Business
New mining rates: Stakeholders decry inadequate consultation
Stakeholders in the mining sector have decried the lack of proper consultation before new mining rates were announced by the Federal Government.
The News Agency of Nigeria (NAN) reports that the Minister of Solid Minerals Development, Dr Dele Alake, had on July 5 announced an upward review of rates and charges for all activities in the mining sector.
He said that the move was aimed at positioning the sector for economic consolidation, and was due to the introduction of qualitative measures being implemented.
According to him, the move will raise the level of services, improve transaction traffic, and develop infrastructure.
The new rates include increase in mining lease licences and royalty rates of minerals particularly of lithium, kunzite and gold.
In response to the development, the National President of the Miners Association of Nigeria (MAN), Dele Ayanleke, said that stakeholders were dissatisfied with the rates.
Ayanleke expressed concern with the processes leading to the announcement, and the general state of the sector particularly the multiple taxation of operators by state governments.
“To say the new rates are high is an understatement; it is unrealistic.
“In a situation where state governments keep on issuing unconstitutional regulations with attendant rates and charges with impunity and the Federal Government, through the Ministry, could not assert its authority on a subject located in the exclusive list.
“ Outrageous upward review of rates and charges can only be interpreted that the government wants indigenous operators out of mining business,” he said.
He urged the Federal Government to engage with state governments to address the widespread illegality in the regulatory and governance framework of the sector, which was frustrating mining operators in their businesses.
According to him, once the situation is resolved, stakeholders should be engaged in determining the best ways to optimise revenue generation, and harness the wealth creation potential of the sector.
Similarly, the President of the Nigerian Mining and Geosciences Society (NMGS), Prof Akinade Olatunji, said that the review was not the issue, but rather the process of arriving at it.
Olatunji said that the ministry had used the current selling prices of minerals as the basis for determining the fixed rates.
“This was done unilaterally without sufficient consultation with relevant stakeholders.
“There are several factors that govern royalty rates. The operators are currently groaning under huge costs aggravated by the prevailing economic challenges, so this may send many more operators out of business.
“What I think Government should do is to get the Mines Inspectorate Division strengthened with more qualified personnel, provide them mobility and running costs and allow them to do their job effectively.
“That would prevent revenue leakage and of course increase the accrual to government,” he said.
He said that the new rates for exploration and mining leases indicates that the entire landscape may just be confiscated by those with deep pockets.
NAN reports that 268 items were reviewed in the new regime.
Investors applying for a mining lease licence will pay N3 million, while Small Scale Mining Lease (SSML) applicants will pay N300,000 for the first two cadastral units.
The cost to obtain an Exploration Licence (EL) is N600,000 for the first 100 cadastral units, Quarry lease and reconnaissance permit, will attract N300,000.
In the new rates regime, lithium ore lepidolite at the current market value of N600,000 per tonne attracts an N18,000 royalty per tonne.
Kunzite, with a current market value of N3 million per tonne, attracts a N90,000 royalty per tonne, while lithium ore spodumene, with a current market value of N316,667 per tonne, attracts a N9,500 royalty per tonne among others. (NAN
By Abubakar Yunusa
The Association of Labour Veteran and Trade Union Assembly has voiced its support for President Bola Tinubu’s economic reforms, claiming that food prices have significantly decreased across the country.
In a statement issued on Thursday, the union’s interim president, Comrade Isa Tijjani, acknowledged the initial economic hardship faced by Nigerians at the beginning of Tinubu’s administration but insisted that government efforts had led to tangible improvements.
“At the start of this administration, the cost of food soared, and the nation was filled with cries of hunger and complaints. People were urged to be patient as the government worked towards solutions,” Tijjani said.
“Now, the President and his aides have worked tirelessly, and prices have come down drastically. However, I have yet to hear words of appreciation for their efforts. Recognising their achievements will encourage them to do even more for the nation.”
Tijjani, a former national vice-president of the Nigeria Labour Congress, urged Nigerians to differentiate between constructive criticism and unwarranted opposition.
He emphasised that engaging with the government in a respectful and solution-oriented manner would yield better results than resorting to hostility.
“The President of this country today is Alhaji Bola Ahmed Tinubu. Advising him in a humble and respectful manner will be more productive than adopting a confrontational stance. Constructive engagement achieves more than threats and name-calling,” he added.
Tijjani also condemned the recent act of violence in Edo State, describing it as a cowardly attempt to incite division and instability in Nigeria.
He welcomed the swift response of both the President and the Governor of Edo State in addressing the situation and called for the perpetrators to be brought to justice.
The labour leader further urged union members to participate in the upcoming General Executive Council meeting, where the union’s position on national issues will be formalised and disseminated at all levels of governance, from the state to the local and ward levels.
The Tinubu administration has faced criticism over the country’s economic challenges, including inflation and currency depreciation. However, government officials have maintained that their policies will yield long-term benefits for Nigeria’s economy.
Sterling Bank has announced the removal of transfer fees on all local online transactions.
The move was confirmed by the bank on Tuesday in a press release.
The development makes it the first major Nigerian bank to eliminate the contentious charges for digital banking.
The statement noted that the bank reaffirmed its commitment to customer-centric banking, declaring that the zero-transfer-fee policy is real and effective immediately.
The initiative is expected to bring significant relief to individuals and small business owners who conduct frequent transactions.
The bank’s Growth Executive in charge of Consumer and Business Banking, Obinna Ukachukwu, described the decision as a values-driven approach aimed at ensuring fair and inclusive banking.
“We believe access to your own money shouldn’t come with a penalty.
“This is more than a financial decision—it’s about redefining banking to put customers first,” he stated.
Under the new policy, Sterling customers will not be charged for local transfers conducted via the bank’s mobile app.
Ukachukwu emphasised that the bank’s decision is about more than just competitive strategy.
He said, “We’re not yet the biggest bank in Nigeria, but we’ve been the boldest.
Sterling fearlessly believes in the future of Nigeria, and this is us backing Nigerians with more than words.
The Central Bank of Nigeria dismissed a report claiming it had introduced N5,000 and N10,000 banknotes to facilitate cash transactions as false.
In a statement posted on its official X handle on Wednesday, the apex bank described the report as fake and urged Nigerians to disregard it.
“The content is not from the Central Bank of Nigeria. Kindly note that the official website of the CBN is cbn.gov.ng,” the statement read.
A statement from the CBN’s communications department further clarified, “The only official sources for releasing statements to the media are our website or statements from our department. There is also no Deputy Governor by such name. We are investigating the source of this fake content.”
The report quoted one Deputy CBN Governor, Ibrahim Tahir Jr., the move is aimed at reducing cash-handling costs and providing Nigerians with more efficient means of conducting large transactions.
“The introduction of these new high-value denominations aligns with global best practices and will enhance economic activities while reducing the stress associated with carrying large amounts of cash,” the Governor stated. The CBN said there is no such name in its leadership.
“The new N5,000 note will feature the portrait of Chief Obafemi Awolowo, while the N10,000 note will showcase Dr. Nnamdi Azikiwe, both in recognition of their contributions to Nigeria’s development.
“Additionally, the new notes will incorporate enhanced security features, including color-changing ink, holograms, and anti-counterfeiting technology, making them impossible to replicate,” the fake report stated.
The fake report also said the nationwide rollout would begin on May 1, 2025, with commercial banks instructed to start issuing the new notes via ATMs and over-the-counter transactions.