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Business

How Nigeria discovered gold along Abuja-Nassarawa axis – Minister

Nigeria found gold along the Abuja-Nassarawa axis, through the National Integrated Mineral Exploration Project (NIMEP).

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Nigeria to begin gold production in 2021 with the Segilola Gold Project, Nigeria to save $300 million from importation of barite 

Nigeria has found gold along the Abuja-Nassarawa axis, through the National Integrated Mineral Exploration Project (NIMEP), a programme undertaken by the Ministry of Mines and Steel Development.

This was disclosed by the Minister, Olamilekan Adegbite via a statement issued and seen by Nairametrics, during the visit of the Executive Governor of Nasarawa State, Engr. Abdullahi Sule to the Ministry on Tuesday.

While assuring the Governor of the ministry’s intention to develop the mineral resources in the state, the Minister explained that the NIMEP project which had cost the ministry N15 billion had generated troves of geoscience data that had foreign investors excited about the juicy mining prospects in the country.

READ: FG begins process to allow CBN buy all golds from local miners 

According to him, the ministry was resolved to avoid a repeat of the Zamfara experience in Nasarawa State, in which bandits were largely in charge of the gold mining in that state.

He said, “It is a pleasure to receive the governor of Nasarawa State in my office today and this should not be a surprise because Nasarawa State is the home of solid minerals in the country. We had an earlier discussion about recent discoveries of precious minerals along the Nasarawa, Abuja axis.

“As you probably might be aware, we have been talking about this for a while, there is a programme we call NIMEP executed by the ministry where the government has put about N15 billion into exploration for minerals, one of which is gold, and we have done this exploration over the country and have discovered a very nice track of gold deposits especially between Abuja and Nasarawa where we share borders.”

READ: FG declares ‘no-fly zone’ in Zamfara, bans mining activities in the State

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Adegbite equally allayed the concerns of the Nasarawa State government about the menace of illegal gold mining snowballing in the state due to the large deposits of gold in the state.

H added that the ministry was working with relevant security agencies to avert such an unwanted scenario from happening.

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“We know that gold mining attracts a lot of undesirables. Wherever these people smell gold, if I may use the word smell, whenever they have an inkling that there is gold, it somehow attracts these undesirable elements. It always follows that we have illegality developing around there. However, we are working hard to nip these in the bud.

“We don’t want banditry to come to Nasarawa and Abuja on the trail of gold as it has unfortunately happened in Zamfara,’ he said adding that the federal government had reiterated its ban on gold mining in Zamfara due to banditry. ‘ You’ll recall that just about a week or two ago, the government reiterated its ban in Zamfara. Mining was actually banned in Zamfara in April 2019, and about a few weeks ago the government had to reiterate that ban and also had to declare a no-fly zone. So we do not want a repeat of that in Nasarawa State,” he added.

READ: Nigerian-Canadian company to start gold export from Nigeria in June 2021

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Adegbite added that the ministry had a special mines police that was saddled with curbing the menace of illegal mining in the country.

“We will be working with security agencies, possibly bringing in the military to make sure that we prevent such an occurrence of illegal mining in this axis of Nasarawa and the Federal Capital Territory. So I have been talking with the governor and we are going to involve security apparatus,” he said.

The executive governor of Nasarawa in his response said that the state was prepared to work with the ministry to prevent the snowballing of illegal mining in the state, revealing that his administration was indeed concerned about the threat of illegal mining and its associated vices.

The governor revealed that despite experiencing some form of illegal mining of gold in the area called Uke, that it had indeed attracted some respectable companies who were mining legally in the state.

Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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Business

FAAC payment: Obaseki replies Finance Minister, says FG should end monetary rascality

Governor Obaseki has urged the FG to take urgent steps to end the current monetary rascality

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Edo State to build Museum, set for more Benin Bronze returns in 2021, Over 13,000 MSMEs benefit from Edo State Government fund 

The Edo State Governor, Godwin Obaseki responded to allegations by the Finance Minister, Zainab Ahmed, over FAAC top-up in March, saying that the state will not “join issues with the Minister” but urges the FG to end the current monetary rascality.

The Edo State Governor disclosed this in a statement on Thursday morning, stating that:

  • While we do not want to join issues with the Finance Ministry, we believe it is our duty to offer useful advice for the benefit of our country.
  • The Finance Minister should rally Nigerians to stem the obvious fiscal slide facing our country.
  • Rather than play the Ostrich, we urge the government to take urgent steps to end the current monetary rascality, so as to prevent the prevailing economic challenge from degenerating further.

The Governor added that he believes the imperative to approach the Nigerian project “with all sense of responsibility and commitment and not play to the gallery”.

In case you missed it

Nairametrics reported that The Nigerian Government stated the claim made by the Edo State Governor, Godwin Obaseki, that N60 billion was printed as top-up for the Federation Account Allocation Committee (FAAC) in the month of March is untrue.

“What we distribute at FAAC is revenue that is generated by NNPC, FIRS, Customs… It is not true to say we printed money to distribute at FAAC,” Finance Minister, Zainab Ahmed said.

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Business

Shoprite: Nigerian company, Persianas to take over operations

Persianas, a Nigerian property group, will take over Shoprite’s operations in Nigeria at the conclusion of a bidding process.

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Shoprite’s sales drop by 8.1% in Nigeria in H2 2019 over Xenophobic attacks

Nigerian property group, Persianas, will take over Shoprite’s operations in Nigeria after a bidding process was concluded. The company is reportedly arranging debt to finalise the deal.

This was disclosed in an exclusive report by Reuters on Wednesday. According to the report, the deal was confirmed by banking sources.

What the report says

  • Persianas Properties emerged as the buyer after a bidding process, and the company is arranging debt for the buyout.
  • MBO Capital and KPMG advised Persianas, while FBNQuest is arranging debt.

Bloomberg also reported that Shoprite’s owners valued its sale at N30 billion; however, the deal between Persianas and Shoprite remains undisclosed.

READ: NSE fines Mortgage bank, Conoil, others over N1 billion for account filing default

What you should know

Persianas Group owns the Palms Shopping Mall in Lagos, which also contains a Shoprite outlet.

Recall Nairametrics reported last week that the Federal Competition and Consumer Protection Council (FCCPC) had said it was not aware that Shoprite was exiting Nigeria, but that there was a pending application for a merger/acquisition involving it.

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