₦airaland Forum

The Nigerian government is getting ready to create a new mining company. Segun Tomori, who handles media for the Minister of Solid Minerals Development Dele Alake, shared this news during an XSpace discussion on Monday.

According to Tomori, the Ministry of Finance Incorporated (MOFI) will run this new company.

“In a few weeks, I understand that the minister will be announcing the launch of the Nigeria Solid Minerals Corporation, which will be a one-purpose vehicle for the mining sector,” he explained.

The ownership of this new corporation will be split up in an interesting way. The Nigerian public will own 25 per cent, the federal government will own another 25 per cent, and private businesses will own the remaining 50 per cent.

Tomori explained that they designed it this way to keep government and political interference to a minimum, even after the current administration leaves office.

Beyond this new mining corporation, Minister Alake is also pushing to create a special mining development bank.

On November 22, 2024, he asked mining company leaders(CEOs) to help start this bank. He believes it would help keep government interference low, make the mining industry more stable, and provide the long-term loans needed to help the industry grow.

Alake also told the CEOs that the government is working to make it easier to do business in the mining sector by removing unnecessary rules and complications.

zero8zero:
I love the fact that Nigerians can own shares in it.

zero8zero:
https://www.thecable.ng/just-in-fg-to-launch-mining-corporation/

Blazetrailer:
He can not set up any public corporation, with which funds meant for the consilidated revenue go onto without an act of national assembly.

obinna58:
Waste of resources

MzeeMachiavelli:
U hear 25% for the people u think say balablu and his cohorts considers you a PEOPLE?

DeLaRue:
A mining development bank established with 100% government money and based in Abuja will be a mistake.

Politics and government fraud will render it ineffectual. Nigerians don't pay back government loans.

The bank should be set up in partnership with the commercial banks with the government owning not more than 25% shareholding and the remaining 75% owned by a consortium of commercial banks.

The bank should be managed entirely by the private sector and be based in Lagos,the Premier League of banking, so it can compete for capital in the most competitive banking market in the country. That will make the bank sharper.

Basing the HQ in Abuja, a banking 2nd division,will not help that bank.

Blazetrailer:
Lol...these people just take Nigerians for mumu...because of the majority that hail them are not esucated.

He can not set up any public corporation, with which funds meant for the consilidated revenue go onto without an act of national assembly.

They are just using this propaganda to carry the mumu people handicap....you will never hear of this again.

Mccullum:
You're suffering from obsession with this government. So your case is understandable, same way; you said students loan is propaganda.

Sorry for finding yourself in this perpetual sadistic situation.

zero8zero:
https://www.thecable.ng/just-in-fg-to-launch-mining-corporation/

yoruboid:
Stop commenting on topics beyond your brain capacity