NEWS
Mining Sector Vital to Economic Growth — Osinbajo
By Edozie Obasi-Eze
Nigeria’s Vice President, Yemi Osinbajo has identified the mining sector as a vital part of the Federal Government’s recent National Development Plan 2021-2025.
In a statement released on Tuesday in Abuja, through his spokesman, Laolu Akande, Osinbajo was said to have made the remark at the opening of the 5th Annual Nigeria Mining Week Discourse Series.
The theme of this year’s discourse is, “Top Seven Reasons to Invest in Nigeria’s Mining Sector.”
Osinbajo said, “It is significant that within the space of a year, we have recorded a 26.7 per cent increase in revenue generation from 2019 to 2020.
“But while this is encouraging, we recognise that there is still a lot of work to be done.
“That is why this forum is so important; we are privileged to have in attendance, so many distinguished experts and resource persons that deeply understand governance vis-à-vis the Mining Sector in Nigeria.”
In his remarks, delivered virtually, Osinbajo highlighted the inflow of notable investments already recorded in the sector.
He averred that the inflow was early evidence that the Federal Government’s framework was on the right track.
“These investments include Thor Exploration Limited’s Segilola Gold Mine in Osun State, with an initial production capacity of 80,000 ounces of gold annually, representing the first large-scale gold mine in Nigeria.
“In June last year, I also had the privilege of commissioning the Dukia Gold & Precious Metals Refinery (DGPMR) Project.
“The company set out to be a foremost indigenous refiner and trader of gold and other precious metals. Its potential impact on the gold sector is nothing short of revolutionary.
“By providing offtake opportunities through the establishment of Precious Metals Buying Centres, it serves as a spur for more small and medium scale mining investment.
“Its refinery symbolizes its focus on value addition in the gold and precious metals industry in Nigeria and West Africa.
“A similarly remarkable investment is the integrated Iron Ore Mining and Processing Plant set up by African Natural Resources and Mines Limited (ANRML) in Kaduna.
“It has an initial production capacity of 4.704 million tons of iron per annum and will scale up to 5.88 million tons per annum.”
He said that Nigeria was revitalising the mining sector with lessons learned from half a century of resource extraction.
According to him, the Federal Government recognises that it is not enough to seek investment merely for the sake of exploitation and extraction.
He maintained that the mining sector could help rewrite a new chapter of economic growth for Nigeria.
“Concurrently, there is an ongoing review of the Nigerian Minerals and Mining Act 2007, aimed at bringing legislation into conformity with global best practices, limiting the role of government to that of regulation, and creating the space for the private sector to maintain a more expansive presence in the sector.
“What will be evident to a potential investor is that we have built a robust framework for the mining sector, line by line.
“In 2016, the Ministry of Mines and Steel Development, in collaboration with industry stakeholders, produced a clear Roadmap for the growth and development of the Nigerian Mining Sector Industry.
“In pursuit of the goals set forth in the roadmap, government initiated an ambitious reform regime in the sector, the flagship of which is the National Integrated Mineral Exploration Programme (NIMEP).”
Biztellers reports that the Nigeria Mining Week, organised by the Miners Association of Nigeria (MAN) in collaboration with the private sector and supported by the Ministry of Mines and Steel Development.
President Bola Ahmed Tinubu has appointed retired Vice Admiral Ibokette Ibas as the military administrator of Rivers State following the suspension of Governor Siminalayi Fubara, his deputy, Ngozi Odu, and all elected members of the state House of Assembly.
The announcement came during a nationwide broadcast on Tuesday amid heightened political tension in the oil-rich South-South state.
Tinubu said the suspension would last for an initial period of six months.
READ ALSO: JUST IN: Tinubu Suspends Fubara, Deputy and Lawmakers
“By this declaration, the Governor of Rivers State, Mr. Siminalayi Fubara, his deputy, Mrs. Ngozi Odu, and all elected members of the House of Assembly of Rivers State are hereby suspended for an initial period of six months,” the President stated.
Ibas, a former Chief of Naval Staff who served from July 2015 to January 2021, will take charge of the state’s affairs.
Tinubu clarified that the judiciary remains unaffected and will continue to function as mandated by the constitution.
“The Administrator will not make any new laws. He will, however, be free to formulate regulations as may be found necessary to do his job, but such regulations will need to be considered and approved by the Federal Executive Council and promulgated by the President for the state,” Tinubu added.
President Bola Ahmed Tinubu has suspended Rivers State Governor Siminalayi Fubara, his deputy, Mrs. Ngozi Odu, and all elected members of the state House of Assembly for an initial period of six months.
Tinubu made the announcement in a nationwide broadcast on Tuesday, citing undisclosed reasons for the decision.
READ ALSO: JUST IN: Rivers Assembly Accuses Fubara, Deputy Of Gross Misconduct
“By this declaration, the Governor of Rivers State, Mr. Siminalayi Fubara, his deputy, Mrs. Ngozi Odu, and all elected members of the House of Assembly of Rivers State are hereby suspended for an initial period of six months,” the President stated.
The suspension comes amid ongoing political tensions in Rivers State.
More updates to follow…
In what political watchers perceive as part of efforts to discomfit and scatter the Peoples Democratic Party (PDP) on the feeling that its National Working Committee (NWC) antagonises him, the Minister of Federal Capital Territory, Nyesom Wike, has revoked the rights to occupy the land on which the party’s national secretariat, Abuja is sited.
Biztelers reports that Wike’s revocation notice was conveyed in a letter released in Abuja on Tuesday, dated March 13, 2025.
The letter was titled, “Notice of right of occupancy with file no: MISC 81346 in respect of plot no: 243 within central area district, Abuja.”
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The letter was signed by the Director, Land Administration (FTC), Chijioke Nwankwoeze.
Wike, it was gathered predicated his action on the PDP’s failure to pay the annual ground rents due on the property for twenty (20) years, from January 1, 2006, to January 1, 2025.
The negligence on the part of the opposition party, the letter claimed was despite many publications in several national dailies and electronic media to pay up every outstanding bill and ground rent on its property.
The letter read, “I have been directed to refer to the above Right of Occupancy granted to PEOPLES DEMOCRATIC PARTY (PDP), NATIONAL SECRETARIAT and inform you that the Minister of Federal Capital Territory has in the exercise of powers conferred on him under the Land Use Act No. 6 of 1978, Cap. L5, Laws of the Federation of Nigeria 2004, revoked your rights, interests and privileges over Plot No. 243 within Central Area, Cadastral Zone A00, Abuja.
“The revocation is in view of your continued contravention of the terms and conditions of grant of the Right of Occupancy by failing to pay the annual ground rents due on the property for twenty (20) years, from Ist of January 2006 to 1st of January 2025. This is despite the many publications made by the FCT Administration since 2023 in several national dailies and on electronic media requesting all allottees of plots in the Federal Capital Territory to pay up every outstanding bill and ground rent on their property.
“You would please note that the said breaches by PEOPLES DEMOCRATIC PARTY (PDP), NATIONAL SECRETARIAT (MISC 81346) run contrary to the provisions of Section 28, Subsection 5 (a) and (b) of the Land Use Act.”
There are palpable fears that the PDP’s national secretariat might be demolished or vandalised, sooner than later because Wike added that the FCTA administration would take immediate possession of the party secretariat until all bills are settled.
Tinubu Appoints Vice Admiral Ibas As Rivers Administrator
JUST IN: Tinubu Suspends Fubara, Deputy and Lawmakers
JUST IN: Wike Renders PDP Homeless In Abuja
Explosion Hits Trans-Niger Oil Pipeline In Rivers
Osun Issues Guidelines For Tractor Operations
