President Bola Tinubu has approved the appointment of Martins Imonitie as the Chief Executive Officer (CEO) of the newly established Nigerian Mining Corporation (NMC).......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
Naija News reports that the Minister of Solid Minerals Development, Dele Alake, announced the appointment while briefing State House correspondents after the Federal Executive Council (FEC) meeting presided over by the president.
Alake described Imonitie as a mining finance expert from Western Australia, a region renowned for its robust mining industry.
“We headhunted him from Western Australia, one of the biggest mining regions in the world. He has experience working with major global players, and he will drive this new initiative,” Alake stated.
The appointment is part of the government’s ongoing efforts to reform Nigeria’s mining sector and attract international expertise to strengthen local operations.
Ownership Structure To Prevent Political Interference
Speaking on the ownership structure of the corporation, Alake disclosed that the Nigerian Mining Corporation will have a private-sector-led equity structure to minimize government interference.
He said, “It is designed so that after us, no government can interfere or inject political manipulation into its operations.”
According to him, the structure will be divided as follows:
50% Private sector ownership
25% Federal Government control
25% Open to Nigerian citizens
This arrangement, he said, will ensure sustainability, efficiency, and long-term profitability.
FG Rules Out Establishing Solid Minerals Development Bank
Meanwhile, Alake dismissed reports that the government plans to establish a Solid Minerals Development Bank.
On March 12, 2024, a bill proposing the establishment of the Nigerian Mining Development Bank passed second reading in the House of Representatives. However, by November 22, 2024, Alake had called on CEOs in the mining industry to take the lead in setting up such an institution.
Reiterating his stance, Alake emphasized that the private sector must spearhead the establishment of a specialized mining financial institution instead of the government.
“I never announced that the government will establish a Solid Minerals Development Bank. I threw the challenge to the private sector because once you allow government to set it up, you invite political interference,” he clarified.
The minister argued that private-sector ownership would ensure efficient management, fair access to funding, and an independent framework free from favoritism or political influence.
Alake added, “The private sector is better positioned to set up a mining bank that will serve the industry effectively. We want to avoid unnecessary political control that could stifle progress.”