… Says Licence Revocation Followed ₦2.49bn Unpaid Mining Fees
… Alleges Smear Campaign Linked To International Arbitration
… Insists Over 300 Western Firms Operate In Nigeria’s Mining Sector
Daud Olatunji
The Federal Government has dismissed allegations that it is handing Nigeria’s mineral resources to Chinese companies, insisting that claims against the Minister of Solid Minerals Development, Dr. Dele Alake, are false and part of a coordinated campaign to undermine reforms in the mining sector.
The minister’s Special Adviser on Media and Strategy, Kehinde Bamigbetan, made the clarification in a statement issued at the weekend while reacting to a publication titled “How Nigeria’s Mineral Wealth is Being Handed Over to the Chinese” by Steve Kefas.
Bamigbetan said the report misrepresented the circumstances surrounding the revocation of mining licences belonging to Basin Mining Limited, which he described as an alleged Nigerian subsidiary of British-Australian mining company, Jupiter.
According to him, the licences were revoked after the company failed to pay statutory annual service fees of ₦1.223 billion, with the outstanding liability eventually rising to ₦2.494 billion before the government withdrew the licences.
He alleged that after losing the licences, Jupiter instituted international arbitration proceedings against the Federal Government while simultaneously sponsoring a media campaign aimed at pressuring the Ministry of Solid Minerals Development to reverse its decision.
“The allegations against the minister are designed to undermine reforms aimed at sanitising Nigeria’s mining sector,” Bamigbetan said.
He maintained that the licence revocation was purely a regulatory action based on non-compliance with the provisions of Nigeria’s mining laws and had nothing to do with favouring any foreign investor.
The presidential aide also rejected allegations that Alake has prioritised Chinese investors over companies from Europe, North America and other Western countries.
According to him, the minister has consistently engaged investors from different parts of the world since assuming office, describing claims of preferential treatment for Chinese firms as unfounded.
Bamigbetan noted that Alake had travelled to China only twice—first as a member of President Bola Tinubu’s delegation during an official state visit and later to attend the China Mining Week 2025 at the invitation of the Chinese government.
He added that the minister had equally participated in major international investment events, including the London Mines and Money Conference, the Mining Indaba in Cape Town and mining investment engagements in Australia.
The spokesman argued that Nigeria’s policy of welcoming foreign investment into the solid minerals sector predates the Tinubu administration, tracing it to economic liberalisation reforms introduced in the 1990s under the Nigerian Investment Promotion Commission framework.
He, however, stressed that the current administration has shifted attention from merely attracting foreign investors to ensuring that mining activities generate greater value within Nigeria.
According to him, the Federal Government now requires mining firms to establish local processing facilities instead of exporting raw minerals, adding that several Chinese companies have already begun investing in mineral processing plants in compliance with the policy.
Bamigbetan further said Nigeria’s long-standing economic relations with China span infrastructure, trade, technology and investment, adding that the Tinubu administration’s strategic partnership with Beijing has opened new investment opportunities.
He argued that engaging Chinese investors in the mining sector reflects global economic realities, given China’s leading role in the processing of critical minerals required for the global energy transition.
The spokesman said Nigeria remained open to investors from all countries willing to comply with its laws, noting that the country possesses about 44 commercially viable mineral deposits.
He disclosed that the Nigeria Geological Survey Agency is collaborating with its Chinese counterpart on geological mapping and mineral exploration projects to boost the country’s mineral development.
Bamigbetan also revealed that more than 300 companies from Europe, the United States, Canada and Australia currently operate across various segments of Nigeria’s mining industry, insisting that the sector remains open to investors irrespective of nationality.
Highlighting reforms introduced by the ministry, he listed the establishment of the Nigeria Solid Minerals Company, deployment of Mining Marshals to curb illegal mining, commissioning of mineral processing plants and stricter enforcement of mining regulations.
He said the reforms were designed to reposition the solid minerals sector as a major driver of Nigeria’s economic diversification while attracting responsible local and foreign investments under a transparent regulatory framework.
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