In Q1 2025, Nigeria approved 867 mining licenses, generating over N6.95 billion in fees and signing a crucial MoU with South Africa to enhance mining cooperation. Also, socialite E-Money has been detained by the EFCC for foreign currency violations, and Aisha Achimugu was arrested upon returning to Nigeria regarding money laundering allegations.
In the first quarter of 2025, Nigeria’s Mining Cadastral Office (MCO) approved 867 mining licenses after processing 955 applications for mineral title grants. This update was shared by the Minister of Solid Minerals, Mr Dele Alake, who stated that the new licenses encompass 512 exploration licenses, 295 small-scale mining leases, 60 quarry leases, and 5 mining leases. The government also collected over N6.95 billion in mining fees and registered 118 new private mineral buying centres, marking significant progress for Nigeria’s mining sector.
Mr Alake emphasized that these achievements demonstrate the government’s commitment to reforming the mining industry and making it more competitive on the global stage. In a significant move to enhance the country’s mining landscape, Nigeria recently partnered with South Africa by signing a Memorandum of Understanding (MoU) to foster cooperation in this area.
The MoU, signed in Abuja by South Africa’s Minister of Mineral Resources and Energy, Mr Gwede Mantashe, and Nigeria’s Minister, Mr Alake, aims to strengthen investment and technology exchange between the two nations. Key initiatives include exploring the use of drone technology in geological mapping and sharing geoscientific data between the Geological Survey Agencies of both countries.
Moreover, the agreement lays groundwork for mutual training programmes focused on mineral processing and capacity building. Plans also include advancing technologies such as Laser Ablation Inductively Coupled Plasma Mass Spectrometry for mineral analysis. This collaboration highlights a broad focus on discovering and analysing both agro-minerals and energy minerals in Nigeria.
In other developments, the Economic and Financial Crimes Commission (EFCC) recently detained Lagos socialite Emeka Daniel Okonkwo, popularly known as E-Money, over allegations of illegal currency spraying at a public event. His actions are reportedly in violation of the Foreign Exchange Act, although there has been no official EFCC response yet.
E-Money was taken from his Omole Estate residence for questioning and is likely to face court proceedings if enough evidence is found against him. Just prior to his arrest, he was seen at high-profile events, including the birthday celebration of another socialite and a wedding in Lagos.
Additionally, self-identified associate of Lagos State Governor Babajide Sanwo-Olu, Aisha Achimugu, was apprehended by the EFCC upon landing at Abuja Airport. Achimugu, who had previously been declared wanted for alleged money laundering, returned to Nigeria to collaborate with the authorities and clear her name.
While it’s unclear when she might be presented in court, this latest action by the EFCC reflects their ongoing efforts in tackling financial crimes in Nigeria.
Overall, Nigeria’s mining sector is seeing some revitalisation with the issuance of new licenses and international collaboration. The recent arrests of prominent figures like E-Money and Aisha Achimugu highlight the EFCC’s commitment to enforcing financial regulations. These developments signify the government’s efforts to not only reform the mining industry but also combat financial misconduct more broadly.
Original Source: businesspost.ng