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Investing in Nigeria’s mining sector highly profitable, says Alake
Nigeria, Japan seal deals to boost mining investment
The Minister of Solid Minerals Development, Dr. Dele Alake, has said any company that invests in Nigeria’s solid mineral sector will record good returns on its investment.
The minister described the nation’s mining sectors as highly profitable.
Alake said this in an audience with officials of the Japan Organisation for Metals and Energy Security (JOGMEC) on the sidelines of the ninth Tokyo International Conference for African Trade and Development (TICAD 9) in Yokohama, Japan.
Following the minister’s meetings, Nigeria and Japan expressed their readiness to align investment plans to unlock Nigeria’s vast mineral resources.
Alake assured Japanese investors that President Bola Ahmed Tinubu’s reforms, including subsidy removal, a stabilised exchange rate, and major rail, road, and waterway projects, have created a more enabling environment for businesses.
“In terms of economies of scale, producing and processing the critical minerals you need in Nigeria is cheaper and more profitable as the costs of production are lower,” he said.
The minister noted that recent electricity sector reforms would enable industries to generate and manage their own power supply.
He also assured Japanese mining companies of benefiting from tax holidays and duty waivers on equipment, while urging them to invest in local processing of minerals before export, in line with Nigeria’s value-addition policy.
The meetings also featured the Nigeria Solid Minerals Company (NSMC), represented by its CEO, Martins Imonitie. The NSMC, designed to take equity stakes in mining projects, is expected to serve as a trusted partner to strengthen investor confidence.
A statement yesterday in Abuja by Alake’s Special Adviser on Media, Kehinde Bamigbetan, said the meetings focused on attracting Japanese mining companies into Nigeria’s solid minerals sector.
According to the statement, the President of JOGMEC, Mr. Michio Daito, acknowledged Nigeria’s rich mineral deposits but stressed the need for more clarity on economic conditions before Japanese firms commit to large-scale investments.
Daito noted that some issues, such as power supply, tax incentives, labour, free trade zones, and infrastructure are critical to reducing investment risks.
Explaining that Japanese mining firms rely on JOGMEC to make investment decisions in foreign countries, the organisation’s president sought to have information on the state of infrastructure in Nigeria that supports mining.
Earlier engagements with Japanese trading giants, Mitsubishi Corporation, Sumitomo Corporation, and Mitsui & Company, had signaled growing interest in Nigeria’s mining industry, with final commitments expected after JOGMEC’s approval.
The meeting concluded with both parties agreeing to strengthen technical exchanges and foster direct collaboration between JOGMEC and NSMC to accelerate concrete investment outcomes.
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JUST IN : N2.2bn Fraud, Court Upholds Ngige’s EFCC Bail, Insists on Senior Civil Servant as Surety
The Federal Capital Territory High Court sitting in Gwarinpa, Abuja, on Thursday, granted a former Minister of Labour and Employment, Chris Ngige, to continue to enjoy the administrative bail earlier granted him by the Economic and Financial Crimes Commission.
The trial judge, Justice Maryam Hassan, made the order while delivering a ruling in the bail application filed and argued on behalf of the former minister by his lead counsel, Patrick Ikwueto (SAN).
Justice Hassan in the ruling directed Ngige to produce a surety who must be a director in the employment of the Federal Government and own a landed property.
Justice Hassan ruled that the surety is to deposit the title documents of the landed property, as well as his travel documents, with the court pending the time Ngige completes the retrieval of his own international passport.
The EFCC had previously granted Ngige bail on self-recognition and directed him to submit his travel documents to the commission, in addition to providing one surety.
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Breaking : Tinubu Removes NMDPRA Chiefs Farouk, Komolafe Over Sabotage, Corruption Allegations; Names Replacement
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The Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, has resigned.
Similarly, his counterpart at the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, has stepped down.
Based on the development, President Bola Tinubu has asked the Senate to confirm new chief executives for the two agencies.
The President’s request was contained in separate letters to the Senate on Wednesday.
This was announced in a statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.
Both officials were appointed in 2021 by former President Muhammadu Buhari after the enactment of the Petroleum Industry Act.
According to the statement, Tinubu “has written to the Senate, requesting expedited confirmation of Oritsemeyiwa Amanorisewo Eyesan as CEO of NUPRC and Engineer Saidu Aliyu Mohammed as CEO of NMDPRA.”
The statement noted that Eyesan, an economist and oil industry veteran, spent nearly 33 years at the Nigerian National Petroleum Company Limited and its subsidiaries.
She retired in 2024 as Executive Vice President, Upstream, and previously served as Group General Manager, Corporate Planning and Strategy.
Mohammed, a chemical engineer and former Managing Director of the Kaduna Refining and Petrochemical Company and the Nigerian Gas Company, has also served on several energy sector boards.
He recently emerged as an independent non-executive director at Seplat Energy.
“The two nominees are seasoned professionals in the oil and gas industry,” the statement noted.
Ahmed’s resignation comes amid a high-profile conflict with Africa’s richest man, Aliko Dangote, which drew national attention in December 2025.
The dispute arose from Dangote’s allegations that Ahmed and his family were living beyond their legitimate means, citing millions of dollars allegedly spent on overseas schooling for his four children.
Dangote petitioned the Independent Corrupt Practices and Other Related Offences Commission to investigate and prosecute Ahmed for abuse of office and corrupt enrichment, sparking a nationwide debate over regulatory oversight in Nigeria’s petroleum sector.
The NMDPRA chief dismissed Dangote’s claims as “wild and spurious,” insisting that he would rather defend himself before a formal investigative body than engage in public arguments.
The conflict, which traces its roots to 2024 when Ahmed criticised domestic refinery output—including Dangote’s refinery—prompted intervention by the House of Representatives, which summoned both parties to avoid destabilising the sector.
President Bola Ahmed Tinubu on Wednesday evening met with the embattled Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, at the State House, Abuja.
The meeting came amid allegations of financial impropriety made by industrialist and President of the Dangote Group, Alhaji Aliko Dangote, against the NMDPRA boss.
Dangote and Ahmed have been at odds for a while now over downstream petroleum regulation and the future of domestic refining in Nigeria.
At a press conference on Sunday at the Dangote Petroleum Refinery, Dangote accused the NMDPRA, under Mr Ahmed’s leadership, of economic sabotage, alleging that regulatory actions were undermining local refining capacity.
He claimed that the continued issuance of import licences for petroleum products was frustrating domestic refiners and deepening Nigeria’s reliance on fuel imports.
The billionaire industrialist further alleged that the regulator was colluding with international traders and petroleum importers to the detriment of local operators, accusations to which the NMDPRA has yet to publicly respond.
Mr Dangote also made personal allegations against the NMDPRA chief, claiming that Mr Ahmed was living beyond his legitimate means.
He alleged that four of Mr Ahmed’s children attend secondary schools in Switzerland at costs running into several millions of dollars, arguing that such expenditure raised concerns about conflicts of interest and the integrity of regulatory oversight in the downstream petroleum sector.
On Monday, Mr Dangote escalated the claims, accusing Mr Ahmed of corruption and misappropriation of public funds.
He alleged that about $5 million was spent on the secondary education and upkeep of the children over six years, with an additional $2 million on tertiary education, including an alleged $210,000 for a 2025 Harvard MBA programme for one of them.
The controversy deepened on Tuesday when Mr Dangote, through his lawyer, Ogwu Onoja, a Senior Advocate of Nigeria (SAN), petitioned the Independent Corrupt Practices and Other Related Offences Commission (ICPC), calling for Mr Ahmed’s arrest, investigation, and prosecution.
In the petition addressed to ICPC Chairman Musa Aliyu, Mr Dangote alleged that the NMDPRA chief “spent without evidence of lawful means of income amounting to over $7 million for the education of his four children” in Switzerland.
The petition reportedly included the names of the children, the schools attended, and detailed figures for verification.
Mr Ahmed arrived at the Presidential Villa at about 5:30 p.m. and left the President’s office after less than 30 minutes.
He declined to speak with journalists as he exited the State House and offered no comment on the allegations or the outcome of his meeting with President Tinubu.
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BREAKING: Ex-NIWA Boss Oyebamiji Clinches Osun APC Governorship Ticket
The immediate past Managing Director of the National Inland Waterways Authority, Bola Oyebamiji, on Saturday emerged as the consensus candidate of the All Progressives Congress for the forthcoming Osun State governorship election.
Oyebamiji’s emergence followed a motion moved by two governorship aspirants, Kunle Adegoke (SAN) and Senator Babajide Omoworare, at the primary election venue located within the premises of Ebunoluwa Group of Schools, Osogbo.
The Chairman of the APC governorship primary committee and Governor of Edo State, Monday Okpebholo, thereafter subjected the motion to a voice vote, which received overwhelming support from party members present at the primary.
Okpebholo subsequently declared, “By the power conferred on me, I present to you Bola Oyebamiji, as the governorship candidate of our party.”
Newsthumb earlier reported that the APC governorship primary in Osun State commenced in Osogbo, the state capital, with the arrival of the committee chairman, Monday Okpebholo, who noted that the candidate will emerge by affirmation.
APC’s gov candidate Oyebamiji pledges to reposition Osun
He arrived at the venue alongside the co-chairman of the committee, Governor Lucky Aiyedatiwa of Ondo State, and other members of the governorship primary committee, including Governor Abdullahi Sule of Nasarawa State, Dr Obafemi Hamzat, who represented the Lagos State Governor, and former Kogi State Governor, Yahaya Bello.
Earlier on Tuesday, 1660 delegates that would elect the APC candidate in the December 13 governorship primary of the party emerged.
There were also clear indications that the seven APC governorship aspirants in the state had stepped down to back a consensus flagbearer after a late-night meeting with President Bola Tinubu at the State House, Abuja, on Wednesday.
A former APC National Secretary, Senator Iyiola Omisore, on Wednesday, speaking on a TVC News programme, Politics Tonight, declared his support for the party’s arrangement to choose a consensus candidate for the 2026 Osun State governorship election.
Omisore, who was among seven aspirants disqualified by the APC Screening Committee for alleged violations of party guidelines and electoral provisions, said he accepted the decision following guidance from President Bola Tinubu.
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