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Nigeria’s solid minerals wealth valued at $750bn, says Alake

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The Minister of Solid Minerals Development, Dele Alake, disclosed on Monday that Nigeria currently possesses a deposit of mineral products worth $750 billion.

The minister revealed this at a two-day national stakeholders’ roundtable on sustainable development of the mining industry organised by the National Institute for Policy and Strategic Studies with the theme “Sustainable Development of the Mining Industry in Nigeria” in Abuja.

Alake, who noted that the government is working to ensure the country becomes an investor’s destination in solid minerals development, revealed that preliminary reports by a German firm, GeoScan, indicated that the nation is blessed with minerals worth a conservative amount of $750 billion.

The summit, organised in partnership with Bruit Costaud, was to brainstorm possible solutions to the issues faced in the mining sector.

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Speaking in his address, Alake said the mining sector has the potential to contribute a large part of the nation’s goal of achieving a trillion-dollar economy, as pushed by the current administration.

He said this is the reason for the insistence on pursuing local value addition in products mined in the country.

He, however, said the availability of data is important to attract investors that will establish plants in Nigeria to process the minerals and create a multiplier effect on job creation and growth in the economy.

Alake said, “We are working with the World Bank, Excalibur and GeoScan, a German company, to get the necessary data on the sector. That is why the federal government signed a memorandum of understanding with Geoscan and they did a preliminary survey of our minerals on the output and potential. They gave us a figure of $750 billion worth of minerals embedded under the ground of Nigeria.”

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“That is a conservative estimate; by the time we conduct a serious, accurate data exploration, we will discover that we have trillions of solid minerals embedded under. So, the president’s projection of a one-dollar economy is not a fluke. By the time we are done with all of these efforts, input and policies we are putting in place, trillions of naira will be a child’s play and we will be nudging trillions of dollars.”

According to him, the government was putting in place concrete measures that would shift attention away from fossil fuels to solid minerals as a way of generating revenue for the government.

Alake, while stating the ongoing reforms aimed at revitalising the sector, stressed the importance of preventing Nigeria from remaining solely a “pit-to-port” exporter of solid minerals, with processing and conversion activities outsourced to other countries.

He also said that communities, where solid minerals are extracted, must henceforth derive maximum benefit from solid mineral exploration.

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The minister added that part of its reform is the establishment of the Nigerian Solid Minerals Corporation.

He disclosed that the Committee on Solid Minerals Development has initiated the enactment of an act of the National Assembly on the Nigerian Solid Minerals Corporation, which will be a private sector-led limited liability company with a clear mandate of engaging in the business of mining across the entire value chain from upstream to downstream.

He added that the company is expected to create some of the stability the sector requires and spur other private sector activity by catalysing investment inflow across the entire sector.

“When I first read this, a lot of people were taken aback and sceptic because what rang in their minds was NNPC, that is, we are going to establish something similar like NNPC, which is a quasi-government venture. But no, the proposed corporation is vastly different in nomenclature, structure and operation.”

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He added that the establishment of the corporation is before the National Assembly and will be driven by the private sector.

“We are proposing 50 per cent of the equity entirely to the private sector, 25 per cent to Nigerians at large and 25 per cent to the government.”

“My objective as your Minister is to work to ensure that Nigeria becomes a mining destination for the first time in its history, and we are working to make this happen by alleviating bottlenecks and salient challenges that have plagued the sector over time, such as security, licencing problems, unclear community engagement/development frameworks, policy inconsistencies, illegal mining on existing licences, and others. With your support, we are committed to overcoming these challenges and putting Nigeria on the global mining map,” he stated.

During his address, Governor Abdullahi Sule of Nasarawa State commended the ongoing reforms and emphasised that private investment in solid minerals is crucial for driving growth in the sector.

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He said lithium is the new gold, and Nigeria has an abundant supply of it, adding that the biggest lithium processing factory will soon be commissioned, processing 4,000 metric tonnes a day and transporting over a million tins of lithium a year.

Former Minister of Information, Lai Mohammed, said the brainstorming session is aimed at bringing key stakeholders in the mining sector from the private sector, government, and civil society together to discuss the current mining landscape in Nigeria and explore potential opportunities for investment facilitation and sectoral development.

The Director General of NIPSS, Ayo Omotayo, said the summit was organised to chart a way forward for the mining sector.

He said, “We must do all we can to take our country to greater heights by ensuring that the critical mining sector contributes its share of a 1 trillion dollar economy in the very few years ahead.

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“The question is; Can we achieve the promise of a trillion-dollar economy if the mining sector performs optimally?”

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Lagos Assembly insists Obasa’s removal legal as DSS grills lawmakers

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The Department of State Services on Thursday grilled members of the Lagos State House of Assembly in connection to a petition reportedly written by the former Speaker of the House, Mudashiru Obasa.

According to reliable sources, more than half of the lawmakers were interrogated by the DSS for hours on Thursday before they were released in the evening.

The DSS investigation followed Obasa’s claims that his removal on January 13 over allegations of misconduct, abuse of office, and financial mismanagement, was illegal.

A source in the DSS, who is not authorised to speak to the press, told The PUNCH that the lawmakers were invited for questioning.

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“They have been released, they were just invited for questioning based on the incidents that happened at the Assembly; they were allowed to go immediately after the questioning,” the officer said.

In a statement, the spokesperson for the Assembly, Ogundipe Olukayode, while reacting to their invitation, said the lawmakers visited the DSS to provide insights into the situation on the removal of the ex-Speaker.

He confirmed that all the members of the Assembly earlier detained had regained their freedom.

“At the DSS office, we reaffirmed our commitment to upholding constitutional governance following the removal of the former Speaker. The decision was made in accordance with the provisions of the 1999 Constitution of the Federal Republic of Nigeria and the Powers and Privileges Act, which empower the state Assembly to regulate its internal proceedings without external interference.

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“The decision to remove the former Speaker was made through a democratic process, with the required majority as stipulated by law. Any attempt to challenge this lawful action undermines the authority granted to us by the Nigerian Constitution.”

“We commend the professionalism of the DSS office in their friendly invitation. We appreciate the Lagos DSS Command, especially the Director, for ensuring a smooth and respectful engagement. The process allowed us to give a clear recount of events in a comfortable and professional environment.”

Obasa, who had been a Speaker since 2015 and representing Agege constituency I, had insisted upon his return to Lagos from the United States that he was still the Speaker.

He urged the lawmakers to follow the “right process” in addressing his removal while maintaining that he had been unfairly targeted.

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LASTMA impounds 173 vehicles for illegal parking

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The Lagos State Traffic Management Authority says 125 commercial buses and 48 private vehicles were impounded for flagrant violations, including unauthorised parking and road obstructions.

The General Manager of LASTMA, Olalekan Bakare-Oki, who spearheaded the operations said, this in a statement on Thursday.

Oki said the enforcement initiative was designed to restore traffic discipline and facilitate the unhindered movement of vehicles.

He said, “This sweeping crackdown was executed across notorious gridlock-prone corridors such as Idumota, Ijaye Street, Martins, Ereko, Nnamdi Azikiwe by Tom Jones, Ebute-Ero, Oyingbo, Ijora, Adeniji Adele, and Iddo.

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“This rigorous enforcement underscores LASTMA’s unwavering commitment to eradicating chronic traffic congestion and mitigating reckless road practices, particularly among commercial transport operators and private motorists who flout established regulations.”

He said a significant number of the offenders were caught engaging in perilous manoeuvres such as driving against traffic and executing hazardous reversals from Iddo to Idumota to pick up passengers.

He described this as a reckless action that had precipitated multiple road accidents and senseless loss of lives.

Oki said the initiative targeted unauthorised garages that had long served as catalysts for intractable gridlocks, inflicting undue hardship on commuters and residents alike.

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“The state government remains resolute in its enforcement of traffic regulations and the restoration of order on our roads.

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Obi tackles Akande, says #EndSARS narrative, attempt to rewrite history

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The 2023 Labour Party presidential candidate, Peter Obi, has slammed the former governor of Osun State, Bisi Akande, over his allegation that the 2020 #EndSARS protest across Nigeria was orchestrated by the Obi’s supporters, otherwise known as Obidients, to derail the ambition of the current President, Bola Tinubu.

Obi and the Obidient Movement described Akande’s narrative as an attempt to rewrite history, adding that it was insensitive to the memory of #EndSARS victims, particularly those who lost their lives.

The nationwide #EndSARS protest, which lasted between October 7 and 20, began with the demand for the disbandment of the notorious police wing called Special Anti-Robbery Squad but soon snowballed into a demand for good governance.

There were confrontations between protesters and security agents, particularly in Lagos State, where soldiers allegedly opened fire on defenceless protesters at the Lekki Tollgate.

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In a recent podcast anchored by a popular broadcaster, Edmund Obilo, Akande claimed that the #EndSARS protest was orchestrated by Obidients to stop Tinubu’s presidential ambition.

According to him, the movement was well funded with foreign donations.

“The Obidients were behind the #EndSARS. It was manufactured in America and brought in just to stop him (Tinubu). I said the Obidients, I didn’t say Obi.

“They came from America to do the #EndSARS and later became a movement to form a party. They couldn’t form a party. It was well planned and organised with a lot of money from America,” the octogenarian asserted.

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But in an interview with our correspondent on Thursday, Obi’s media aide, Umar Ibrahim, tackled Akande, describing his claims as misleading and insensitive to the people who died during the protest.

He said, “The allegations are not only misleading but also divisive. It is unfortunate Akande would suggest that the Obidient Movement was behind the #EndSARS protests, and even more astonishing that he would imply it was orchestrated to prevent a particular individual from becoming President.

“Well, let me be clear: the movement is a grassroots phenomenon that emerged organically, driven by the passion and dedication of Nigerians who are committed to creating a better future for our country. It’s a movement that transcends partisan politics and is focused on promoting good governance, accountability, and inclusive development.

“The #EndSARS protests, on the other hand, were a spontaneous response to the widespread discontent and frustration among Nigerian youth regarding issues of police brutality, corruption, and economic inequality. It’s a testament to the resilience and determination of our young people, who are demanding a more just and equitable society.

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“To conflate these two distinct phenomena is not only inaccurate but also unfair to the millions of Nigerians who are genuinely committed to creating positive change. We urge former governor Akande to refrain from making unsubstantiated claims that can only serve to further polarise our society.”

Similarly, the National Coordinator of the Obidient Movement Worldwide, Tanko Yunusa, described Akande’s narrative as an insult to the memory of all #EndSARS victims, particularly those who lost their lives.

He said, “The Obidient movement outright rejects the baseless and revisionist claim by former Governor Bisi Akande. His false narrative is not only an insult to the memory of the young Nigerians who lost their lives in the fight against police brutality but also a desperate attempt to rewrite history and shift blame for the government’s failures.

“#EndSARS was a decentralised, youth-led movement demanding an end to police brutality, extrajudicial killings, and systemic oppression in Nigeria. It was not about politics, nor was it about any single individual’s presidential ambition.

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“Rather than engaging in revisionist propaganda, we urge Akande and his associates to focus on addressing the real issues facing Nigerians today — economic hardship, insecurity, unemployment, and bad governance. The people are suffering, and no amount of misinformation or historical distortion will change that reality.”

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