Economy
FG to Set up Commission to Regulate Mining Sector
By Modupe Gbadeyanka
Minister of Mines and Steel Development, Mr Kayode Fayemi, has revealed plans by Federal Government to a regulatory agency to control the affairs of the mining sector in the country.
The agency to be called the Nigerian Mining Commission will control the leasing of mining sites to investors as well as be the final authority on regulatory matters.
Mr Fayemi, who made this known in a statement by his Special Adviser on Media, Mr Yinka Oyebode, noted that the law setting up the commission was already with the National Assembly.
Addressing participants at the Nigeria Day event at the ongoing African Mining InDaba in Cape Town, South Africa, the Minister said government was determined to strengthen regulation in the sector as well as ensure the improvement of its geological data.
Mr Fayemi further said the delivery of the geological data was in line with government’s desire to ensure bankable geological data that would be an incentive to investors.
He noted that the ministry would undertake more extensive electromagnetic Airborne Geological Survey of some promising parts of the country this year and the completion of the National Mineral Database.
“We want to ensure predictability; that is what we want to offer; we want to be a big mining designation.
“To achieve this, we have to put certain things in place, including provable data, sound regulations, capacity building for Artisanal and Small Scale Miners as well as access to funding, he said.
The Minister explained that while mining circle was not the same as electoral circle, it was important for government to put in place sound policies and reforms as well as bankable geological data that would make the Nigerian mining jurisdiction a major attraction.
He also spoke on government’s determination to enhance its collaboration with state governments and the host communities.
He said the development was being worked out administratively through the establishment of the National Council on Mining and Minerals Development Council, where the states were playing active roles.
Mr Fayemi said the combination of the various reforms being put in place, inputs by the National Council on Mining and Minerals Resources Development and the Chamber of Mining, would help to re-position the sector for better result.
Those who spoke on various aspects of the Electromagnectic Survey results included Gaig Annison, Director, Business Development, Compagnie Generale de Geophysique (CCG) Airborne Surveys PTY, Australia, who anchored the presentation.
Annison described Nigeria as a nation taking very bold steps towards becoming a major mining destination.
Mr Franklin Ramirez Venezuela, Deputy Minister of Mines and minerals, said the oil and gas rich country was also diversifying to mining to shore up its economy.
He said Venezuela had a lot to learn from Nigeria in its economic diversification efforts.
The minister had in December 2017, disclosed that the ministry secured the delivery of 26,000-line kilometre of electromagnetic data, following the payment of outstanding fees to the consultant that handled the project.
The Consultants had held on to the results of the Electromagnectic survey following the failure of the previous administration to effect payment for it.
The minister said that a good percentage of the N30 billion fund made available to the ministry from the National Resource fund, would be committed to exploratory work and data gathering.
Nigeria took the centre stage at the African Mining Indaba, with the formal presentation of its new Airborne Electromagnetic Survey Results amid endorsements for the country’s mining sector reforms by mining experts, operators and developmental agencies.
The presentation of the new Airborne Electromagnetic Survey Results, a major high point of the Wednesday event at the week-long mining conference, was witnessed by renowned stakeholders in global mining and other important dignitaries from different countries.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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