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FG liberalizes the Mining sector, grants 5 years tax concession to miners

In efforts to liberalise the sector, the Federal Government has granted five years tax holiday for miners.

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FG liberalize mining sector, grants 5 years tax concession to miners and other perks

The Federal Government of Nigeria has intensified efforts in liberalizing the mining sector, by granting five years tax holiday for miners who operate in the nation’s mining sector and waivers on imported mining equipment amongst other perks.

This was disclosed by the Minister of Mines and Steel Development, Arc. Olamilekan Adegbite, and reported by Vanguard Newspapers.

Mr. Adegbite said, “We have three to five years tax holiday for miners in Nigeria. Also, duty and waiver on mining equipment imported into the country and government allows 100% ownership for foreign investors.”

The Nigeria Mining Week is an annual Business-to-Business event where key stakeholders in the mining sector are expected to converge to discuss and tackle key issues. Over the years it has been an enabler for the mining sector in Nigeria to leap forward.

Due to the pandemic, this year’s event will be virtual and the conference and exhibition are organized by Miners Association Nigeria (MAN), in conjunction with the Ministry of Mines and Steel Development, Clarion Events, and PwC.

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Being a resource endowed country, the event is expected to avail an opportunity for the country’s potential to be exhibited to the rest of the world, enabling potential investors to have first-hand information about investment opportunities in the mining sector.

(READ MORE:Crude oil prices rally higher as OPEC+ ramps up effort to curb oversupply)

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Recall that Nairametrics had earlier reported sustained efforts on the part of the Ministry of Mining to shore up revenue and contribute to the GDP by 3.0% by 2025.

What they are saying

Commenting on the impact of the conference on the development of the mining sector in Nigeria, the National President of Miners Association of Nigeria, Kabir Kankara said, “The annual gathering aims at providing support for the development of the local workforce and the mechanization of the industry, and at facilitating the dialogue between the private and public sectors across the value chain, to boost the future of mining in Nigeria through collaboration and partnerships.

“With a network of industry leaders, investors, visionaries, and pioneers transforming the face of mining in the country, Nigeria Mining Week is the place to be, to uncover the latest projects, meet new partners, and land new deals.”

Why this matters

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The recent efforts are in line with the drive of economic diversification as encapsulated in the Economic Recovery Growth Plan (ERGP). It is capable of increasing the revenue from the sector, creating more jobs, and reducing the over-reliance on oil.

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#EndSARS: No excuse for that amount of brutality on unarmed civilians – Raila Odinga

Raila Odinga has said that there can be no excuse for the amount of brutality met on unarmed #EndSARS protesters in Nigeria.

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The Former Prime Minister of Kenya, Raila Odinga says there can be no excuse for the amount of brutality on unarmed #EndSARS protesters in Nigeria and urged the African Union and Nigerian government to investigate actors of state brutality.

Mr Odinga disclosed this in a statement on Thursday afternoon, he also passed his sincere condolences to the bereaved families and wished a speedy recovery to the injured.

The Police brutality and abuses that have gone on in Nigeria for the last couple of days, leading to multiple deaths and injuries of unarmed civilians are extremely worrying and unacceptable. There can be no excuse for that amount of brutality on unarmed civilians protesting misconduct on the part of the police,” Odinga said.

He added that the brutality that was meted out on the protesters is a reminder of “how precarious and threatened Africa’s march towards democratization, respect for rights and freedoms and the rule of law remains”.

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He urged that the continent needs to disembark from the politics of confrontation and violence and engage issues to resolve differences. He also called on the African Union and Nigerian Authorities to “investigate the violence and murders that have gone on and hold the perpetrators to account.”

Africa and its institutions must stand up for and condemn the brutalization of its citizens at home with the same energy and vigor it responds to the violations of its citizens abroad,” he said.

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#EndSARS: Tinubu says he has no investment in LCC, collects no dime from Lekki Tollgate

Bola Tinubu has denied having any investment in the Lekki Concession Company.

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Tinubu denies advising Buhari to print new naira notes

Former Lagos State Governor and National Leader of All Progressive Congress (APC), Bola Ahmed Tinubu, has denied having any kobo investment in the Lekki Concession Company (LCC), and as such has no dime in the funds generated at the Lekki Tollgate.

The rebuttal follows claims and allegations of his involvement in the shooting of unarmed protesters on Tuesday at the Lekki Tollgate. He was alleged to be livid from the losses made at the tollgate due to its shutdown by #EndSARS protesters; hence, the scheme to disperse protesters

READ: UK moves to seize $39 million from Ibori’s lawyer over role in former Governor’s case

Bola Tinubu debunked this rumor, in a telephone interview with Channels Television in the early hours of Wednesday.

In response to a question on his interest in the Lekki Tollgate, the APC leader said, “I have no dime, no kobo investment in the tollgate”.

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READ: Breaking: Some Nigerians mistook promptness of FG response as sign of weakness – Buhari

He also denied having any investment in the Lekki Concession Company (LCC), the firm which manages the tollgate.

Going further, he stated that he was reported to the President and initially accused of being behind the protests going on across the country; an allegation he has since denied. He refuted claims of giving the orders for the shooting of protesters at the Lekki Tollgate and questioned the logic behind the use of live arms on protesters who were unarmed.

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READ: #EndSARS: Governor Sanwo-Olu clarifies “forces beyond our direct control” comment

“I will never, never be part of any carnage. I will never be part of that.”

According to Tinubu, it was his intervention that that spurred Governor Babajide Sanwo-Olu to respond to the demands of the protesters.

READ: #EndSARS: Government should be given the chance to implement the demanded reforms – Tinubu

He said, “That was why he (Sanwo-Olu) set up the Judicial Commission of Inquiry. The governor has gone to the home of one of the victims to appeal to them. He has put N200m together as part of restitution and compensation for those attacked.”

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There has been reported vandalization of properties allegedly owned by the former Lagos State Governor, which was fuelled by rumors he had a hand in the shooting of peaceful protesters at the Lekki Toll Plaza.

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Hoodlums razed the Lekki Tollgate and there were also alleged attacks on Oriental hotel, Television Continental, amongst others.

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#EndSARS: Ikoyi Prison on fire, as Army foils jailbreak attempt

Ikoyi Correctional Centre in the Ikoyi area of Lagos is currently on fire.

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Some buildings on the premises of the Ikoyi Correctional Centre are currently on fire, as there was an alleged jailbreak attempt by inmates. The fire emanating from the facility and seen in a video posted by Arise TV led to speculations of a possible jailbreak.

Senator Tokunbo Ogunbajo confirmed the incident in a telephone interview with Arise TV. He disclosed that the cause of the fire outbreak is still unknown as security operatives and other personnel at the facility have done their best to curtail the inferno and restore order. 

He emphasized that soldiers and other security operatives have arrived at the correctional facility, and there is no record of any escaped inmate, neither was there an attack from hoodlums.

According to him, the gunshots heard by neighbors, were fired to bring order and stem down unrest amongst inmates, who might want to seize the situation to escape.  

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