President Bola Tinubu has approved the appointment of Martins Imonitie as the Chief Executive Officer (CEO) of the Nigerian Mining Corporation.
The announcement was made by Dele Alake, Minister of Solid Minerals Development, during a briefing with State House correspondents following the Federal Executive Council (FEC) meeting presided over by President Tinubu.
This appointment comes as part of the federal government’s plan to revitalize Nigeria’s mining sector. Segun Tomori, the minister’s special assistant on media, had earlier revealed that the government was preparing to launch a new mining corporation to boost solid mineral development in the country.
Providing an update on the establishment, Alake said Imonitie is a mining finance expert from Australia.
“We headhunted him from Western Australia, one of the biggest mining regions in the world. He has experience working with major global players, and he will drive this new initiative,” Alake said.
Speaking on the ownership structure, Alake said the corporation’s equity structure will ensure minimal government interference, with 50 percent controlled by the private sector, 25 percent by the federal government, and 25 percent openned to Nigerian citizens.
“It is designed so that after us, no government can interfere or inject political manipulation into its operations,” he added.
Also, Alake said the government has no plan to establish a Solid Minerals Development Bank.
On March 12, 2024, a bill seeking to establish the Nigerian Mining Development Bank passed a second reading in the house of representatives.
However, on November 22, 2024, Alake asked CEOs in the mining industry to spearhead the establishment of mining development banks.
Reiterating his comment, the minister challenged private sector players to take the lead in setting up a specialised financial institution to support mining operations.
“I never announced that the government will establish a Solid Minerals Development Bank. I threw the challenge to the private sector because once you allow government to set it up, you invite political interference”, he said.
Alake said private sector ownership will ensure efficient management and fair access to funding for miners, free from favoritism or political influence.
