- Tinubu names Imonitie to revamp Nigerian Mining Corporation
- Imonitie tasked with overhauling Nigerian Mining Corporation.
- Appointment aims to foster growth, private sector involvement.
President Bola Tinubu has approved the appointment of Martins Imonitie as the Chief Executive Officer (CEO) of the freshly minted Nigerian Mining Corporation (NMC).
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EKO HOT BLOG reports that the announcement was made by the Minister of Solid Minerals Development, Dele Alake, during a press briefing at the State House following the Federal Executive Council (FEC) meeting chaired by the president.
Imonitie, hailed as a seasoned mining finance expert hailing from Western Australia, a prominent mining hub globally, was cherry-picked for this significant role. Minister Alake lauded Imonitie’s background, citing his past collaborations with key industry players on a global scale, expressing confidence in his ability to steer this nascent endeavor towards success.
The strategic appointment is a pivotal stride in the government’s ongoing drive to revamp Nigeria’s mining landscape, aiming to infuse international proficiency to fortify domestic operations.
In a bid to insulate the corporation from undue political influences, Alake divulged that the ownership structure of the Nigerian Mining Corporation is privately oriented. He elucidated that the entity is configured to evade governmental intervention post-inception, safeguarding against operational disruptions driven by political considerations.
“The setup is meticulously crafted to shield against future political interferences,” remarked Alake, outlining the ownership breakdown as follows:
- 50% Private sector ownership
- 25% Federal Government control
- 25% Accessible to Nigerian citizens
This delineation, as emphasized by the minister, is envisaged to underpin sustainability, operational efficiency, and sustained profitability over the long haul.
Conversely, Alake dispelled circulating notions that the government intends to establish a Solid Minerals Development Bank. Despite a bill advocating for such a financial institution passing a legislative hurdle in the House of Representatives last year, the minister underscored the imperative for industry leaders to spearhead the establishment of such a crucial entity.
Alake stressed the necessity for a specialized mining financial institution to be initiated by the private sector, precluding governmental involvement to avert potential bureaucratic quagmires and political encumbrances.
“The private sector holds the key to unlocking the potential of a dedicated mining bank for maximal industry benefit,” Alake reiterated. He accentuated the importance of autonomous governance, equitable funding access, and impartial operational frameworks freed from external influences.
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