Business

FG, BoI Launch N5bn Fund For Small Scale Miners

Published

9 years ago

September 1, 2017

The Ministry of Mines and Steel Development, in collaboration with the Bank of Industry (BoI), has launched a N5 billion fund in support of artisanal and small scale miners in the country.
Under the arrangement, the ministry would contribute N2.5 billion which would be matched by another N2.5 billion by BoI.
A certified artisanal miner, under the scheme, can access from N100,000 to N10 million while a small scale miner can access from N10 million to N100 million.
A Memorandum of Understanding (MoU) was signed, yesterday by the Minister of Mines and Steel Development, Dr KayodeFayemi, and the Managing Director/CEO of Bank of Industry, MrOlukayodePitan, in Abuja.
Speaking at the event, Dr Fayemi said the development was aimed at addressing the issue of insufficient funding and access to capital, which was a major factor militating against artisanal and small scale miners who accounted for about 80 per cent of activities in the mining sector.
According to the minister, the BoI would serve as the custodian and manager of the fund, which would be given to the artisanal and small scale miners at five per cent interest.
Dr Fayemi said: “This agreement is a meeting of minds between the FMMSD and the BoI. We are in the first instance launching a N5 billion fund. With our ministry’s pilot contribution of N2.5 billion, BoI will match our contribution with another N2.5 billion.
“Consequently, with this agreement, the FMMSD appoints BoI as the custodian and manager of the Nigerian Artisanal and Small-Scale Miners (ASM) Financing Support Fund, for the purpose of financing artisanal and small scale mining projects involving industrial minerals, precious stones, precious metal (gold), dimension stone and such other strategic minerals in Nigeria as shall be approved by the ministry and BoI from time to time.
“The loans would be made available to certified industry participants at a single digit interest rate of 5percent per annum, which is by far about the most attractive within our jurisdiction.
“In addressing the challenge of insufficient fun ding and lack of access to capital, the ministry secured approval for N30billion from the mining sector component of the Natural Resources Development Fund from the FGN. We also secured the World Bank’s approval for $150 million to support the ministry’s Mineral Sector Support for Economic Diversification (MinDiver) programme.
“The Solid Minerals Development Fund (SMDF) is now spearheading the assembling of a $600 million investment fund for the sector, working with entities such as the Nigerian Sovereign Investment Authority, the Nigeria Stock Exchange and others.
The CEO of Bank of Industry, Mr Pitan in his response said the bank was convinced that the fund would step up rapid development in the mining sector, just as a similar funding arrangement administered by the BoI boosted the country’s movie sector.

Business

RIVERS NDC STANDARD BEARER CAUTIONS AGAINST TRIBAL POLITICS IN 2027

Published

2 days ago

June 8, 2026

The Tide

Governorship candidate of The National Democratic Congress (NDC) in Rivers State, Chief Dumo Lulu-Briggs, has called on politicians and other stakeholders in the state not to make the governorship seat of Rivers State an ethnic agenda.

Chief Lulu-Briggs, who said this in an interview with newsmen shortly after arrival from Abuja, also blamed the alleged unenviable position of Rivers State among the comity of states in the country on the political class.

He said stakeholders must avoid a situation where the state would be plunged into another round of political crisis, adding that given the ethnic and cultural diversity of the state, it was necessary to give everyone a sense of inclusion by ensuring that the governorship seat rotates among the ethnic nationalities.

The NDC governorship flag bearer condemned the alleged intimidation of the electorate, noting that the situation has underdeveloped the state.

He said, if elected, his administration would provide the democratic dividends that will improve the lives of the people.

In a similar development, the state chairman of the National Democratic Congress (NDC) Rivers State, Mr Success Jack, says his party will run an all inclusive government in the state.

Mr Jack, who spoke to newsmen in Port Harcourt, promised that an NDC controlled government will always consult with the people before taking any decisions.

According to him, based on his party’s ideology of “Solid, Strong Accommodating”, the NDC offers hope to the hopeless and the downtrodden.

“We assure you that we are fully ready. Our party is a platform that is open to everybody whether APC or PDP, we offer hope. Our ideology is Solid, Strong, Accommodating. The manifesto of our party is anchored on the ideology of providing genuine service to the people”.

Mr Jack also stressed that the policies of an NDC government would be crafted in such a way and manner that serves the primary and secondary interests of the people.

“This is not what you find in other parties.What you find in other parties is utmost impunity, absolute impunity, where the people are not included, they are not consulted and so their opinion does not count, they don’t know what government wants to do because they didn’t contribute to what government wants to do.

“That’s not the case here. We listen to the people, even provide the way forward, (and) the details for the way forward because we provide the framework as a government but the people will provide the details because they are the ones that wear the shoes and they know where it pinches them”, he said.

By: John Bibor

Business

Navy Upgrades Infrastructure To Tackle Security Threats —— CNS

Published

2 days ago

June 8, 2026

The Tide

The Nigerian Navy says it is expanding its infrastructures and training to tackle emerging security threats

Navy also said the service is aimed at strengthening operational efficiency across formations and units nationwide.

Chief of Naval Staff, Vice Adm. Idi Abbas stated this during the inauguration of projects at the Nigerian Navy Basic Training School (NNBTS) in Onne, Rivers, as part of activities marking the Nigerian Navy’s 70th anniversary.

Represented by the Flag Officer Commanding, Naval Training Command (NAVTRAC), Rear Adm. Ebiobowei Zipele, Abbas said the projects reflected significant progress made by the Navy since its establishment in 1956 from the British Royal Navy.

“Training and infrastructure have improved significantly to meet contemporary security challenges and fulfil the Navy’s constitutional responsibilities.”

According to him, the anniversary provides the navy an opportunity to reflect on its achievements and contributions over the past seven decades.

Projects inaugurated included a remodelled female trainees’ hostel accommodating more than 500 occupants and an expanded golf course upgraded from one to nine holes.

Others facilities include the NNBTS fuel dump, Chief Boatswain’s Mate House, renovated pharmacy department and a new theatre block at the Naval Medical Centre, Onne.

Abbas described the new theatre as a major milestone for the navy’s medical services.

“Previously, injured personnel requiring surgeries were referred outside the facility.

With this theatre, surgeries can now be conducted within the base”, he said.

He added that a 30KVA inverter had also been installed to guarantee uninterrupted electricity supply at the training school.

The Naval chief assured officers, ratings and trainees that the Navy leadership remained committed to their welfare and wellbeing.

“These infrastructure upgrades show the commitment of the Chief of Naval Staff to addressing operational and welfare challenges promptly,” he said.

NAVTRAC also distributed educational materials to pupils of Community Primary Schools One and Two, Ogale, in Ebubu-Eleme area.

Items distributed included exercise books, school bags and other writing materials as part of the navy’s civil-military engagement initiative.

Zipele said the outreach was designed to strengthen relations between the navy and host communities while supporting children’s education.

“Education remains critical to national growth and youth empowerment. Some of these pupils may eventually serve in the Nigerian Navy,” he said.

He noted that the initiative demonstrated the navy’s commitment to educational development, peace, security and sustainable community relations.

Zipele urged the pupils to remain disciplined, focused and committed to their studies while embracing patriotism, integrity and hard work.

He thanked the Ebubu community for its continued support for the naval training command headquarters and the navy.

By: CHINEDU WOSU

Business

Airport Road Remains Only For Airport Activities —-Gov. Fubara

Published

2 days ago

June 8, 2026

The Tide

Rivers State Governor, Sir. Siminalayi Fubara says Airport road will soon be accessible only for Airport activities in the state.

The Governor said this recently while inspecting the level l0of construction work on the Igwuruta By-Pass Road project in Ikwerre Local Government Area.

The Governor who expressed optimism over the progress of work on the project, saying the By-pass road will reduced unrelated activities on the Airport area in the state.

Governor Fubara explained that the By-pass road was designed in collaboration with the host community to address accessibility concerns while preserving the operational integrity of the airport corridor.

“So, we liaised with the community and created this By-pass,” he stated.

The governor further clarified the objective of the road project, saying it would provide the residents with a dedicated access route separate from the airport operations.

“The purpose of the By-pass is so needful that the community can have this as their own way, their own entrance, while the airport will remain only for airport activity once these roads are completed,” he said.

Providing an update on the pace of work, Fubara disclosed that the project had already achieved a major milestone in execution.

“So far, they’ve done about 65% of the job,” the governor announced,

revealing that contractors handling the project had assured the state government of timely delivery.

He also expressed confidence that the bypass would be completed before October.

“They’re also promising that before October, the total project will be delivered,” he added.

By: Enoch Epelle