeria and the United States, especially in the area of value addition, which implies processing of extracted minerals and setting up factories here. We would also require financing from multilateral institutions for our local operators. We are providing incentives for investments like tax waivers for mining equipment, policy of full repatriation of profits to home countries amongst others,” Dr. Alake emphasised.

The US diplomat assured the minister that his country is exploring investment in Nigeria’s mining value chain, noting that the global energy transition from fossil fuels to critical metals makes it imperative for both countries to harness areas of comparative advantage for strategic collaboration.

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It said it was taking giant steps in ensuring sustainable mining in an orderly manner and safe environment in Osun State.

This was disclosed during an interactive session between Osun’s Mineral Resources and Environmental Management Committee, MIREMCO, and mining stakeholders in the state on Wednesday at Osogbo, the state capital.

The committee’s chairman, Prince Omolade Binuyo, while addressing participants, said Osun State was business-friendly for investors and the state government too expected mining companies to conduct their mining activities in an orderly, safe and environment-friendly manner.

He also disclosed that the interactive stakeholders meeting would be continuous to afford greater opportunity to discuss issues and challenges facing mining operators in the state.

Participants at the meeting include Mr Abiodun I.O (Wolid Int’l Ltd), Mr Water (Sanlong Quarry), Mr Samuel Oladapo (Mojec Int’l), Mr Okusa Emeka (Segilola Resources Operating Ltd), Jeremiah Daniel (ENL) and Mr Bolaji Olusola (Moro Economic Consult), among others.

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The Managing Director/Chief Executive Officer of the bank, Mr Adesola Kazeem Adeduntan, made this known on Thursday at a meeting between the bank and the governor of the state, Mr Adegboyega Oyetola.

The meeting was held at the governor’s office in Osogbo, the Osun State capital.

He expressed the bank’s gratitude to the governor and the state for the conducive business environment First Bank had enjoyed over the years.

The CEO said one of the secrets of the bank’s strength was its policy of not being a financial institution that is just about profitability but one that helps the nation bake a bigger cake.

“We have noticed the increased activities of Osun in mining, the awareness created during the summit the state had last year and we are willing to help the government realize its goals in the sector. We promise to support and partner with Osun in mining because that is one sector that will help create more employment opportunities and diversify the economy of the state,” he said.

Governor Adegboyega Oyetola in his response expressed his appreciation to First Bank for its readiness to partner with the state in Mining.

“I truly appreciate the support of First Bank of Nigeria over the years and today’s visit by the Managing Director of this reputable bank. It is also heart-warming that First Bank is ready to support Osun’ s mining sector.

“I assure you that Osun is ready and determined to explore and move its mining sector from artisanal into the realm of corporate investment. Fortunately, we have received very encouraging response from within and outside Nigeria.

“The state is blessed with billion-dollar worth of mineral deposits  and this administration is working round the clock to convert them into palpable and usable resources to improve both the economy of the state and the standard of living of the citizens. We have all the required documents to excite local and international investors and we will work with them to realize our dream of an enviable mining sector in Osun,” Oyetola said.

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The governor revealed that there would be a collaboration between the federal and state governments to ensure a sustainable development in the mining sector.

The governor disclosed this on Thursday at the Lagos House, Marina, during a courtesy visit paid by the Minister of Mines and Steel Development, Architect Olamilekan Adegbite and the Minister of State for Mines and Steel Development, Dr. Uchechukwu Ogah.

The governor said that this collaboration is targeted at ensuring growth and diversification of the nation’s economy, stating that the outcome would be victory for the people.

According to him: “As a nation, we need to continue to see how development can happen in the mining sector, and it has to be an inclusive one.

“As much as possible, we need to push a lot of transparency there. It also has to be a development that truly reflects our federating state and the minister has assured me that it is an area in which they want to collaborate.

“And we as a state must also trust and see that we are from the same side, just like everyone sees the same sides of a coin so for us at the end of the day is development for our people, the nation, growth and diversification of our economy and it’s really an opportunity to take our state and our nation to a greater height.”

Sanwo-olu commended the team and assured them that his administration would ensure that there was full cooperation with the federal government for the benefit of the general public.

Speaking earlier, Adegbite explained that the federal government was using the medium to increase job opportunities in the country.

He lamented the neglect of the sector and stated that attention was gradually shifting to the mining sector.

He added that the team would visit all the states across Nigeria to enlighten them of the new development, with Lagos being the first state to be visited.

He said: “We are here essentially in furtherance of the issues that arose from the NEC meeting that was held last week. The potentials are in the mining industry to diversify the economy of Nigeria and create more employment.”

Adegbite stated that a committee has been set up to iron out the cases of overlapping between the federal government and the states.

He said that the committee would be headed by the Ekiti State governor, Dr. Kayode Fayemi.

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The Minister of Mines and Steel Development, Arc Olamilekan Adegbite, and the Minister of State for Mines and Steel, Dr Uchechukwu Ogah, will be leading state commissioners and Permanent Secretaries in charge of mining and mineral resources ministries from the 36 states to the meeting.

Others include participants from the academia, private sector security, practitioners and leaders of mining unions.

The third edition of the NCMMRD is being hosted by the Government of Ekiti State.

Themed “Nigeria Minerals and Metal Sector: Spectrum for Investment Opportunities for Economic Growth and Development,”  the meeting would among other things, review current trends in the mining and minerals sector of the economy.

Ekiti State Governor, Dr Kayode Fayemi, said the importance of the council meeting could not be over-emphasised in order to ensure the country reaped bountifully from the present administration’s huge investments in agriculture and mining to grow the economy and create jobs.

Governor Fayemi, who chaired the inaugural meeting of the council in 2017 in his capacity as the then Minister of Mines and Steel Development, said all hands must be on deck to ensure that mining and agriculture contributed optimally to the nation’s economy.

The governor said adequate arrangements had been made for safety of the participants during their stay in the state.

Other highlights of the three-day meeting, which will hold at the Trade Fair Complex, Ado- Ekiti are: paper presentations, meeting of technical working groups, field tour and peer review.

The meeting will also examine challenges of informal mining activities for improved revenue generation as well as infrastructure gaps in the sector, among others.

Meanwhile, the Permanent Secretary, Ekiti State Mineral Resources Development Agency, and Co-Chair of the Local Organising Committee, Mr Tokunbo Alokan, has said careful planning were being made to ensure a hitch- free programme with attendant gains for the economy.

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The order came just as it announced a ban on mining activities in the state.

The government also issued a warning that individuals or companies who refuse to obey the order would have their licences revoked.

The Inspector General of Police, Muhammed, made this known on Sunday in Abuja, shortly after a security meeting.

His words:  “Consequently, any mining operator who engages in mining activities in the affected locations henceforth will have his licence revoke.

“All foreigners operating in the mining fields should close and leave within 48 hours.”

Adamu stated police’s determination to end the menace of banditry in the state through the newly launched Operation Puff Adder.

He said the operation which was designed to facilitate the assets of different security outfits in the country would ensure safety of lives and property.

“The operation is aimed at reclaiming every public space under the control of the bandits, arrest and bring to book all perpetrators of violence in the area and their collaborators, achieve a total destruction of all criminal camps and hideouts, mop up all illicit weapons fuelling the violence and attain a full restoration of law and order in the affected communities.

“Our commitment at protecting the sanctity of life and property is irrevocable, and we will not scale-down the pressure on the armed bandits until they are totally flushed-out,” he said.

It would be recalled that the state has been under severe attacks by bandits.

Many lives have been lost and property destroyed.

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