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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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

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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

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President Bola Tinubu has appointed Martins Imonitie as the new chief executive officer (CEO) of the Nigerian Mining Corporation. The announcement was made by Dele Alake, the minister of solid minerals development, following a federal executive council (FEC) meeting led by Tinubu.

Imonitie is an experienced mining finance expert from Western Australia, renowned as a major global mining centre. Alake stated that the government specifically sought him out due to his extensive background in collaborating with leading international mining companies.

Alake explained the corporation’s ownership model, which aims to reduce government interference. Under this structure, the private sector will control 50% of the corporation, while both the federal government and Nigerian citizens will hold 25% each.

Furthermore, Alake clarified that the government does not intend to create a Solid Minerals Development Bank. He encouraged private sector leaders to lead the formation of a specialised financial institution to support mining operations, emphasising that private ownership would promote equitable access to mining funds without political bias.

In summary, Martins Imonitie’s appointment as CEO of the Nigerian Mining Corporation marks a strategic move towards enhancing private sector involvement in mining. The ownership model designed to limit government influence, alongside the encouragement for private sector financial initiatives, underscores a commitment to a more balanced mining landscape in Nigeria.

Original Source: newscentral.africa

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