President Bola Tinubu has appointed Martins Imonitie as the chief executive officer (CEO) of the Nigerian Mining Corporation.
Dele Alake, the Minister of Solid Minerals Development, announced this decision while addressing State House correspondents following a federal executive council (FEC) meeting presided over by President Tinubu.
On February 10, Segun Tomori, the minister’s special assistant on media, informed TheCable that the federal government intends to launch a mining corporation.
Updating on the establishment, Alake stated that Imonitie is a mining finance expert hailing from Australia.
“We headhunted him from Western Australia, one of the most significant mining regions in the world. He has experience with major global players, and he will lead this new initiative,” Alake said.
Regarding the ownership structure, Alake explained that the corporation’s equity framework is designed to limit government interference, with 50 per cent owned by the private sector, 25 per cent by the federal government, and 25 per cent available to Nigerian citizens.
“It is structured so that no future government can interfere or introduce political manipulation into its operations,” he added.
Additionally, Alake stated that the government has no plans to establish a Solid Minerals Development Bank.
On March 12, 2024, a bill proposing the creation of the Nigerian Mining Development Bank passed its second reading in the House of Representatives.
However, on November 22, 2024, Alake urged CEOs in the mining sector to take the lead in establishing mining development banks.
Reiterating his stance, the minister challenged private sector participants to spearhead the creation of a specialised financial institution to support mining operations.
“I never announced that the government would establish a Solid Minerals Development Bank. I challenged the private sector because involving the government would invite political interference,” he said.
Alake emphasised that private sector ownership would ensure efficient management and equitable access to funding for miners, free from favoritism or political influence.
