Connect with us

Government

FG to Establish Commission to Regulate Mining Activities

Published

on

Kayode Fayemi
  • FG to Establish Commission to Regulate Mining Activities

Determined to ensure predictability in its mining sector and boost local and international investments, the federal government has concluded arrangements to establish the Nigerian Mining Commission, to take charge of the regulatory role of the Ministry of Mines and Steel Development.

The Minister of Mines and Steel Development, Dr Kayode Fayemi, who disclosed this at the Nigeria Day event at the on going African Mining Indaba, in Cape Town, South Africa yesterday, said the law setting up the commission is already with the National Assembly.

Fayemi spoke as Nigeria took the centre stage at the African Mining Indaba, with the formal presentation of its new Airborne Electromagnetic Survey Results amid endorsements for the country’s mining sector reforms by mining experts, operators and developmental agencies.

The presentation of the new Airborne Electromagnetic Survey Results, a major high point of yesterday’s event at the week-long mining conference was witnessed by renowned stakeholders in global mining, including Deputy Minister of Mines and Minerals of Venezuela, Franklin Ramirez Araque; Australian Ambassador to Nigeria, Paul Lehman, Nigerian High Commissioner to South Africa, Ambassador Ahmed Musa Ibeto and the Permanent Secretary of the Ministry.

Others include representatives of top mining conglomerates, mining nations such as Canada, Zambia, Angola, South Africa and Senegal.

The minister said government was determine to strengthen regulation in the sector as well as ensure the improvement of its geological data.

He said the commission, which would be known as the Nigerian Mining Commission, would not only be the final authority on regulatory matters, it would also take charge of mining leases.

Fayemi, in an interactive session with investors and the media after the presentation of the new Nigeria Electromagnetic Survey results, said the delivery of the geological data, was in line with government’s desire to ensure bankable geological data, that would be an incentives to investors.

He stated further that the ministry would undertake more extensive electromagnetic Airborne Geological Survey of some promising parts of the country this year, as well as the completion of the National Mineral Database.
The minister said: “We want to ensure predictability, that is what we want to offer. We want to be a big mining designation.

“To achieve this, we have to put certain things in place, including provable data, sound regulations, capacity building for Artisanal and Small Scale Miners as well as assess to funding.

He explained that while mining circle is not the same as electoral circle, it was important for government to put in place sound policies and reforms as well as bankable geological data that would make the Nigerian mining jurisdiction a major attraction.

The minister also hinted on government’s determination to enhance its collaboration with the state governments and the host communities, a development which he said was being worked out administratively and through the establishment of the National Council on Mining and Minerals Development Council, where the states are playing active roles.

He was optimistic that the combination of the various reforms being put in place, inputs by the National Council on Mining and Minerals Resources Development and the Chamber of Mining would help to reposition the sector for better result.

Top speakers who spoke on various aspects of the New Electromagnectic Survey results include Gaig Annison, Director, Business Development, Compagnie Generale de Geophysique (CCG) Airborne Surveys PTY, Australia, who anchored the presentation.

He described Nigeria as a nation taking very bold steps towards becoming a major mining destination.
Other speakers included Tim Dobush, CEO Geosoft Inc, Thomas Weissmann of GSF AG, Germany, Hajia Fatima Umar Shinkafi of the Solid Minerals Development Fund (SMDF).

Also speaking at the event, Venezuela’s Deputy Minister of Mines and Minerals, Franklin Ramirez Araque, said the oil and gas rich country was also diversifying to mining in a bid to shore up its economy as Nigeria is doing, adding that the country has a lot to learn from Nigeria in its economic diversification efforts.

Four major mining companies with operations in Nigeria- Promothean, Symbol Mining, Segilola and Africa International Mining Company – also gave testimonies in support of the current reforms in the Nigerian Mining sector.

Fayemi last December disclosed that the ministry had secured the delivery of 26,000 line kilometre of electromagnetic data, following the payment of outstanding fees to the consultant that handled the project.

The consultants had held on to the results of the electromagnectic survey following the failure of the previous administration to effect payment for it.

The minister added that a good percentage of the N30 billion fund made available to the ministry from the National Resource Fund, would be committed to exploratory work and data gathering.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Government

EFCC Declares Former Kogi Governor, Yahaya Bello, Wanted Over N80.2 Billion Money Laundering Allegations

Published

on

Yahaya Bello

The Economic and Financial Crimes Commission (EFCC) has escalated its pursuit of justice by declaring former Kogi State Governor, Yahaya Bello, wanted over alleged money laundering amounting to N80.2 billion.

In a first-of-its-kind action, the EFCC announced Bello’s wanted status in connection with the alleged embezzlement of funds during his tenure as governor.

The commission, armed with a 19-count criminal charge, accused Bello and his cohorts of conspiring to launder the hefty sum, which was purportedly diverted from state coffers for personal gain.

The declaration of Bello as a wanted fugitive came after a series of failed attempts by the EFCC to effect his arrest.

Despite an ex-parte order from Justice Emeka Nwite of the Federal High Court, Abuja, mandating the EFCC to apprehend and produce Bello in court for arraignment, the former governor managed to evade capture with the reported assistance of his successor, Governor Usman Ododo.

This latest development shows the challenges faced by law enforcement agencies in holding powerful individuals accountable for their actions.

However, it also demonstrates the unwavering commitment of the EFCC to uphold the rule of law and ensure that justice is served, irrespective of the status or influence of the accused.

In response to the EFCC’s declaration, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, issued a stern warning to Bello, stating that fleeing from the law would not resolve the allegations against him.

Fagbemi urged Bello to honor the EFCC’s invitation and cooperate with the investigation process, saying it is important to uphold the rule of law and respect the authority of law enforcement agencies.

The EFCC’s pursuit of Bello underscores the agency’s mandate to combat corruption and financial crimes, sending a strong message that individuals implicated in corrupt practices will be held accountable for their actions.

Continue Reading

Government

Concerns Mount Over Security as National Identity Card Issuance Shifts to Banks

Published

on

NIMC enrolment

Amidst the National Identity Management Commission’s (NIMC) recent announcement that the issuance of the proposed new national identity card will be facilitated through applicants’ respective banks, concerns are escalating regarding the security implications of involving financial institutions in the distribution process.

The federal government, in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS), introduced a new identity card with payment functionality, aimed at streamlining access to social and financial services.

However, the decision to utilize banks as distribution channels has sparked apprehension among industry stakeholders.

Mr. Kayode Adegoke, Head of Corporate Communications at NIMC, clarified that applicants would request the card by providing their National Identification Number (NIN) through various channels, including online portals, NIMC offices, or their respective banks.

Adegoke emphasized that the new National ID Card would serve as a single, multipurpose card, encompassing payment functionality, government services, and travel documentation.

Despite NIMC’s assurances, concerns have been raised regarding the necessity and security implications of introducing a new identity card system when an operational one already exists.

Chief Deolu Ogunbanjo, President of the National Association of Telecoms Subscribers, questioned the rationale behind the new General Multipurpose Card (GMPC), citing NIMC’s existing mandate to issue such cards under Act No. 23 of 2007.

Ogunbanjo highlighted the successful implementation of MobileID by NIMC, which has provided identity verification for over 15 million individuals.

He expressed apprehension about integrating the new ID card with existing MobileID systems and raised concerns about data privacy and unauthorized duplication of ID cards.

Moreover, stakeholders are seeking clarification on the responsibilities for card blocking, replacement, and delivery in case of loss or theft, given the involvement of multiple parties, including banks, in the issuance process.

The shift towards utilizing banks for identity card issuance raises fundamental questions about data security, privacy, and the integrity of the identification process.

With financial institutions playing a pivotal role in distributing sensitive government documents, there are valid concerns about potential vulnerabilities and risks associated with this approach.

As the debate surrounding the security implications of the new national identity card continues to intensify, stakeholders are calling for greater transparency, accountability, and collaboration between government agencies and financial institutions to address these concerns effectively.

The paramount importance of safeguarding citizens’ personal information and ensuring the integrity of the identity verification process cannot be overstated, especially in an era of increasing digital interconnectedness and heightened cybersecurity threats.

Continue Reading

Government

Israeli President Declares Iran’s Actions a ‘Declaration of War’

Published

on

Israel Gaza

Israeli President Isaac Herzog has characterized the recent series of attacks from Iran as nothing short of a “declaration of war” against the State of Israel.

This proclamation comes amidst escalating tensions between the two nations, with Iran’s aggressive actions prompting serious concerns within Israel and the international community.

The sequence of events leading to Herzog’s grave assessment began with a barrage of 300 ballistic missiles and drones launched by Iran towards Israel over the weekend.

While the Israeli defense forces managed to intercept a significant portion of these projectiles, the sheer scale of the assault sent shockwaves through the region.

President Herzog’s assertion of war was underscored by Israel’s careful consideration of its response options and ongoing discussions with its global partners.

The gravity of the situation prompted the convening of the G7, where member nations reaffirmed their commitment to Israel’s security, recognizing the severity of Iran’s actions.

However, the United States, a key ally of Israel, took a nuanced stance. President Joe Biden conveyed to Israeli Prime Minister Benjamin Netanyahu that, given the limited casualties and damage resulting from the attacks, the US would not support retaliatory strikes against Iran.

This position, though strategic, reflects a delicate balancing act in maintaining stability in the volatile Middle East region.

Meanwhile, Russian Foreign Minister Sergei Lavrov and his Iranian counterpart Hossein Amir-Abdollahian cautioned against further escalation, emphasizing the potential for heightened tensions and provocative acts to exacerbate the situation.

In response to the escalating crisis, the Nigerian government issued a call for restraint, urging both Iran and Israel to prioritize peaceful resolution and diplomatic efforts to ease tensions.

This appeal reflects the broader international consensus on the need to prevent further escalation and mitigate the risk of a wider conflict in the Middle East.

As Israel grapples with the implications of Iran’s aggressive actions and weighs its response options, President Herzog reiterated Israel’s commitment to peace while emphasizing the need to defend its people.

Despite calls for restraint from global allies, Israel remains vigilant in safeguarding its security amidst the growing threat posed by Iran’s belligerent behavior.

The coming days are likely to be critical as Israel navigates the complexities of its response while international efforts intensify to defuse the escalating tensions between Iran and Israel.

The specter of war looms large, underscoring the urgency of diplomatic engagement and concerted efforts to prevent further escalation in the region.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending