President Bola Tinubu has appointed Martins Imonitie as the Chief Executive Officer (CEO) of the newly established Nigerian Mining Corporation. The announcement was made by Dele Alake, the Minister of Solid Minerals Development, following the Federal Executive Council (FEC) meeting presided over by President Tinubu.
Imonitie, a mining finance expert from Australia, was handpicked from Western Australia, a leading mining region globally. Alake emphasized that Imonitie’s extensive experience working with major global mining players would be crucial in driving the success of the corporation’s initiatives.
Regarding the ownership structure of the corporation, Alake revealed that it will be a public-private partnership. The private sector will control 50 percent, the federal government will hold 25 percent, and the remaining 25 percent will be available for Nigerian citizens. This structure aims to minimize government interference and prevent political manipulation in its operations.
Additionally, Alake clarified that there are no plans for the government to establish a Solid Minerals Development Bank. Instead, he urged private sector players to take the lead in creating a specialized financial institution that would support mining operations, free from political interference.
