President Bola Tinubu has appointed Martins Imonitie as CEO of the Nigerian Mining Corporation. The corporation will operate as a public-private partnership to limit government involvement and encourage private initiative in mining finance. No government banking institution will be established for mining, promoting private sector development instead.
President Bola Tinubu has appointed Martins Imonitie as the CEO of the newly formed Nigerian Mining Corporation, as announced by Dele Alake, the Minister of Solid Minerals Development, during a Federal Executive Council meeting. Imonitie, an expert in mining finance from Australia, was selected for his significant experience in the global mining sector, particularly in Western Australia.
The Nigerian Mining Corporation will operate as a public-private partnership. The private sector will manage 50% of the corporation, while the federal government will hold 25%, with the remaining 25% available to Nigerian citizens. This structure is designed to reduce government interference and political influence in its operations.
Minister Alake indicated that there are no plans to establish a Solid Minerals Development Bank by the government. Instead, he called on private sector players to initiate a specialised financial institution aimed at supporting mining activities independently of political interference.
Martins Imonitie’s appointment as CEO marks a strategic move for the Nigerian Mining Corporation, aimed at enhancing its operations through experienced leadership. The public-private partnership model intends to boost efficiency by minimizing government involvement, paving the way for private sector-led innovation in mining finance.
Original Source: www.tv360nigeria.com