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

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The Nigerian government is allocating N2.5 billion to purchase satellite surveillance equipment to combat illegal mining in the country. Minister of Solid Minerals Development, Dele Alake, stated the project will launch within a month, enabling authorities to monitor mining operations in real-time across various locations. This initiative aims to address unregulated activities, unlicensed operators, and underreported production.

Mr Alake highlighted the significant revenue lost to illegal mining, estimating it in the trillions of Naira. To mitigate this loss, the government plans to utilise technology to oversee mining in even the most remote areas. The satellite surveillance is expected to enhance revenue generation for the government.

Moreover, a new Nigerian Mining Corporation will be established, primarily controlled by the private sector, with a proposed equity split of 50% private, 25% government, and 25% individuals. The newly appointed CEO is Martins Imoniti, recruited from Australia, to oversee operations and bring international expertise to the corporation.

The minister addressed concerns about state interference in mining regulations, ensuring that the federal government retains control but is open to collaboration with states. He encouraged states to create special purpose vehicles to apply for mining licenses, fostering local involvement.

Alake also reported the apprehension and prosecution of over 320 illegal miners, including both locals and foreigners, highlighting ongoing enforcement efforts parallel to the new technological initiatives.

The Nigerian government is taking decisive steps to tackle illegal mining through the procurement of satellite surveillance technology and the establishment of a new mining corporation. Minister Alake is actively engaging with state governments to promote legal mining practices while addressing illegal operations through arrests and prosecutions. These measures are aimed at recovering lost revenue and ensuring sustainable mining operations in Nigeria.

Original Source: www.premiumtimesng.com

The post Nigeria’s Strategy to Curb Illegal Mining Through Satellite Surveillance first appeared on Nigerian Mining News.