UNGA: Nigeria Ready To Play Important Role In New Mineral World — ALAKE.

UNGA: Nigeria Ready To Play Important Role In New Mineral World — ALAKE.

Minister of Solid Minerals Development, Dele Alake, says Nigeria is ready to play an important role in the discussions pertaining to minerals and the energy space. 

Alake who was speaking at a special session on the sidelines of the ongoing United Nations General Assembly in New York, said the nation's mineral resources make it one of the top 10 players in the energy sector. 

The minister spoke on the topic: "From critical minerals to energy transition: Africa in the driver's seat" at the event organised by the Corporate Council of Africa. 

He said despite being behind of other African countries in mining, Nigeria’s mineral deposit is valued at over $700bn with a potential to increase. 

Speaking broadly of the continent, Alake said Africa is fit for the driver's seat of the global energy transition driven by critical minerals.

He said, "Nigeria has always occupied a special position in global energy discourse. Nigeria played a vital role as a key oil exporter during the era of hydrocarbon and became a top 10 exporter of oil. As the face of global energy changes, Nigeria once again emerges as a key supplier of gas which we know is an important energy transition fuel today. Last year in the midst of the Russia-Ukraine crisis, Nigeria was one of the top exporters of LNG to Europe and was the 6" largest LNG global exporter in 2022. As you can see, there is a clear trend, whenever Nigeria is active in the global energy space, it emerges a top 10 global player and it will be no different with critical minerals.

"Nigeria is endowed with a vast deposit of minerals critical to our new world. In our new world mobility requires a new form of energy driven by minerals in our new electric vehicle world; technology is more mineral-dependent; our energy source will depend more on the energy converted from the sun and other sources; and energy storage is even more mineral reliant. This trend does not have any reversal in sight and demand will only continue particularly as the world seeks and envisions a lower carbon future where environment, social and governance (ESG) factors are prioritized in governance and investment decisions. Therefore, minerals are at the forefront."

He also traced the transition from different sources of energy to the now prominent renewable sources of energy. 

"The shift from fossil-based energy systems to renewable energy such as wind and solar has meant that minerals that were not a part of general and public parlance have become a part of everyday speech. Today, lithium for example is woven through everyday conversations and this only just the beginning. 

"Without a doubt, minerals are a major focus of our world today and rightly so. Nigeria is well positioned to play an important role in our new world. ur Solid mineral sector is valued at over USD$700bn and we know there is more to be discovered. Endowed with critical minerals, Nigeria should not and dare I say, cannot be ignored.

"We may not have a strong historic mining history like some of our neighbours such as Ghana, Mali and those in the South such as South Africa, Botswana, etc. but things are about to change," he added. 

According to him Lithium hosted pegmatite rocks are available in Nigeria across states such as Nasarawa, Kwara, Oyo, Abuja, Kebbi and much more. Graphite is found in states such as Kaduna.

He also listed states with rare Earth Elements critical for wind turbines and EV motors as Nasarawa and Plateau. 

He added, "Platinum group minerals can be seen in the middle belt such as Benue and other regions. We have nickel in Kaduna and other locations. Zinc which is vital to offshore and onshore wind power generation has been a mainstay in Nigeria and is available in Ebonyi, Nasarawa, Plateau and so many other Nigerian states. 

He further added that the nation was ready for foreign investment in the solid mineral sector, with President Bola Tinubu giving it a prominence. 

"It is clear that Nigeria is important to the world and we are ready for investment, collaboration and partnerships in our solid mineral sector. Our new president, President Bola Ahmed Tinubu has made the solid mineral development sector vital his administration and we are committed to making it a key contributor to our national GDP. A lot of work has been done in the sector under former administrations and we plan to take it further. Nigeria is prime to becoming a mining destination on the

continent and it will happen in our time."

He listed the incentives available for potential investors as:

1. up to 95% capital allowances of qualifying capital expenditure. 

2. up to 3-5 years tax holidays. 

3. possible capitalization of expenditure on exploration and surveys. 

4. free transferability of foreign currency

through the Central Bank of Nigeria for servicing of foreign loans and remittances of foreign capital and much more.

He said the country was interested in joint ventures with foreign major mining companies to explore the critical minerals.

Many leaders in the public sector, financial services and mining sectors were present at Roundtable session. Some of them include Minister of Solid Minerals and Mines from Namibia, Ambassadors of Tanzania to United States, Ambassador of Zambia to United States, Alexia Latortue from US Treasury Department, Ms Inesha Premaratne from US International Development Finance Corporation, Seth Levey from Glencore, Hannah Gardner from DLA Piper, Daniele Laporta from Gerald Group among others.

Alaba Balogun 

Deputy Director of Press

Ministry of Solid Minerals 

September 20, 2023

Mohbad’s death big blow to us; justice must be served — Ekiti Assembly.

Mohbad’s death big blow to us; justice must be served — Ekiti Assembly.

The Ekiti State House of Assembly has called for a thorough investigation into the death of Oladimeji Aloba, a hip-hop musician popularly known as Mohbad.

The assembly made the call on Wednesday while deliberating on a motion by Babatunde Oke, the lawmaker representing Ikere Constituency I.

Mr Oke, who moved the motion under a matter of urgent public importance, said it was pertinent to unravel the circumstances behind Mohbad’s death.

”There is a need for a thorough investigation on this issue. We are hearing different stories; we need to know what happened,” Mr Oke said.

Supporting the motion, Babatunde Odowu, representing Ikere Constituency 2, described Mohbad’s death as untimely and a huge loss.

In his speech, the Speaker Adeoye Aribasoye said the musician’s death hugely pained the assembly.

”The situation calls for sober reflection; the entertainer’s death is a big blow to us. We need to ensure that justice is done,” he said.

He prayed to God to grant the family and admirers of the late musician the fortitude to bear the loss.

EKSG begins a crackdown on unauthorized building structures.

EKSG begins a crackdown on unauthorized building structures.

....Seals two gas plants, eatery in Ado Ekiti. 

....Sets to commence ‘operation show your building plan’.

Ekiti State Government has cautioned residents of the State against erecting buildings and other structures indiscriminately and without necessary government approval. 

The State Commissioner for Physical Planning and Urban Development, Hon. Karounwi Oladapo, gave the warning on Tuesday as officials of the Ministry sealed some buildings and structures in Ado- Ekiti that were erected in contravention of the extant rules on safety and structural integrity.

Some of the structures that were sealed by officials of the ministry include gas plants of two popular filling stations- AA Rano in Adebayo area and NNPC along Iworoko road as well as a two- storey building housing a popular eatery in Adebayo area.

Speaking with newsmen shortly after the exercise, Hon Oladapo said that government would no longer take it lightly with anyone who carry out construction without building permit. He added that owners and developers of such buildings would face the wrath of the law for ignoring government directives. 

Karounwi who berated owners of illegal structures who are in the habit of molesting officials of government, said  such owners would henceforth be made to face the full weight of the law. 

The Commissioner called on all owners of properties with no government approval to urgently carry out necessary regularization, stressing that the ministry had concluded  plans to meet defaulters with stringent measures.

He added that government would soon launch “operation show your building plan” and embark on awareness campaign in all the local government areas, where officials of the ministry would meet the stakeholders and those buildings without plan were to be regularized in accordance with the law.

Hon. Karounwi explained further that any building that would be erected in the state must first get the approval of government. He said the exercise  was not about an individual, but to ensure safety and security of the people. He added that government would not wait for any calamity to befall the state before taking necessary actions. 

On flooding, the Commissioner reiterated the commitment of Governor Biodun Oyebanji administration to ensure that residents were no longer allowed to build structures that would disturb free flow of water leading to avoidable cases of flooding.

“If you look around, you will see we have a lot of planning problems in Ekiti State, particularly, Ado-Ekiti. People just put up building and structures indiscriminately without any recourse and regard to the building code and urban and regional planning law of 2011. 

We want to send the right signal to Ekiti people that never again would anybody, no matter how highly placed, put anything on the ground without seeking to obtain the development plan, without having an approved building plan. Anybody who does that becomes a criminal because you do that in contravention of the law, and the ministry will not hesitate to take such individual to court.

“What we did today was just a starting point and the ministry is not going to relent, some properties were sealed up today and the ministry had contacted the owners several times for them to do the needful. The truth about it is that even before you embark on any development, the ministry must approve of it, but on this instants, they refused to seek the approval of government and the government was not aware of the type of structure they want to put on ground and whether it is compatible with the existing land uses or where they want to build is in consonance with the building code of the state or in line with urban and regional planning law.”

Ekiti Assembly Passes State Electricity Power Sector Bill, One Other.

Ekiti Assembly Passes State Electricity Power Sector Bill, One Other.

The Ekiti State House of Assembly on Wednesday passed two bills on Electricity Power Sector Bill, 2023, and the Ekiti State Development and Investment Promotion Agency (Amendment) Bill, 2023 into law to further improve the development and economy of the state.

The House passed the bills after subjecting them to the Committee of the whole and voice notes conducted by the Speaker, Rt. Hon. Adeoye Aribasoye.

The first bill, Ekiti State Electricity Power Sector Bill, 2023 passed sequel to the report of the Committee on Infrastructure and Public Utilities, read by its Chairman, Hon. Femi Akindele seeks to provide for the establishment of state electricity generation, transmission, and distribution in the urban, semi-urban and rural communities.

The bill will also provide for the provision of electricity through the Ekiti State Electricity Board and Ekiti State Power Company, as well as create an enabling environment for private investment in electricity generation and distribution in the state.

The other bill passed is the Ekiti State Development and Investment Promotion Agency (Amendment) Bill, 2023, the first private sponsored bill passed in the Seventh Assembly, initiated by Hon. Femi Fatunla, member representing Ikole I.

Also at the plenary, a bill for a Law to repeal the Ekiti State Environmental protection Agency Law 2009 and to re_enact the Ekiti State Environmental protection and Watershed Management Agency Law 2023 and other Matters connected therewith was debated and committed to committee on Environment for further Legislative scrutiny.

Meanwhile, members of Ekiti State House of Assembly have commiserated with the family of Ilerioluwa Aloba, popularly known as Mohbad over his untimely death.

Hon. Babatunde oke, representing Ikere Constituency I, brought to the notice of the House under the Matters of Public urgent importance that the House should call on relevance security agencies to carry out proper investigation in order to avoid future occurrence.

The Speaker Rt. Hon Adeoye Aribasoye in his contribution, described the death of the young rising star as an unfortunate incident, therefore called on security agencies to unravel the mystery behind his death, so as to bring to book all the perpetrators involved in his death.

President Tinubu Sets to Announce New Minimum Wage Workers.

President Tinubu Sets to Announce New Minimum Wage Workers.

In an eagerly awaited development, President Bola Tinubu is set to unveil a new minimum wage for Nigerian workers next week. The announcement follows a recent meeting between the Trade Union Congress (TUC) and the federal government, where the issue of fuel subsidy removal was discussed.

The TUC had issued a two-week ultimatum to the government to address its demands or face potential industrial action. During the meeting, Comrade Festus Osifo, President of the TUC, revealed that the Minister of Labour, Simon Lalong, had met with President Tinubu and the Minister of Finance, Wale Edun.

According to Osifo, Lalong informed the union that wage-related matters had been reviewed, and President Tinubu was preparing to make an official announcement. Osifo stated, "The minister of labour told us that he had an audience with President Bola Ahmed Tinubu and the minister of finance and had reviewed the issue of wage award. But the president asked them to fine-tune the issues before he makes the announcement."

Despite requests for an additional two weeks, the TUC insisted on a swift resolution. Osifo explained, "We said no; we don’t have an extra two weeks to give. After more discussions, he said the president would make a proper announcement next week."

In addition to the wage announcement, the TUC has engaged with the federal government on the distribution of palliatives to states. They plan to monitor the distribution to ensure it is implemented effectively. Furthermore, the union raised concerns about taxation and Compressed Natural Gas (CNG).

As anticipation builds, Nigerian workers eagerly await President Tinubu's announcement, which could bring positive changes to their livelihoods in the near future.

EKSU Inaugural Lecture: Professor Urges CBN to Support Fish Farmers with Interest-Free Loans.

EKSU Inaugural Lecture: Professor Urges CBN to Support Fish Farmers with Interest-Free Loans.

In a compelling address during Ekiti State University's 79th inaugural lecture, Professor Ronald Omotayo Fagbuaro, a distinguished expert in Fish Breeding and Genetics, called upon the Central Bank of Nigeria (CBN) to provide interest-free loan facilities to Nigeria's fish farmers. The primary objective of this call is to invigorate the nation's economy and mitigate food shortages.

Professor Fagbuaro, a prominent figure in the university's Department of Zoology and Environmental Biology, expounded on the pivotal role of loans as a catalyst for increased fish production, consequently fostering economic growth and addressing the issue of food scarcity in the country.

Drawing attention to the perilous usage of chemicals and medications by fish farmers, which pose health risks to consumers, the professor advocated for the enactment of legislation to prosecute those who employ human growth hormones in fish breeding.

He asserted, "Central Bank of Nigeria has to extend loan facility to Fish Farmers at little or no interest rate. Likewise, government at various levels should initiate more programmes targeted at empowering fish farmers and other farmers to reduce the problem of food shortage. There should be a law against breeding fish with human growth hormone."

Highlighting the health hazards associated with the use of antibiotics and medications meant for human consumption in fish farming, Professor Fagbuaro underscored the potential consequences: "The use of human growth hormone poses a great danger to fish consumers. When antibiotics and some other medications intended for human use are used in breeding fish, the major long-term effect is that these chemicals or drugs will be stored in tissues of those involved fish. When consumed by humans, they end up ingesting different doses of residues of the chemicals from the flesh of the fish, which can eventually lead to tumours and cancers."

Addressing the pressing issue of insecurity and its impact on fish farmers, the professor implored the government at all levels to take decisive action to address security threats and the escalating costs of food and other essential commodities.

"Nigerian farmers and the population in general are grappling with an unprecedented wave of diverse but interconnected security crises, including kidnapping, banditry, and extremist insurgencies. This has compelled fish farmers and others to withdraw from agricultural activities and has resulted in exorbitant prices for fish, feeds, and food items," he lamented.

Regarding transportation, Professor Fagbuaro urged the federal government to enhance the state of road infrastructure, thereby reducing transportation costs and losses during transit. Additionally, he emphasized the necessity of connecting fish farmers with off-takers who can purchase their produce at reasonable prices.

Conclusively, the professor called upon the Nigerian government to intensify collaboration with institutions such as the National Institute for Freshwater Fisheries Research and the Nigerian Institute of Marine Research and Oceanography. Such partnerships would facilitate advancements in fishing techniques and fish management, ultimately enhancing the quality of brood stock species.

In response to these insights, it remains to be seen how the Central Bank of Nigeria and the government will act to support the nation's fish farming industry and address the multifaceted challenges it faces.

President Tinubu Calls for Global Action at 78th UN General Assembly: Urges Universal Sanctions Against Arms and Mineral Smuggling in Africa.

President Tinubu Calls for Global Action at 78th UN General Assembly: Urges Universal Sanctions Against Arms and Mineral Smuggling in Africa.

President Bola Tinubu, on Tuesday in New York City, addressed world leaders at the 78th United Nations General Assembly, during which he made a firm and compelling declaration that the time is now for UN member states to show, with their actions, that they mean what they say concerning the crackdown on terror financing, economic sabotage, and illicit mineral & arms smuggling in the developing world.

"The fourth important aspect of global trust and solidarity is to secure the continent’s mineral rich areas from pilfering and conflict. Many such areas have become catacombs of misery and exploitation. The Democratic Republic of the Congo has suffered this for decades, despite the strong UN presence there. The world economy owes the DRC much, but gives her very little.

"Foreign entities that are abetted by local criminals, who aspire to be petty warlords, have drafted thousands of our people into servitude to illegally mine gold and other resources. Billions of dollars meant to improve the nation now fuel countless violent enterprises. If left unchecked, they will threaten peace and place national security at grave risk. Given the extent of this injustice and the high stakes involved, many Africans are asking whether this phenomenon is by accident or by design. Member nations must reply by working with us to deter their firms and nationals from this 21st century pillage of the continent’s riches. To keep faith with the tenets of this world body and the theme of this year’s Assembly, the poverty of nations must end. The pillage of one nation’s resources by the overreach of firms and people of stronger nations must now end," the President declared.

President Tinubu further noted that his aggressive economic development diplomatic push for new investment has been demonstrably effective in presenting Nigeria as business-ready, but the ease of doing business, according to the President, might not be the major encumbrance to large scale investment.

"The question is not whether Nigeria is open for business. The question is how much of the world is truly open to doing business with Nigeria and Africa in an equal, mutually beneficial manner. Direct investment in critical industries, opening their ports to a wider range and larger quantity of quality African exports, and meaningful debt relief are important aspects of the cooperation we desire," the President affirmed.

The President equally noted that the global fight against the effects of climate change can not be based on a "one size fits all" approach and that nations must be cooperated with in the design and implementation of their own strategies, which are tailored to their respective socio-economic strengths and weaknesses.

"African nations will fight climate change, but we must do so on our own terms. To achieve the needed popular consensus, this campaign must accord with our overall economic efforts. In Nigeria, we shall build political consensus by highlighting remedial actions which also promote the broader economic good.

"Projects such as 'The Great Green Wall' to stop desert encroachment; halting the destruction of our forests through the mass production and distribution of gas burning stoves; and the provision of employment through local water management and irrigation projects are examples of efforts that equally advance both economic and climate change objectives simultaneously. Continental efforts regarding climate change will register important victories, only if established economies were more forthcoming with public and private sector investment for Africa’s preferred projects and initiatives," the President cautioned.

President Bola Tinubu concluded by reminding the world what Africa truly represents in the global village.

"Walk with us as true friends and partners. Africa is not a problem to be avoided, nor is it to be pitied. Africa is nothing less than the key to the world’s future."

Chief Ajuri Ngelale

Special Adviser to the President

(Media & Publicity)

September 19, 2023