Economy
Cross River Imposes Statewide Ban on Illegal Mining, Intensifies Surveillance
By Adedapo Adesanya
The Governor of Cross River State, Mr Bassey Otu, has imposed a statewide ban on illegal mining, directing all unlicensed operators to immediately shut down their activities.
The directive followed a strategic meeting with stakeholders in the mining industry, where the governor expressed concern over the growing security and environmental risks associated with unregulated mining operations.
Mr Otu said the ban takes immediate effect and applies to all operators without legitimate approvals from the Federal Government of Nigeria, while those with proper documentation will be allowed to continue their activities.
“This sector is strategic to the economic future of our state,” the governor said. “But instead of bringing prosperity to our communities, it is gradually becoming a source of serious concern. We believe wealth can still be created from mining, but it must be done ethically, legally and with full responsibility.”
He revealed that intelligence reports had shown an increasing influx of unregulated mining operators, including foreign nationals whose identities and operations remain largely unknown to the state authorities.
“I have been receiving reports about the influx of strangers and aliens into our various communities,” Otu said. “The truth is that we do not even know the number of these operators. We must know those who are in our state and what exactly they are doing in our environment.”
The governor also accused some local actors of aiding illegal mining activities.
“Some of the people complicating this situation are unfortunately within our own communities,” he said. “Some clan heads and village heads have become part of the problem by facilitating activities that are not properly regulated.”
Mr Otu revealed that the state government had initially attempted to address the problem through dialogue with federal authorities and security agencies responsible for monitoring mining operations, but noted that progress had been slow.
“I personally initiated discussions with federal authorities and security agencies to strengthen monitoring in the sector,” he said. “There were assurances that rangers would be deployed to assist us, but the process has taken far too long.”
He said the state could no longer wait, adding that the government had now decided to act decisively.
“We have given enough time of grace,” the governor declared. “There comes a point where government must act decisively. That time has now come.”
Announcing the directive, he said all illegal mining activities must stop immediately across the state.
“I am imposing a total ban on illegal mining in this state,” he said. “Let everyone return to their locations. When you are ready to come back, you must first report to the ministry and be properly profiled before any activity resumes.”
Mr Otu stressed that only operators with verifiable federal approvals and proper documentation would be allowed to continue operating.
“Those who have legitimate approvals from the federal government and whose activities are already known to the ministry will not be affected,” he said. “But anybody entering our communities to mine without proper authorisation should understand that those days are over.”
He warned that unregulated mining had begun to threaten public safety and agricultural livelihoods in many communities.
“This situation is affecting our security,” he said. “It is affecting our farmers and creating too many problems for our communities. Cross River is a hospitable state, but there is a limit to what we can continue to manage.”
To enforce the directive, the governor ordered the State Security Adviser to coordinate immediate enforcement operations and directed the Anti-Illegal Mining Task Force to commence round-the-clock surveillance in mining areas.
“There must be 24-hour monitoring to ensure that nobody goes behind the government to continue these activities illegally,” he said.
By Adedapo Adesanya
The Naira sold at N1,343.64/$1 Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, April 17, after shedding N1.34 or 0.10 per cent against the greenback from the previous day’s rate of N1,342.30/$1.
In the same vein, the Nigerian currency depreciated against the Pound Sterling in the same market window during the session by N5.03 to quote at N1,824.39/£1 versus the previous rate of N1,819.36/£1, and lost N10.05 against the Euro to sell at N1,591.14/€1 versus N1,581.09/€1.
At the GTBank FX desk, the exchange rate of the Naira to the Dollar remained unchanged at N1,355/$1, and it also maintained stability in the parallel market at N1,375/$1.
Interbank liquidity increased to N124.34 million from N74.255 million the previous day, data from the Central Bank of Nigeria (CBN) showed.
Meanwhile, external reserves remain at $48.70 billion, down from the 2009 peak of $50 billion amidst uncertainties in the global commodities market.
Global oil prices dropped sharply on Friday after Iran signalled that the Strait of Hormuz would remain open to commercial shipping during a temporary ceasefire in the Middle East.
Crypt assets also gained on the news from Iran’s foreign minister, who declared the Strait of Hormuz open, drawing a positive response from President Donald Trump. The development helped ease worry around risky assets like crypto.
Meanwhile, the cryptocurrency market was bullish, as traders weighed possible scenarios ahead of next week’s US-Iran cease-fire deadline.
Ethereum (ETH) appreciated by 3.2 per cent to $2,410.53, Bitcoin (BTC) jumped by 2.8 per cent to $77,124.22, Ripple (XRP) rose by 2.7 per cent to $1.47, Binance Coin (BNB) expanded by 2.5 per cent to $643.97, Dogecoin (DOGE) added 1.0 per cent to close at $0.0988, Cardano (ADA) improved by 0.9 per cent to $0.2578, Solana (SOL) soared by 0.4 per cent to $88.53, and TRON (TRX) gained 0.4 per cent to sell at $0.3275, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
By Adedapo Adesanya
Oil prices plunged by 9 per cent on Friday after Iran said passage for all commercial vessels through the Strait of Hormuz was open for the remaining ceasefire period.
Brent crude futures lost $9.01 or 9.07 per cent to trade at $90.38 a barrel, while the US West Texas Intermediate (WTI) crude futures depreciated by $10.48 or 11.45 per cent to finish at $83.85 a barrel.
Iran said Friday that the Strait of Hormuz is “completely open” for the remainder of the Israel-Lebanon ceasefire, bolstering hopes of a breakthrough in the weeks-long crisis over the crucial oil route.
Iran had maintained its blockade of the strait despite a two-week ceasefire with the US, which expires on Tuesday, and previously said it would not open the key waterway while Israel continued to strike Lebanon.
Business Post had reported that oil prices weakened to around $88 per barrel after Iranian Foreign Minister Seyed Abbas Araghchi posted on X that “all commercial vessels” would be allowed to pass through the strait throughout the remainder of the ten-day ceasefire in Lebanon.
US President Donald Trump thanked Iran on Truth Social, but stressed that the US naval blockade of the regime’s ports would remain “in full force and effect” until a peace deal was completed. “This process should go very quickly in that most of the points are already negotiated,” he added.
A second round of truce talks between the US and Iran is expected to take place as oil tankers are beginning to test the waters at the Strait of Hormuz.
Despite the fact that all ships can sail through the Strait of Hormuz, this passage needs to be coordinated with Iran’s Islamic Revolutionary Guard Corps (IRGC).
Market analysts noted that if these initial tankers make it through, flows will begin to partially normalise. However, a handful of vessels does not equal restored capacity. The backlog alone will take significant time to clear, and producers across the region are still dealing with disrupted output and logistics.
Prices had already fallen earlier in the Friday session as possible further talks between the US and Iran over the weekend and a 10-day ceasefire between Lebanon and Israel raised investors’ hopes that the war in the Middle East could be nearing an end.
The American President also said on Friday that the US has banned Israel from further bombing in Lebanon, using a harsher tone than usual with the longtime US ally.
By Dipo Olowookere
The daily stock trading hours on the floor of the Nigerian Exchange (NGX) have been expanded by an hour to 4.00 pm after extensive stakeholder engagement, ensuring alignment and operational readiness ahead of the go-live date.
A statement from the bourse on Friday said the extension was approved by the Securities and Exchange Commission (SEC).
Before now, trading activity on Customs Street resumed from 9.30 am to 2:30 pm, but from Monday, April 27, 2026, the resumption time would be 9.00 am, and the closing gong would be struck by 4.00 pm from Monday to Friday.
It was explained that this action was taken “to deepen market liquidity, enhance price discovery, and broaden investor access.”
The NGX has witnessed renewed investor interest due to increased awareness of equities lately, especially as the nation and the global community await the much-anticipated listing of Dangote Refinery shares later in the year, all things being equal.
The statement also noted that this extended trading window would provide greater flexibility for investors, improve responsiveness to market-moving information, and support broader participation across the market.
The development builds on the momentum of Nigeria’s recent reclassification to Frontier Market status by FTSE Russell, reinforcing NGX’s global positioning and enhancing its attractiveness to a broader pool of domestic and international investors.
It further stated that this reform reflects strong regulatory collaboration and underscores the SEC’s continued commitment to advancing market development initiatives. Alongside Nigeria’s Frontier Market reclassification, it signals a deliberate shift towards a more accessible, liquid, and globally competitive market.
With this development, NGX reinforces its position as a leading multi-asset exchange, deepening liquidity, improving market access, and supporting efficient capital formation within Nigeria’s financial markets.
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