News

Stakeholders Advocate 10 Years Renewable Mining Lease, 10% Benefits For Host Communities

Published

4 months ago

July 17, 2024

Gloria Ikibah

…as reps hold public hearing to repeal, enact Nigeria Mineral Development Company Limited (Establishment) Bill 2023

By Gloria Ikibah

The House of Representatives has held a public hearing on the repeal and enactment of a bill titled, “Nigeria Mineral Development Company Limited (Establishment) Bill 2023 and Minerals and Mining”.

Stakeholders at the hearing proposed for a 10 percent benefit or more for host communities to ensure they get the economic benefits for solid mineralOs extraction in their environment where mining activities take place.

They also advocated for a 10 years renewable mining lease rather than the 25 years captured in section 66 of the Solid Minerals Mining Act 2007.

In his submission, Tobias Lengs of RENEVLYN Development Initiative, lamented the health hazard, the environmental degradation and negligence of miners that pose a danger to host communities.

“We suggest an upward review of the extraction net value revenue that goes to the Community Development Association. 10% is suggested and this should be reviewed periodically.

“The duration of a Mining Lease is twenty-five years , and shall be renewable every twenty-four years as captured in section 66 of the Solid Minerals Act. The 25 years mining lease arrangement is too long and leaves room for operators to get away with impunity at huge cost to the nation. A 10-year mining lease is proposed instead to compel operators to be more responsive and accountable for their actions.”

He further suggested that, “The Community Development Agreement should be flexible to allow the host community determine exactly what they want to use the funds for without tying it to particularise line items. Their needs may change depending on situation hence the agreement details should not be open ended.

“They also complained about the enormous powers by the Minister which they suggested should be unbundled. The representative of Environmental Defenders Network (EDEN) stated this in their submission as well as the Nigerian Geological Survey Agency (NGSA).

“The Bill gives too much powers to the minister. Other ministries relevant to the subject including environment should be involved”, he stated.

On their part, Ms. Lumun Amanda Feese who represented Nigerian Economic Summit Group (NESG) said despite the enactment of modern legislation for the mining industry not much has been achieved economically.

“The mining sector’s impact on the economy remains suboptimal, hovering below 1 percent of GDP by 2015. In 2016, the government approved an industry roadmap aimed to enhance the sector’s role as an economic driver, targeting a 3 percent GDP contribution by 2025.

“To The NESG would like to commend the House Committee for initiating these bills to address the staggering decline of the mining sector. While both bills are noteworthy, the NESG emphasizes an urgent need for the Federal Government to instill the highest standard of good governance in the mining industry.

“This call is similar to the government’s successful approach in the oil and gas sector demonstrated through the Petroleum Industry Act (PIA) of 2021 to implement the Nigerian oil and gas policy, which was approved in 2007. The PIA overhauled the institutional, legal, and regulatory framework for the oil and gas industry, establishing two regulatory agencies and fully commercializes the Nigerian National.”

Speaking earlier, Chairman House Committee on Solid Minerals, Rep. Jonathan Gweffi Gaza noted that the proposed legislation is necessary to transform the mining sector.

“We actually need a heavy rod in the mining sector. We need a vehicle where the government can be a player in the mining sector. A situation where 5% of whatever is extracted will be given to host communities and if this is achieved Nigeria will experience astronomical growth”, he said.

News

Just in: Plateau Govt Approves N70k Minimum Wage for Civil Servants

Published

10 minutes ago

November 14, 2024

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

In line with discussions reached after consultation with relevant stakeholders, the Plateau State Government has approved immediate implementation of the N70, 000 minimum wage for the workforce in Plateau State.

The cheering news is contained in a Press Statement signed by the Head of Civil Service in the State, Stephen Pam Gadong.

Full text of the statement reads in part:

Following the Agreement of the Committee on Consequential Adjustment on Salaries on 13th, November, 2024, the Executive Governor of Plateau State, His Excellency Barr. Caleb Mutfwang, has approved the immediate implementation of the N70,000 minimum wage for workers in the state.

The Implementation is a demonstration of the Governor’s commitment to prioritizing the wellbeing of the workforce in acknowledgement of their invaluableble role in driving the State’s developmental goals.

As the new wage policy is administered, Civil Servants are encouraged to embrace this gesture by recommitting to their duties with renewed dedication and zeal in order to foster a culture of productivity and excellence in service in the State.

News

Before final liquidation, NDIC set to auction Heritage bank properties

Published

2 hours ago

November 14, 2024

Naijablitznews

In a bid to ensure timely declaration of liquidation dividends to uninsured depositors of the failed Heritage Bank (In-Liquidation), the Nigeria Deposit Insurance Corporation (NDIC) has commenced the process of auctioning the landed properties and chattels of the defunct bank.

According to the Corporation, this exercise is in line with its statutory powers as the Liquidator of failed banks under section 62 (1)(d) of the NDIC Act, 2023, noting that; “This is another follow-up action sequel to the disposal of physical assets and chattels belonging to the defunct bank at its leased locations nationwide”.

This was contained in a statement signed by the Director, Communication and Public Affairs Department, Bashir A.

Therefore, the auction of the landed assets shall be by competitive bidding in sealed bids scheduled to take place at the six (6) selected locations of the Corporation across the country, for the affected 36 branches of the failed bank beginning from Wednesday 4th December 2024.
“Buyers who wish to participate in the auction are expected to follow laid down guidelines purposely aimed at ensuring transparency, fair competition, equity, and accountability to enable recovery of commensurate values from the exercise. This is critical for the payment of liquidation dividends to eligible claimants.

The Corporation shall give preference to financial institutions who are willing to buy at the highest auctioned value to allow for the continuation of provision of banking services to the Nigerian public at the designated locations”, adding; “This is desirable towards bolstering financial inclusion as envisaged by the financial system regulatory authorities.

“However, Corporate bodies and Private individuals willing to compete are equally eligible to compete in the process without prejudice, the auction shall be open and competitive to all bidders.

Furthermore, bidders will be allowed to inspect the properties and chattels across all locations one week before the date of disposal.”

Importantly too, the statement said; “All interested parties are to make available 10% bid security of the value of their sealed bids to be dropped in the bid box provided at the specific centre out of the six locations of the Corporation as contained in the published advertisements.

“All interested bidders are advised to submit their bids only at the designated NDIC offices covering their choices amongst Abuja, Lagos, Bauchi, Kano, Enugu, and Port Harcourt.”

Meanwhile, the Corporation has vowed that there would be no hiding place for debtors of the defunct Heritage Bank whose financial obligation portfolio is in the region of over N700 billion.

News

Naira slumps in parallel market

Published

3 hours ago

November 14, 2024

Naijablitznews

The Naira experienced a slight depreciation yesterday, slipping to N1,740 per dollar in the parallel market compared to its previous rate of N1,735 per dollar on Tuesday.

According to data from FMDQ, the indicative exchange rate for the Nigerian Autonomous Foreign Exchange Market (NAFEM) strengthened, rising to N1,645.4 per dollar from Tuesday’s rate of N1,689.88 per dollar. This marks an appreciation of N44.48 for the Naira.

The market also saw a significant increase in dollar trading activity, with turnover climbing by 122.5 percent to reach $236.84 million, up from $106.44 million the previous day.

As a result, the gap between the parallel market and the NAFEM exchange rate widened, now standing at N94.6 per dollar, up from N45.12 per dollar recorded on Tuesday.