…Generates N36bn in 2024, Staff Given 7-Day Tech Compliance Ultimatum

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By Gabriel Ewepu, Abuja

The Minister of Solid Minerals Development, Dr. Dele Alake, has announced the commencement of skeletal operations of the Nigerian Solid Minerals Company (NSMC), modeled after the Nigeria Liquefied Natural Gas (NLNG), as part of strategic efforts to reposition the sector for economic transformation.

Speaking at the two-day Ministerial Retreat of the Ministry of Solid Minerals in Abuja, with the theme “Development, Enhancing Performance, Strengthening Accountability, and Fostering Innovation in the Solid Minerals Sector,” Alake said the ministry had recorded remarkable progress over the past two years, despite sectoral challenges.

Key milestones include the establishment of the NSMC, the deployment of Mining Marshals to tackle illegal mining, enhanced geological data, the introduction of artisanal cooperatives, and the adoption of Africa’s Value Addition policy.

According to him, revenue generated from the sector rose significantly from N12 billion in 2023 to N36 billion in 2024, while license revenue also grew from N6.07 billion to N12.58 billion within the same period. Similarly, registered mining companies increased from 883 to 1,025, and royalty payments surged from N17.5 billion to N36.8 billion.

“The Renewed Hope Agenda of President Bola Ahmed Tinubu challenges every ministry to deliver measurable, impactful outcomes. Our strategy is encapsulated in the Seven-Point Agenda for positioning the solid minerals sector for international competitiveness and domestic consolidation,” Alake stated.

He announced the appointment of Mr. Martins Imonitie, a seasoned banker and mining finance expert, as the CEO of the NSMC, which has already opened its Abuja office for initial operations.

Alake clarified that the NSMC will differ structurally from the defunct Nigerian Mining Corporation (NMC), and will operate under a public-private ownership model:

50% for private investors

25% for the federal government

25% for Nigerians via public offer

He stressed that the company will inherit and optimize assets previously held by the NMC.

“The era of business-as-usual is over. We must embrace a new governance model rooted in accountability, innovation, and measurable results,” he said, calling for policy frameworks that promote exploration, beneficiation, and community inclusion.

Addressing staff directly, the Minister issued a seven-day ultimatum to become digitally compliant or face disciplinary action:

“I am giving everyone here one week to become technology-compliant or be shown the door.”

He underscored that true success in the sector goes beyond revenue and involves environmental protection, gender inclusion, youth empowerment, institutional strengthening, and equitable economic participation.

Alake also highlighted a major challenge: conflicts with state governments, some of whom have unilaterally banned mining activities in their jurisdictions.

He reminded them that minerals fall under the Exclusive Legislative List of the 1999 Constitution, making regulation a federal matter, although cooperation with states remains crucial.

Meanwhile, Senator Ekong Sampson, Chairman of the Senate Committee on Solid Minerals Development, and Hon. Jonathan Gaza Gbefwi, his House counterpart, applauded the minister’s vision and achievements. Both lawmakers pledged full legislative support to fast-track bills that will unlock the sector’s full potential.

“The solid minerals sector must become Nigeria’s next economic game-changer,” Senator Sampson affirmed.