NewStats: 3,264,424 , 8,183,696 topics. Date: Wednesday, 11 June 2025 at 03:39 AM o20w

The Nigerian government is getting ready to create a new mining company. Segun Tomori, who handles media for the Minister of Solid Minerals Development Dele Alake, shared this news during an XSpace discussion on Monday.

According to Tomori, the Ministry of Finance Incorporated (MOFI) will run this new company.

“In a few weeks, I understand that the minister will be announcing the launch of the Nigeria Solid Minerals Corporation, which will be a one-purpose vehicle for the mining sector,” he explained.

The ownership of this new corporation will be split up in an interesting way. The Nigerian public will own 25 per cent, the federal government will own another 25 per cent, and private businesses will own the remaining 50 per cent.

Tomori explained that they designed it this way to keep government and political interference to a minimum, even after the current istration leaves office.

Beyond this new mining corporation, Minister Alake is also pushing to create a special mining development bank.

On November 22, 2024, he asked mining company leaders(CEOs) to help start this bank. He believes it would help keep government interference low, make the mining industry more stable, and provide the long-term loans needed to help the industry grow.

Alake also told the CEOs that the government is working to make it easier to do business in the mining sector by removing unnecessary rules and complications.

https://www.thecable.ng/just-in-fg-to-launch-mining-corporation/

I love the fact that Nigerians can own shares in it.

Nice hearing from Mr Dele Alake, he's been silent for so long. Each Minister should come out and give periodic assessment of their performances.

A mining development bank established with 100% government money and based in Abuja will be a mistake.

Politics and government fraud will render it ineffectual. Nigerians don't pay back government loans.

The bank should be set up in partnership with the commercial banks with the government owning not more than 25% shareholding and the remaining 75% owned by a consortium of commercial banks.

The bank should be managed entirely by the private sector and be based in Lagos,the Premier League of banking, so it can compete for capital in the most competitive banking market in the country. That will make the bank sharper.

Basing the HQ in Abuja, a banking 2nd division,will not help that bank.

Waste of resources

zero8zero:
I love the fact that Nigerians can own shares in it.

Don't deceive yourself...

U hear 25% for the people u think say balablu and his cohorts considers you a PEOPLE?

Astute idea.

What are they mining skulls??

Hmmm..

Okay

Lol...these people just take Nigerians for mumu...because of the majority that hail them are not so educated.

He can not set up any public corporation, with which funds meant for the consolidated revenue go to without an act of national assembly.

They are just using this propaganda to carry the mumu people handicap....you will never hear of this again.

Skull Mining Corporation SMC
Skull Mining Development Bank SMDB

Interesting.

Wow

zero8zero:


https://www.thecable.ng/just-in-fg-to-launch-mining-corporation/

We all need to give Tinubu chance he might actually have great plans for us

Hmmm.......another avenue to loot.

Blazetrailer:


He can not set up any public corporation, with which funds meant for the consilidated revenue go onto without an act of national assembly.

The news report didn't say any where that the government will not follow due process.

Afterall, we have seen the National Assembly bills in 2 - 3 weeks.

So calm down.

obinna58:
Waste of resources

Stop commenting on topics beyond your brain capacity

MzeeMachiavelli:
U hear 25% for the people u think say balablu and his cohorts considers you a PEOPLE?

25% shareholding by the government.

25% shareholding that can be bought by of the public.

That's 50% shareholding to be held by citizens.

Or is the government's shareholding not for the people

You need to calm down.

Proliferation of institutions, where's this done anywhere in the world. It's all ostensibly to settle ers and bribe/buy over weak opposition. So every sector must get a federal government funded bank

DeLaRue:
A mining development bank established with 100% government money and based in Abuja will be a mistake.

Politics and government fraud will render it ineffectual. Nigerians don't pay back government loans.

The bank should be set up in partnership with the commercial banks with the government owning not more than 25% shareholding and the remaining 75% owned by a consortium of commercial banks.

The bank should be managed entirely by the private sector and be based in Lagos,the Premier League of banking, so it can compete for capital in the most competitive banking market in the country. That will make the bank sharper.

Basing the HQ in Abuja, a banking 2nd division,will not help that bank.

Next time,pay attention to details before jumping to comment.

Where did you see 100% govt ownership?🤷🏾‍♂️

APC and Launch Launch without any seriousness

Blazetrailer:
Lol...these people just take Nigerians for mumu...because of the majority that hail them are not esucated.

He can not set up any public corporation, with which funds meant for the consilidated revenue go onto without an act of national assembly.

They are just using this propaganda to carry the mumu people handicap....you will never hear of this again.

You're suffering from obsession with this government. So your case is understandable, same way; you said students loan is propaganda.

Sorry for finding yourself in this perpetual sadistic situation.

Lol....cant see you objecting to the valid reason I gave but you are quick to label me anti tinubu government.

So much for your lack of education and love for mediocrity and spurious ideas that you dont evaluate things on merit but on sentiments.

You cant establish a crown/govt entity that draws funds from consolidated revenue without an act of parliament. Chikena. Until that is done,everything else is propaganda.

Is the student loan working? I guess the results are there for evryone to see it is moribund because it was poorly conceived as a reaction to bad economic policies

Mccullum:


You're suffering from obsession with this government. So your case is understandable, same way; you said students loan is propaganda.

Sorry for finding yourself in this perpetual sadistic situation.

I hope the public 25💟 will be paying into the public s so that me too will be earning free money from my citizen birth right no matter how big it is

Everything get limit we have to be careful as humans not to ruin mother earth. We are exploiting earth' resources more than it can sustain. The pollution, the degradation are the reasons why climate change is beyond unimaginable. If we continue at this rate I doubt earth will be able to reach another century. I forsee a collapse in the nearest future. Goodbye to humanity

zero8zero:


https://www.thecable.ng/just-in-fg-to-launch-mining-corporation/

Attention Govt:
1-Much as it looks good,why do you think it should be one vehicle 🚜 alone?
2-Why Not Multiple/ Multi-Purpose Vehicle because of the Huge Capital Outlays that is going to be involved?
3.- Why Can't it be Called The Energy Bank of Nigeria - like the Energy Bank 🏧 of China!
Being an energy Banks- will be more Appealing to any Form of Energy - which has more wider appeal to huge Masses, thank called Mining ⛏️!

yoruboid:


Stop commenting on topics beyond your brain capacity

Crypto person don vex