Bola Tinubu appoints Martins Imonitie as CEO of the Nigerian Mining Corporation. The corporation’s ownership will be 50% private, 25% federal, and 25% for citizens. Alake stated there are no plans for a government-owned Solid Minerals Development Bank, urging private sector leadership instead for equitable funding in mining.
President Bola Tinubu has appointed Martins Imonitie as the CEO of the Nigerian Mining Corporation, as announced by Dele Alake, the Minister of Solid Minerals Development, following a federal executive council meeting. Imonitie, an expert in mining finance from Australia, has experience with major global mining companies and was specifically recruited for this initiative.
Alake outlined the ownership structure of the corporation, stating private interests will control 50% of the equity, while the federal government will hold 25% and the remaining 25% will be open to Nigerian citizens. This arrangement aims to reduce government interference and prevent political manipulation in its operations.
Additionally, Alake clarified that the government has no intention of establishing a Solid Minerals Development Bank. Although a bill was proposed for creating the Nigerian Mining Development Bank, he emphasised that he has not called for government involvement, encouraging private sector participation instead.
The Minister highlighted that private sector-led ownership would lead to better management and equitable access to funding for miners, free from political bias.
Martins Imonitie’s appointment marks a significant step in the establishment of the Nigerian Mining Corporation, with a clear objective to minimise government interference. The focus on private sector ownership is intended to foster efficient management and ensure fair financing for the mining sector. Alake’s emphasis on private initiative over governmental action reflects a commitment to enhance the industry’s stability and integrity.
Original Source: www.thecable.ng