News
Miners’ debt to banks rises 296% in Q3 2023 amidst states’ bans
Miners’ debt to banks rises 296% in Q3 2023 amidst states’ bans
The mining and quarrying sector witnessed a substantial influx of bank loans in the third quarter of 2023, with borrowing surging to approximately N12.76 billion, as detailed in the Central Bank of Nigeria’s (CBN) latest quarterly statistical bulletin.
This leap represents a staggering 296% increase from the N3.22 billion recorded in the preceding quarter, underscoring a robust appetite for capital despite broader economic challenges.
By the close of September 2023, the cumulative debt burden shouldered by firms within this sector had escalated by a notable 43% to N42.35 billion, up from N29.59 billion at the end of June 2023.
This financial trajectory is particularly noteworthy against the backdrop of regulatory headwinds, as some Nigerian states imposed bans on mining activities during the same period.
States’ Ban on Mining Activities
The landscape of Nigeria’s mining sector underwent significant regulatory shifts between June and September 2023, marked by a series of bans on mining activities across various states.
This period saw no fewer than five states—Taraba, Niger, Zamfara, Kebbi, and Enugu—impose restrictions, primarily targeting illegal mining operations, amid concerns over environmental degradation and insecurity.
READ ALSO:
- Police arrest 34 suspected kidnappers, rescued 22 victims in two weeks
- Guardiola lauds Manchester City’s ‘perfect’ 3-1 win at Copenhagen
- Police arrest ASP with ‘Indian hemp’ in Gombe
In June 2023, Taraba State Governor Agbu Kefas enacted Executive Order No. 3 to halt all mining activities effective June 23, 2023. By August, Niger State, under the directive of Governor Mohammed Umaru Bago, suspended all forms of mining. The following month, similar actions were taken in Zamfara, Kebbi, and Enugu, all aiming to address the resurgence of insecurity linked to mining activities.
These state-level interventions coincide with broader national security concerns. Previously, in 2022, the former Minister of Justice, Abubakar Malami, floated the idea of a nationwide mining ban as a strategy to undercut the financial pipelines fueling terrorist activities.
However, these measures have not been without controversy. The Miners Association of Nigeria (MAN) has criticised the state-imposed bans, arguing that such actions infringe on federal jurisdiction over mining and mineral resources.
The association’s grievances point to a contentious legal and regulatory landscape, which may further heighten the risk tendency of the mining sector.
The state bans, while aimed at curbing illegal mining and its associated security risks, also raise questions about the impact on legitimate enterprises and the broader economic implications for regions reliant on mining for revenue and employment.
The federal government, through Dele Alake, the Minister of Solid Minerals Development, clarified the legal landscape surrounding mining regulation, firmly stating that state governments lack the authority to regulate mining activities within their territories.
This declaration comes in the wake of a series of unilateral bans on mining activities by various state governments aimed at curtailing illegal mining operations and addressing associated security challenges. According to Alake, such state-level interventions are deemed illegal and contravene the provisions of the Nigerian constitution.
The minister emphasised the centralised nature of mining regulation, noting that any state interested in participating in mining activities must adhere to established legal processes, including applying for a licence through the appropriate federal channels.
READ ALSO:
- Alleged $6.23m fraud: Presidency asks Interpol to apprehend CBN staff, 2 others
- LASTMA arrests fake officer over N140,000 extortion
- Families scamper for safety as gas explosion razes 18 shops in Lagos
Also, Alake recently highlighted the strategic importance of solid minerals as a potential major revenue earner for the nation, urging sub-national governments to align with the federal government’s vision.
He advocated for states to position themselves as contributors to the national agenda by leveraging the mineral resources within their jurisdictions, albeit through legally mandated federal licencing and regulatory mechanisms.
More Insights
- The Solid Minerals Development Fund (SMDF), under the guidance of Executive Secretary and CEO Fatima Shinkafi, is placing a strategic emphasis on greenfield exploration, targeting the critical gap in data availability that hinders investment attraction in Nigeria’s mining sector.
- Shinkafi recently spoke about the inherent challenges of exploration, notably its cost-intensive and risky nature, which historically has deterred banks, known for their risk-averse lending practices, from financing ventures within the sector.
- Despite these challenges, a noticeable shift in the financial landscape is attributed to recent reforms spearheaded by the current Minister of Solid Minerals Development, Dele Alake.
- These reforms seem to have incrementally opened the doors to increased financing from the banking sector, signalling a departure from the traditional reluctance to engage with the mining industry due to its speculative nature.
- This shift is part of a broader strategy by the Federal Government, through initiatives like the SMDF, aimed at de-risking the mining sector to make it a more attractive investment proposition.
- Nigeria’s mining and quarrying sector is navigating a transformative era, buoyed by governmental efforts to mitigate risk and foster a conducive environment for investment.
- The concerted push to fill the data void through greenfield exploration is particularly significant, as it directly addresses one of the most substantial barriers to entry for potential investors.
- Moreover, the willingness of banks to reconsider their stance on lending to the sector reflects a broader re-evaluation of the mining industry’s potential as a viable and lucrative investment destination.
Miners’ debt to banks rises 296% in Q3 2023 amidst states’ bans
![]()
News
MURIC Warns FG: Any Move Against Atiku Now Lacks Tact
MURIC Warns FG: Any Move Against Atiku Now Lacks Tact
The Muslim Rights Concern (MURIC) has warned the Federal Government against any move to arrest, interrogate or otherwise take action against former Vice-President Atiku Abubakar over a fresh petition before the Economic and Financial Crimes Commission, saying such a step at this time could send the wrong signal to Nigerians.
The warning came as the controversy over a renewed call for the EFCC to investigate allegations dating back to Atiku’s tenure as Vice-President intensified, with opposition figures and the petitioner trading sharply different arguments over the matter.
In a statement issued on Tuesday, September 22, 2026, MURIC Founder and Executive Director, Professor Ishaq Akintola, said the government should exercise caution, particularly with the 2027 general elections approaching.
According to MURIC, the renewed allegations have assumed greater sensitivity because Atiku is now the presidential candidate of the African Democratic Congress and a leading opposition figure.
“We warn that such an attempt at this point in time will send the wrong signal to Nigerians,” the group said, adding that with the 2027 elections “at the doorsteps,” the Federal Government should carefully consider the consequences of any action against the former Vice-President.
MURIC described any such move as lacking tact and “short” of emotional intelligence, while urging the government to avoid conduct that could create the impression that state institutions were being used against political opponents.
The organisation also warned against what it described as a damaging “body language” capable of portraying Nigeria as a “banana republic.”
MURIC said that although the country had already lost some ethical ground, its democratic values and norms remained important safeguards that should not be compromised.
“Our corporate image in the global community is sinking fast,” the group added.
READ ALSO:
- JAMB Allows Candidates to Change Lost SIM, Email Addresses
- How Nigerians Can Get Federal High Court Affidavit Online Without Visiting Court
- Plateau Violence: Several Killed as Fresh Attacks Trigger Mass Exodus
The statement followed renewed controversy over a petition by former House of Representatives member, Ehiozuwa Agbonayinma, asking the EFCC to revisit allegations concerning Atiku’s activities while he was Vice-President.
Reports indicate that the petition relates to allegations investigated by the EFCC between 2005 and 2006. Agbonayinma reportedly gave the anti-graft agency a 14-day ultimatum to act and threatened legal action if the commission failed to respond.
Former Senator Dino Melaye has strongly opposed the renewed petition, describing it as an attempt to “resurrect the dead.” Melaye argued that the matter had previously been dealt with and questioned the basis for bringing it back almost two decades later.
The dispute, however, has escalated beyond the original petition, with Agbonayinma hitting back at Melaye and challenging him to produce documentary evidence for his claim that the allegations had been investigated and dismissed.
In a statement reported on September 20, Agbonayinma insisted that he was asking the EFCC to perform its statutory responsibility and argued that the substance of the allegations should be addressed rather than his personality or political affiliation.
“You cannot defend Atiku Abubakar from an EFCC petition by attacking me,” Agbonayinma was quoted as saying, while urging the anti-graft agency to determine whether the allegations warranted further investigation.
The renewed controversy has also brought attention to the distinction between a petition seeking investigation and a finding of criminal guilt. The existence of a petition does not, by itself, establish that the person named in it committed an offence.
There is also a historical legal dimension to the allegations. Reports on the previous proceedings state that a Lagos State High Court set aside an EFCC administrative indictment against Atiku in December 2006, while no criminal conviction against him resulted from the allegations.
Atiku has continued to deny wrongdoing and has challenged anyone with credible evidence against him to present it through the appropriate legal channels.
Meanwhile, there was no confirmed announcement from the EFCC, as of the latest reports reviewed, that it had arrested Atiku or formally invited him over the fresh petition. A separate and more recent EFCC investigation reported on September 20 concerns individuals connected to allegations surrounding the Mambilla Power Project, which is distinct from the 2005–2006 allegations at the centre of the present political dispute.
The MURIC intervention has therefore added a fresh dimension to an increasingly heated political controversy, with the organisation urging the Federal Government to exercise restraint and protect public confidence in Nigeria’s democratic institutions.
With the 2027 elections approaching, the dispute over the renewed EFCC petition is expected to remain a significant political issue, particularly if the anti-graft agency decides to take further steps.
For MURIC, however, the timing of any action is crucial. The organisation wants the Federal Government to ensure that whatever steps are taken by law-enforcement agencies are grounded in due process and do not create the perception of political persecution.
The group’s central warning is that Nigeria must guard its democratic reputation and avoid actions that could further erode public confidence in its institutions at a particularly sensitive period in the nation’s political calendar.
MURIC Warns FG: Any Move Against Atiku Now Lacks Tact
![]()
News
NiMet Predicts Thunderstorms, Rain Across Nigeria Till Wednesday
NiMet Predicts Thunderstorms, Rain Across Nigeria Till Wednesday
The Nigerian Meteorological Agency (NiMet) has predicted thunderstorms and rainfall across several parts of Nigeria from Monday to Wednesday.
The agency, in its weather outlook released on Sunday, also warned that strong winds could occur ahead of thunderstorms in some areas.
For Monday, NiMet expects thunderstorms and light rain over parts of Taraba and Kebbi during the morning. Later in the day, moderate rainfall is expected across several areas in the North-East, Kaduna, Taraba and Kebbi.
In the North-Central region, parts of Niger State could experience thunderstorms and light rain in the morning, while most parts of the region may record thunderstorms with moderate rainfall by afternoon or evening.
The southern states are also expected to experience wet conditions. NiMet forecasts cloudy skies in the morning, with isolated thunderstorms and light rain over parts of Bayelsa, Rivers, Akwa Ibom and Cross River. More thunderstorms and light rain are expected later in the day.
Tuesday and Wednesday Forecast
On Tuesday, the northern region is expected to have patches of cloud in the morning, with thunderstorms and light rain possible in parts of Taraba.
By afternoon or evening, most parts of the region could experience thunderstorms accompanied by moderate rain.
In the North-Central, parts of the Federal Capital Territory, Niger, Nasarawa and Plateau states are expected to receive thunderstorms and moderate rainfall later in the day.
Southern areas, including parts of Ebonyi, Enugu, Abia and the South-South, may also experience thunderstorms and light rain.
NiMet expects more widespread rainfall on Wednesday, particularly across northern and North-Central states. Borno, Bauchi, Gombe, Kaduna, Adamawa and Taraba are among the areas listed for morning thunderstorms and moderate rain.
The agency also forecasts thunderstorms and moderate rainfall across much of the South later on Wednesday.
NiMet advised residents to secure loose objects and take precautions against strong winds. Motorists were urged to avoid driving during heavy rainfall, while residents were advised to disconnect electrical appliances during thunderstorms and stay away from tall trees.
Airline operators were also advised to obtain airport-specific weather information when planning flights.
NiMet Predicts Thunderstorms, Rain Across Nigeria Till Wednesday
![]()
News
Working People United Celebrates Oluremi Tinubu at 66, Commends Her Humanitarian Efforts
Working People United Celebrates Oluremi Tinubu at 66, Commends Her Humanitarian Efforts
Civic organisation Working People United has congratulated Nigeria’s First Lady, Senator Oluremi Tinubu, on her 66th birthday, praising her contributions to humanitarian services, education, healthcare and the empowerment of vulnerable Nigerians.
Oluremi Tinubu celebrates her 66th birthday on Monday, September 21, 2026, with messages of goodwill coming from individuals and organisations across the country.
In a congratulatory message issued on Sunday, National Coordinator-General of Working People United, Prince Williams Akporeha, described the First Lady’s years of public service as an important part of her contribution to Nigerian society.
Akporeha said the organisation recognised Oluremi Tinubu’s continued involvement in programmes designed to improve the welfare of children, women, young people and underserved communities.
He particularly highlighted her advocacy and interventions in education, healthcare access, youth development and economic empowerment, saying such initiatives were directed at addressing challenges faced by ordinary Nigerians.
According to the group, the First Lady’s humanitarian activities have focused on providing practical support to communities and creating opportunities for people who might otherwise have limited access to social and economic resources.
Working People United also commended Oluremi Tinubu’s interest in family welfare and children’s development, describing those areas as important to the long-term development of the country.
The organisation said efforts to strengthen access to basic education and healthcare, particularly at the grassroots, remained critical to improving the quality of life of Nigerians.
It also praised initiatives aimed at providing young people with skills and economic opportunities, noting that youth empowerment could help reduce vulnerability and expand participation in the economy.
Akporeha urged the First Lady to sustain her advocacy for vulnerable Nigerians as she begins another year of her life.
READ ALSO:
- ‘Join the Hunt’ — Soludo Urges Igbos to Strategically Align Ahead of 2027
- 18 Suspects Transferred to US Over 2021 Killing of Haitian President Moïse
- My Heart Has Always Been Home With You — Tinubu’s Powerful Message to Oluremi at 66
He said the organisation was joining Nigerians across the country to celebrate Oluremi Tinubu and acknowledge what it described as her commitment to humanitarian service.
Working People United wished the First Lady good health, wisdom, strength and fulfilment as she continues her public responsibilities and supports initiatives focused on the welfare of Nigerians.
The group also expressed hope that her birthday would provide an opportunity to renew attention to issues affecting children, women, young people and low-income families, particularly in education, healthcare and economic empowerment.
Oluremi Tinubu, a former senator representing Lagos Central Senatorial District, has been involved in public service and humanitarian activities for several years.
As First Lady, she has continued her intervention programmes through the Renewed Hope Initiative (RHI), which has focused on areas including education, health, agriculture, social investment and economic empowerment.
Her recent programmes have included support for women, vulnerable households, students, farmers, young people and families affected by economic hardship.
The birthday messages therefore come as the First Lady continues her public engagements and humanitarian programmes across different parts of Nigeria.
Working People United Celebrates Oluremi Tinubu at 66, Commends Her Humanitarian Efforts
![]()
-
metro3 days agoOyo Police: Student Who Died by Suicide Was Charged With Assault, Not ₦8,000 Debt
-
Entertainment3 days ago“She Wanted to Stay Single”: Rema Opens Up About Rejection That Inspired Hit Song ‘Oh No’
-
metro3 days agoNiger Miners’ Deaths: Families Demand Compensation, Justice for Victims
-
metro3 days agoMambilla: ICC Raises Questions Over $500,000 Payment to Atiku’s Former Wife
-
International1 day ago18 Suspects Transferred to US Over 2021 Killing of Haitian President Moïse
-
Auto2 days agoAbuja Demand Rises as Jetour Brings X70 Plus Experience to FCT
-
metro2 days agoIrreconcilable Developments: Wedding Cancelled 24 Hours Before Ceremony
-
metro3 days agoNiger Miners’ Deaths: Survivor Alleges Substance Was Sprayed in Cell as Probe Intensifies
