Business

States cannot ban mining activities, minister tackles govs

Published

7 months ago

October 12, 2023

States cannot ban mining activities, minister tackles govs

Minister of Solid Minerals Development, Dele Alake has declared that governors do not have the constitutional powers to ban mining activities.

He made the statement during a pre-event press conference in Abuja ahead of the 8th edition of the annual Nigerian Mining Week 2023 slated for October 16-18,2023 in Abuja.

According to him, mining remains on the exclusive list of the Federal Government in the Constitution, hence it is not under the purview of a state governor as far as the enactment laws, and regulations of operations of solid minerals are concerned.

The minister cautioned governors to desist from taking laws into their hands to regulate the sector and said it is illegal to do so, which also they are not constitutionally empowered to regulate oil and gas activities.

He said, “The state’s ban on mining activities across the court is a point that is really sore. And it’s a constitutional matter. I want to use this opportunity to get to the entire Nigerian public that no state and I repeat, no state has the authority to interfere in mining operations, no state has the authority and it is not it’s a no-brainer. It’s a constitutional matter.

“Mining belongs exclusively in the purview of the federal government, according to the Constitution. It is in the exclusive legislative list. It is not in the residual.

“It is not in the concurrent it’s in the exclusive legislative list. Every item on the exclusive, legislative list belongs to the federal government.

“There is no doubt about that. All items on the residual list belong to the states and all items in a concurrent section belong to both, but mining like oil and solid Minerals belongs in the exclusive legislative, therefore, it is the federal government that has the authority.

“Legal authorities as supported by the Constitution make laws regulations and operationalization of the Solid Minerals resources of Nigeria.

“Now, because of the peculiar nature of solid minerals, because of the involvement of the local communities or the host communities, there is an engagement even in the regulatory framework of mining operations.

“There is an engagement close with the host communities and the federal government through the Ministry of Solid has been engaging with host communities in fact, in the licensing operations or processes or procedures, there is a provision for the engagement with the host communities. Now these host communities also belong in the various states.”

He however pointed out that, “we are not against any state that wants to engage a mining operations as long as it follows due process.

“If any state wants to engage in mining, it can form its own Special Purpose Vehicle, SPV, apply for a mining licence from the office of the Minister of Solid Minerals; go through the due process and be so licensed if it meets all the criteria. Such a state is like any company or like any individual, institution, or corporate body.

“But for a State to wake up and say it is regulating mining activities is like a state waking up to ban oil exploration; it is downright illegal.”

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Business

Your pension funds safe, won’t be accessed illegally, FG tells workers

Published

14 mins ago

May 17, 2024

Trends Admin

Your pension funds safe, won’t be accessed illegally, FG tells workers

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, says the Federal Government has no plans of illegally accessing the N20 trillion pension funds for infrastructure development.
He said noone should entertain any fear over the safety of the contributions of workers that make up the pension funds.
Edun had earlier said the spoken on a move to use the pension funds as part of the government’s efforts to bridge Nigeria’s estimated 20 million housing deficit, and provide massive housing and mortgage loans at 12 per cent interest rates, with 25-year repayment plans.
The minister’s comments had elicited serious reactions from notable groups and Nigerians, including the organised labour and a former Vice President, Alhaji Atiku Abubakar, who advised the government to suspend the move.
Atiku said the move was potentially disastrous for retired Nigerians dependent on their pensions.
But in a statement personally issued on Thursday, Edun said the stories making the rounds that the government planned to illegally access the savings and pension contributions of workers were false.
He stated that the pension industry was guided by rules, adding that the government would be strictly guided by extant rules in accessing the pension funds of workers.
The minister stressed that government would not go outside the stipulated limitations on what the funds could be invested in.
The statement read in partu, “It has come to my notice that there are stories making the rounds that the Federal Government plans to illegally access the hard-earned savings and pension contributions of workers. Nothing could be farther from the truth.
“The pension industry, like most the financial industries, is highly regulated. There are rules. There are limitations about what pension money can be invested in and what it cannot be invested in.
“The Federal Government has no intention whatsoever to go beyond those limitations and go outside those bounds, which are there to safeguard the pensions of workers.
“What was announced to the Federal Executive Council was that there was an ongoing initiative drawing in all the major stakeholders in the long-term saving industry, those that handle funds that are available over a long period to see how, within the regulations and the laws, these funds could be used maximally to drive investment in key growth areas, including infrastructure, housing, and, of course, to find a way to provide Nigerians with affordable mortgages.
“Within this context, there is no attempt, nor is it being considered, to offer unsafe investments for pension funds or even insurance funds or any investment funds.
“No attempt whatsoever to increase the risk. No attempt whatsoever to lower the returns that would otherwise be earned.”

Aviation

Updated: We’ll resume Lagos-Dubai flights on October 1, says Emirates

Published

19 hours ago

May 16, 2024

Trends Admin

Updated: We’ll resume Lagos-Dubai flights on October 1, says Emirates

Emirates Airlines on Thursday announced that its flight operations to Nigeria would resume on October 1, 2024.

It said this in a statement, “The service will be operated using a Boeing 777-300ER. EK783 will depart Dubai at 0945hrs, arriving in Lagos at 1520hrs. The return flight EK784 will leave Lagos at 1730hrs and arrives in Dubai at 0510hrs the next day.

“Tickets can be booked now on Emirates.com or via travel agents.”

It quoted Emirates’ Deputy President and Chief Commercial Officer, Adnan Kazim, as saying the Lagos-Dubai service has traditionally been popular in Nigeria.

“We thank the Nigerian government for their partnership and support in re-establishing this route and we look forward to welcoming passengers back onboard,” Kazim said.

Minister of Aviation and Aerospace Development, Festus Keyamo, on Wednesday said the Emirates Airlines had given a definite date to resume flight operations to Nigeria and would make the announcement in a matter of days.

Emirates Airlines suspended flight operations to Nigeria in October 2022 over its inability to repatriate its $85 million revenue trapped in Nigeria.

Business

Dollar crashes against Naira at official market

Published

1 day ago

May 16, 2024

Trends Admin

Dollar crashes against Naira at official market

The Naira on Wednesday appreciated at the official market, trading at N1,459.02 to the dollar.

Data from the official trading platform of the FMDQ Exchange, revealed that the Naira gained N61.38.

This represents a 4.04 per cent gain when compared to the previous trading date on Tuesday, when the local currency exchanged at N1,520.40 to a dollar.