Connect with us

Business

Nigeria’s Gold, Other Solid Minerals Being Stolen – NEC

Published

on

The National Economic Council has expanded the mandate of its Ad-hoc Committee on Crude Oil Theft Prevention and Control to cover illegal mining.

This is just as the council raised the alarm that the nation’s solid minerals, including gold, are being mined and stolen.

Imo State Governor, Hope Uzodimma, who chairs the committee, disclosed this while briefing State House correspondents after the 153rd NEC meeting chaired by Vice President Kashim Shettima at the Presidential Villa, Abuja, yesterday.

Uzodimma said the expanded mandate is part of the government’s efforts to curb resource theft and increase revenue from Nigeria’s solid minerals sector.

“The National Economic Council Ad-hoc Committee on Crude Oil Theft Prevention and Control, which I chair, presented an interim report today to the Council.

“NEC received our report with satisfaction and expanded our Terms of Reference to now also take interest in solid minerals, because our solid minerals are being mined and stolen and not adding to national revenue,” said Uzodma.

He noted that the expanded role would enable the committee to coordinate with the Ministry of Solid Minerals Development and other federal and subnational institutions to combat widespread illegal gold mining and other forms of mineral smuggling that have deprived the country of much-needed foreign exchange.

“Going forward, our committee, working with other government agencies, will look at how to ensure that the revenue of the country arising from solid minerals like gold and other forms of solid minerals are not allowed to be stolen,” the governor added.

NEC’s Ad-hoc Committee on Crude Oil Theft Prevention and Control was first established under former President Muhammadu Buhari in August 2022.

It was reconstituted under President Bola Tinubu in December 2023 with Uzodinma as chairman.

The committee was initially mandated to address the challenge of crude oil theft and pipeline vandalism.

Its creation followed rising oil theft that had crippled national production and forced international oil companies to shut down key pipelines.

At the time, oil production had crashed to around 700,000–800,000 barrels per day, far below Nigeria’s OPEC quota, costing the government billions of dollars in lost export revenue.

Uzodimma explained that through what he called a “collaborative approach” involving regulators, operators, and the security forces, the committee had helped raise daily crude oil production to over 1.7 million barrels per day in the past 22 months.

The governor stated, “Before May 29, 2023, when President Bola Tinubu was sworn in, our crude oil production was around 700,000 to 800,000 barrels a day.

“Working with stakeholders, the regulators, operators in the industry, and the Navy, we were able to involve all the governors of crude oil-producing states and raise different security organisations.

“You would agree with me that as I speak, daily production is now in excess of 1.7 million barrels a day, and cases of pipeline vandalism and vandalisation of oil assets have also been on the decline.”

The council, he said, was satisfied with the progress and decided to deploy the same model of intergovernmental coordination, private-sector partnership, and multi-agency surveillance to the mining sector, plagued by resource theft.

“We are determined to ensure that crude oil production and gas are properly preserved for the benefit of our citizens.

“Now, with this new directive, we will also protect our gold and solid mineral assets,” Uzodinma added.

Nigeria’s illegal mining economy, particularly in gold, lithium, and other high-value minerals, has grown into a multibillion-naira shadow industry.

According to data from the Nigeria Extractive Industries Transparency Initiative, the country loses an estimated $9bn annually to illegal mineral extraction and smuggling.

The Federal Government has linked several unlicensed mining operations to armed groups in the North-West and North-Central regions, where gold has become a source of illicit financing for bandits.

A 2023 NEITI audit also showed that over 80 per cent of mining activities in Nigeria were conducted informally, without licenses or environmental oversight.

In September 2024, the Ministry of Solid Minerals Development revoked over 900 dormant licences and announced plans for a national gold reserve policy. But enforcement remains difficult, with weak surveillance, limited manpower, and overlapping regulatory mandates.

According to Uzodimma, the expanded mandate aims to integrate the fight against illegal mining into the broader national resource protection framework previously used in the oil sector.

“We have done well,” he claimed, adding, “Among other things, we recommended that NNPC, working with security agencies and their consultants, should strengthen security in all the creeks and extend coverage to offshore regions. That will help in curtailing and supervising illegal entries and exits of vessels into our export terminals. This same spirit will now guide our solid minerals sector.”

The committee is expected to submit its first progress report on the expanded mandate at the next NEC meeting in November.

 

Continue Reading

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

on

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.
 Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.
According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.
Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.
“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.
The minister noted  the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.
According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.
Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.
He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.
“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.
He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.
“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.
Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.
“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.
“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.
Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.
She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.
Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).
“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.
“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.
Continue Reading

Business

Customs Impound N2.35bn Cocaine, 15 Trailers of Rice

Published

on

The Nigeria Customs Service (NCS), Federal Operations Unit (FOU) Zone ‘A’, Ikeja, has impound Cocaine Substance valued at ?2.35 billion alongside 15 trailer-loads of foreign rice and a wide range of contraband across the South-West.
This was disclosed to Newsmen during a press briefing in Lagos by Controller of the Unit, Comptroller Gambo Aliyu,
Aliyu revealed that the seizures were made over an eight-week period, underscoring intensified enforcement efforts.
According to him, operatives foiled 473 smuggling attempts within the period, leading to the confiscation of 8,794 bags of 50kg foreign rice, 22 used vehicles, 328 bales of used clothing, and 31,705 litres of Premium Motor Spirit (PMS).
He said other seized items include a Mercedes-Benz vehicle and various food products such as poultry, vegetable oil, spaghetti, and sugar.
Aliyu clarified that the rice displayed at the briefing represented cumulative interceptions made at different locations and times across the zone.
“All the rice you see here are accumulative of seizures carried out at different places, at different times, and through different interdictions,”
Beyond the economic implications, the Comptroller emphasized the social cost of drug trafficking, warning that narcotics continue to destroy families and fuel criminal activities.
“It may surprise you to know that many homes are broken due to drugs.
” Our mandate is to cut off the supply chain, and that is exactly what we are doing,”.
Similarly Customs operatives at the Gbaji outpost intercepted a 71 year-old suspect along the Lagos-Abidjan corridor with 6.35kg of cocaine concealed in a Toyota Highlander.
The drugs, comprising both powdered and crystalline forms, were valued at ?2.35 billion.
Under a special enforcement drive, codenamed “Operation Hawk,” the unit also seized 3,340 parcels of synthetic cannabis, popularly known as “Ghanaian loud,” weighing 1,540kg.
 The substances, along with three suspects, have been handed over to the National Drug Law Enforcement Agency (NDLEA) for further investigation and prosecution.
In a related operation, officers intercepted four cylinders of mercury hidden in a vehicle along the same corridor. Aliyu described the substance as hazardous and subject to international regulation.
Overall, the Duty Paid Value (DPV) of the seizures stands at approximately ?5.5 billion, reflecting the scale of enforcement activities.
 Additionally, the unit recovered ?97.7 million through Demand Notices issued on under-declared consignments.
Aliyu reaffirmed the Service’s commitment to deploying modern technology—including geospatial intelligence, drone surveillance, and real-time tracking—to strengthen border security and clamp down on smuggling networks.
CHINEDU WOSU
Continue Reading

Business

Dangote,  Nicolai Tangen To Partner In strategic sectors

Published

on

Chief Executive Officer of Norges Bank Investment Management, Nicolai Tangen ( manager of the world’s largest sovereign wealth fund) has expressed interest in partnering with Dangote Group to expand investments across Africa, particularly in strategic sectors such as power, energy, renewable energy, agriculture, fertiliser and cement.
This was made known during a meeting of Chief Executive of Dangote Group, Aliko Dangote  with Nicolai Tangen, the manager of Norwegian investment institution (with assets estimated at about $1.9 trillion) .
Also present at the meeting were Svein Tore Holsether, Chief Executive Officer of Yara International, and Terje Pilskog, Chief Executive Officer of Scatec, a global renewable energy company.
The engagement reflects growing international investor confidence in Africa’s industrial and infrastructure potential, as well as the increasing role of indigenous conglomerates such as Dangote Group in driving large-scale economic transformation across the continent.
Industry observers say the proposed collaboration could create significant opportunities for investments in critical sectors linked to energy transition, food security, industrialisation and infrastructure development.
The Norwegian sovereign wealth fund, regarded as one of the world’s leading institutional investors, has in recent years increased its focus on emerging markets, with Africa seen as a major frontier for long-term investment and value creation.
Analysts believe a partnership between Norges Bank Investment Management and Dangote Group could unlock substantial capital flows into infrastructure and industrial projects across Africa, helping to accelerate economic growth and regional integration.
Nkpemenyie Mcdominic, Lagos
Continue Reading

Trending