NewStats: 3,259,215 , 8,169,467 topics. Date: Saturday, 24 May 2025 at 10:04 AM 4o5830

Strabag Precious Stone International market in Ibadan is a silent gold mine for many billionaires across West Africa yet government is being shortchanged as they fail to pay royalty, while the market remains an eyesore.

If you are visiting Strabag precious stone international market, Ojoo Ibadan, Oyo State, for the first time, you will not believe that billions of naira are being exported out of the community monthly.

From the narrow entrance of the market, which is dominated by foreigners from other west Africa countries, everywhere looks unkempt, dirty, with some dilapidated structures.

Owners of some of the buildings have vacated the buildings but are still receiving monthly rent of between N1,500 and N2,000 from the tenants.

Located at the yard of the defunct Strabag construction company, the company which constructed the Lagos-Ibadan expressway in the 70s, the market occupies almost 250 houses and has only 10 percent of Nigerians earning their daily income in the market while 90 percent of foreigners operate in the market, according to investigation.

Every Thursday, precious stones worth N500m are moved out of Ibadan to countries like Thailand, China, United State of America, Hong Kong and other developed countries of the world by some powerful billionaires from West African countries.

Our correspondent, who went round the market disguised as a customer, revealed that stones like tourmaline, Beryl, morganite and granite are being exported through NAHCO airport Ikeja, while buyers launder money through the land borders so government cannot determine the amount spent on the transaction.

Daily trust Saturday gathered that officials of the Ministry of Mines and Steel, both at the federal and state levels, the Nigeria Immigration Service and Customs at airports are also culprits, as they are allegedly being bribe.

Our correspondent gathered that most of precious stone merchants who are foreigners live in the most sophisticated estates in Ibadan, Lagos, Abuja and other big cities in Nigeria.

“Some of the merchants have been in the business in Ibadan for over 40 years because of the stability of precious stone deposited in Oke-Ogun area of the state, while their agents hunt for precious stones in the 36 states of the country,” said a source who spoke to our correspondent in confidence.

Among the gimmicks of the foreign businessmen are wooing village leaders with construction of roads leading to their villages and building schools for their children.

It appears Section 94, Chapter 3 of the mining act 2007 as amended which states that; “No person shall purchase any mineral unless he holds a licence to purchase minerals issued under this Act” is not applicable to the foreigner, as many of them dare Nigerians in the market.

A Nigerian source in the market told Daily Trust Saturday that “Government is aware we are here. Government had raided us in this market sometime ago but the foreigners were released after the intervention of their big men. Many petitions have emanated from here but it was swept under the carpet. With this business, the Nigeria government needs little money from the oil sector, if they are serious. What we are experiencing here can only happen in Nigeria and no other country in the world. How will you take precious stone from a country without paying royalty?” he queried.

Manually publishing their stones on their white table and almost 20 coffee ts where they relax to exchange market ideas, these men move around with flawless, colourful and hard precious stones worth millions in their pockets.

Daily Trust Saturday reports that prices of the stones which are determined by their colours and texture are deported in every state in Nigeria, especially in Oke-ogun area of Oyo State where mining camps are numerous.

Our correspondent further gathered that other states in Nigeria have Alluvial precious stone while Oyo State is blessed with pecmitine (vein) being exported from the state without the state getting anything in return.

Another source in the market told our correspondent that the foreigners control the market by determining how much they buy gem stone in Nigeria and how much it is being sold in the country.

According to our investigation, a big chunk of stone exported from Nigeria is in one of the big museums in the United States of America where people are paying to access.

The source said; “They are able to control the market because they have markets abroad and they have the money in Nigeria. There are some people sabotaging the effort of government, community and the citizens. Ibadan is the centre of gem stone in Nigeria, centre of marketing and centre of exploitation. Exploitation in the sense that government has no idea what is going on here.

“There are industrial stones which they export and refine but the gem stones are the ones they cut and use in making jewelleries. We have the best stones in the world. Talk about our tourmaline, Sapphire, emerald and other gem stones; we have the best. At times, when you travel to international market, they prefer our stones to other countries.

“Precious stones thrive in the international market. The foreigners – Malians, Burkinabes, Guineans, Gambians, Senegalese, determine the market. How much they buy and how much they sell. If you talk, they will tell you this is Nigeria. They are also of ECOWAS and if you take them to any station, they will always have their way. The most important thing however is that we want to know who is protecting government’s interest here. How do they pay royalty? To who? If you hear anything mining association of Nigeria, it is not here. It is only in Abuja and this is where we do the transaction.

“People just gather themselves in Abuja to get grant from the Federal Government and World Bank without giving back to the country. They get money for artisans from the disbursement from the World Bank and the Federal Government but I want to challenge you to show me an office belonging to an artisan. If you complain, they will tell you it is because you are hungry. Petitions have emanated from here but they didn’t act on them because people who are supposed to act are also benefiting from the illegality.

“We are not against international trading but due process must be followed. There was a time we brought up an issue here but before we know it, some ambassadors called Nigeria government officials that their men are doing their business here in Nigeria and we should not disturb them because we are all of ECOWAS.

“Meanwhile, you cannot try that in their own country. There’s no other country in the world where such a thing can be done except in Nigeria. You live in a country, go to their mining camp, and explore it without paying royalty to anyone. Never! It’s either they buy it from the site and take it directly to the airport or they take from here to airport without notifying the government and our government doesn’t care. Government officials know what I am talking about.

“We need lapidaries in Nigeria; a centre where we cut and polish stones. Here, we sell it per gram while over there, they sell per character. When you sell one gram for $5, they sell character for $500. Meanwhile, one gram contains five character.”

Worried over the development, two partners in the market, Mr. Bature Kolais and Mohammed Babakafa confirmed the abnormality in the market to our correspondent, while urging government to investigate the activities in the market.

As at the time of going to press, the Spokesman of the government and the chief press secretary to the governor, Taiwo Adisa did not pick calls put across to him and text message sent to him was not replied to know the effort of the government to address the abnormality.

Source:
https://dailytrust.com/inside-ibadan-precious-stones-market

Where it is?

Our correspondent further gathered that other states in Nigeria have Alluvial precious stone while Oyo State is blessed with pecmitine (vein) being exported from the state without the state getting anything in return

Where are the precious stones

helinues:
Where it is?

The way you confuse English eehn?!!
Seun should install a translator so you can be more comfortable since you're hooked on this forum.

Husband: "I'm getting you diamonds for our anniversary" - Wife: "Nothing would please me more"


Husband: *Gets her nothing instead

This is really lovely

Even with all these treasures, Ibadan is still a state turned upside down in Nigeria Map,
the only thing they can boast of is Landmarks, every other thing is write off’
Majority of the indigenes self are something else’
No disrespect though

Agbegbaorogboye:

The way you confuse English eehn?!!
Seun should install a translator so you can be more comfortable since you're hooked on this forum.

lol

slawormiir:
Damnnn niggarrrr
Isoright

,,u b impostor not d slawomir I knew

Ok

Sparogatively, if it's not oil it's not worth it!

There is this market of precious stones lying in ruins that can generate huge wealth for everyone, but our federal government chooses to be busy finding oil in the north where there is litlle to none with billions of Naira!

God would help only when we have sense!

Agbegbaorogboye:

The way you confuse English eehn?!!
Seun should install a translator so you can be more comfortable since you're hooked on this forum.

Pesin wey dem just renew hin BMC payment.

North and precious stones

Cool

You see ask a Jehovah witness the meaning of Babylon in Revelation

He/she will tell you is the set of people whom believe in Trinity, they were the cause of the death of the servants of God.

The truth is when you said something is a snake many don't believe even when the snake finally made it hit, people will still fall adamant to see the devil in their movement.

Charles Taze Russell is the founder of Jehovah witness, I could talk more, but the next comment section on front page

If I create a topic the mod never bring it to front page

Truly it is a precious stone market.

HAPPINESS IS HERE








AS FAR AS NIGERIA IS CONCERN,WE WON'T VALUE WHAT WE HAVE UNTIL WE LOSE IT,

Nice....Nigeria is blessed all around except for Leadership roles ....Howbeit I usually tell young guys around my hood to be proactive.

Proactivity Leads To Productivity!!!


©Seniorwriter

aleeyus:
North and precious stones

are u ok...
Or do u have familiar spirit.
Where did u see north their?

Really

Precious stone?



Like the one used to kill Goliath?

Wow

And you set dis one no be condensed stone?

That’s cool

k

What are they use for

government go come claim am

but if na igbo(weed) them go say na you get am

Tax them!