President Bola Tinubu appointed Martins Imonitie as CEO of the Nigerian Mining Corporation. Alake stated Imonitie is a mining finance expert from Australia tasked with launching the corporation. The ownership structure aims to limit government interference. Additionally, there will be no Solid Minerals Development Bank; instead, private sectors are encouraged to establish support institutions for mining.
President Bola Tinubu has appointed Martins Imonitie as the Chief Executive Officer of the Nigerian Mining Corporation. This decision was announced by the Minister of Solid Minerals Development, Dele Alake, following a Federal Executive Council meeting.
Imonitie, a mining finance expert from Australia, has been brought in to lead the launch of this new corporation. Alake highlighted his extensive experience with major global mining companies, indicating he will be instrumental in this initiative.
Regarding the corporation’s ownership structure, Alake explained that it will be designed to limit governmental interference. The private sector will control 50%, while the federal government and Nigerian citizens will each have a 25% stake. This structure aims to prevent future political manipulation in operations.
Alake also clarified that there are no plans to create a Solid Minerals Development Bank, urging private sector players to establish a financial institution to support mining ventures. “I threw the challenge to the private sector because once you allow government to set it up, you invite political interference,” he stated.
Tinubu’s appointment of Imonitie aims to strengthen Nigeria’s mining sector while ensuring reduced government involvement through a balanced ownership structure. The Minister has emphasised the need for private sector leadership in establishing financial institutions to advance mining operations, thus promoting efficiency and minimising political influence.
Original Source: punchng.com