Economy
Mining Council Begs FG to Compile List of Miners in Nigeria
**Seeks Urgent Revitalisation of Ajaokuta, ALSCON
By Dipo Olowookere
National Council on Mining and Mineral Resources Development (NCMMRD) has appealed to the Federal Government to urgently complete the revitalisation of the Ajaokuta Steel Company Ltd and Aluminium Smelting Company of Nigeria (ALSCON), as well as revive several moribund steel plants scattered across the country in a bid to grow the country’s steel sector and promote private sector participation in Steel development.
The council made this appeal in a communiqué issued at the end of its three-day maiden meeting held in Abuja between September 12 and 14.
NCMMRD also urged government to, as a matter of urgency, compile a nationwide inventory of miners, active mining sites, processing companies, personnel and machinery in order to create an all-encompassing data bank to be used in advising potential investors and for investment planning.
Also, the Ministry of Mines and Steel Development is to start forwarding the list of licence holders in every state of the Federation to their respective State government on quarterly basis for proper documentation.
The NCMMRD’s inaugural meeting was attended by Commissioners and Permanent Secretaries of Minerals and Mining ministries across the 36 states and was chaired by the Minister of Mines and Steel Development, Dr Kayode Fayemi.
According to the communiqué, the meeting which did a comprehensive review of the mining sector agreed that some major steps must be taken in order to increase the current growth being experienced in the sector.
The meeting also agreed that there must be synergy between the federal Government, States and Local governments to ensure that the country take full advantage of its vast mineral deposits.
Other decisions of the council include the establishment of a forum of Commissioners responsible for Mineral Resources Development. This, according to them, would encourage constant feedback engagement with the Federal Government and to monitor progress on areas that have been agreed.
The communiqué reads in part: “Current effort at bringing Ajaokuta Steel Company Ltd and Aluminium Smelting Company of Nigeria should be invigorated and every effort should be made by Government to revive Moribund Steel Plants and promote private sector participation in Steel development;
“A private sector driven Single Export Window Policy is recommended. Modalities should be put in place at every exit point and Ports in the country for Quantity and Quality analysis. This will monitor and record all mineral exports and ascertain appropriate royalties and certifications, including the installation of weigh bridges, credible international inspection outfits and the likes. This will also promptly address the mineral revenue leakage that occurs through the exit Ports.
“There should be synergy among Federal, State Governments & Local Government Areas through the instrumentality of Minerals Resources and Environmental Management Committee (MIREMCO) as provided for by Section 19 of Nigerian Minerals and Mining Act, 2007, the committee should be strengthened where it already exists and those dormant in every State should be reactivated.
“There should be synergy between the Ministry of Mines and Steel Development and the State Governments to improve operational collaboration and enhance communication for effective execution of the Roadmap for the growth and development of the mining industry.
“In issuance of the certificate of origin, the Federal and State Governments should collaborate through MIREMCO in analysing and tagging of minerals at source with a view of determining appropriate royalties.
“Adequate capacity building, funding and logistics support should be provided for the appropriate technical departments of the Ministry to ensure effective monitoring and enforcement in the mines fields.
“Improved data collation and recording of Minerals production should be emphasized. This implies that the target set in the Roadmap for 2025 to contribute 3% to the GDP could be surpassed.
“The curbing of illegal mining activities should be pursued continuously and existing framework to curb minerals smuggling should be activated by relevant agencies.
“Existing audit and control mechanisms for monitoring of mineral exports to curb under-declaration of mineral exports should be strengthened.
“The repatriation of proceeds, royalties and taxes accruing from exported minerals through the appropriate government procedures and channels should be vigorously pursued;
“Adequate capacity building, funding and logistics support should be provided for the appropriate technical departments of the Ministry to ensure effective monitoring and enforcement in the mines fields.
“Concrete effort should be made by the Ministry of Mines and Steel Development (MMSD), the Federal Ministry of Environment and State Ministries of Environment on issuance of Environmental Impact Assessment (EIA) reports.”
The next meeting of the council is scheduled for the first quarter of 2018 and it is to be hosted by one of the states.
By Adedapo Adesanya
The duo of MRS Oil and FrieslandCampina Wamco Nigeria Plc weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.68 per cent on Friday, June 5.
MRS Plc lost N19.00 during the session to sell at N171.00 per share compared with Thursday’s value of N190.00 per share, and FrieslandCampina Wamco Nigeria Plc depreciated by N8.70 to finish at N181.68 per unit compared with the preceding session’s N190.38 per unit.
As a result, the market capitalisation further lost N22.59 billion to close at N2.607 trillion versus the N2.630 trillion it ended a day earlier, and the NASD Unlisted Security Index (NSI) dropped 37.76 points to settle at 4,358.32 points, in contrast to the previous day’s 4,396.08 points.
The alternative stock market closed the last trading day of this week with a price gainer, Central Securities Clearing System (CSCS) Plc, which gained 6 Kobo to quote at N78.40 per share compared with the preceding session’s N78.34 per share. However, it could not prevent the market from going down at the close of business.
Yesterday, the volume of securities bought and sold by investors went down by 50.0 per cent to 140,345 units from the preceding day’s 280,714 units, the value of stocks decreased by 16.5 per cent to N17.9 million from the previous session’s N21.5 million, and the number of deals carried out by market participants fell by 35.7 per cent to 27 deals from the 42 deals recorded on Thursday.
When trading activities closed for the day, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 64.7 million units traded for N4.4 billion.
GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units valued at N415.7 million.
By Dipo Olowookere
Renewed interest in financial stocks and others lifted the Nigerian Exchange (NGX) Limited by 0.15 per cent on Friday.
Customs Street closed higher yesterday despite the 1.37 per cent loss recorded by the consumer goods sector as a result of profit-taking.
This was offset by gains in the other key sectors of the local bourse, as the insurance counter chalked up 1,14 per cent. The banking space appreciated by 0.90 per cent, the industrial goods segment grew by 0.46 per cent, and the energy sector expanded by 0.01 per cent.
Consequently, the All-Share Index (ASI) went up by 366.00 points to 242,593.31 points from 242,227.31 points, and the market capitalisation gained N235 billion to close at N155.594 trillion compared with the previous day’s N155.359 trillion.
The trio of International Energy Insurance, Abbey Mortgage Bank, and DAAR Communications improved by 10.00 per cent each yesterday to N7.26, N9.35, and N1.98, respectively, while Zichis advanced by 9.39 per cent to N32.38, with Sovereign Trust Insurance up by 8.70 per cent to N2.50.
On the flip side, Academy Press lost 9.84 per cent to quote at N8.25, University Press depreciated by 9.73 per cent to N5.10, Africa Prudential dipped by 2.63 per cent to N12.95, Chams crumbled by 2.44 per cent to N4.00, and International Breweries slipped by 1.59 per cent to N12.35.
Business Post reports that the market breadth index was positive during the session after recording 37 appreciating equities and 14 depreciating equities, implying strong investor sentiment.
Abbey Mortgage Bank led the activity chart with a turnover of 164.1 million units worth N1.5 billion, Ellah Lakes sold 76.7 million units for N767.2 million, Access Holdings transacted 44.8 million units valued at N1.1 billion, Linkage Assurance exchanged 23.0 million units worth N41.2 million, and The Initiates traded 20.2 million units for N562.1 million.
At the close of trades, market participants transacted 608.5 million units worth N32.0 billion in 53,826 deals versus the 588.5 million units valued at N27.9 billion executed in 57,352 deals in the previous session. This showed that the number of deals eased by 6.15 per cent, the volume of transactions rose by 3.40 per cent, and the value of transactions soared by 14.70 per cent.
By Adedapo Adesanya
The Naira further depreciated against the United States Dollar by N3.46 or 0.25 per cent to N1,362.21/$1 from N1,358.75/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 5.
However, it appreciated against the Pound Sterling in the same market window during the session by N4.47 to trade at N1,823.59/£1 compared with the previous day’s N1,828.06/£1, and gained N7.00 against the Euro to sell at N1,574.58/€1, in contrast to Thursday’s closing price of N1,581.58/€1.
For another trading session, the Nigerian Naira maintained stability against the Dollar in the parallel market and the GTBank forex counter on Friday at N1,375/$1 and N1,372/$1, respectively.
The Naira is expected to remain strong in the near term, backed by a rise in external reserves, which are nearing $50 billion, enhancing analysts’ confidence about its outlook in the second half of 2026.
Heightened global uncertainty has reduced the incentive for importers and corporates to demand FX, as cautious trade weighs on import needs. Analysts estimate a $40 billion net FX position for the year, a projection anchored in oil windfall gains.
As for the cryptocurrency market, prices remained depressed following a strong US jobs report that spurred markets to price in higher-for-longer interest rates, sending Treasury yields and the dollar up while hammering stocks, especially AI-related names. Crypto markets saw heavy leverage washouts with about $1.6 billion in positions liquidated over 24 hours.
Ethereum (ETH) gave up 4.9 per cent to trade at $1,584.68, Solana (SOL) fell by 3.3 per cent to $63.22, Bitcoin (BTC) crashed by 1.9 per cent to $61,333.23, Dogecoin (DOGE) slipped by 1.8 per cent to $0.0821, and Ripple (XRP) moderated by 1.8 per cent to $1.09.
Further, TRON (TRX) dropped 1.6 per cent to sell at $0.3197, Binance Coin (BNB) slumped by 1.0 per cent to $581.18, and Cardano (ADA) declined by 0.4 per cent to $0.1589, while the US Dollar Tether (USDT) gained 0.07 to sell at $0.9997, and US Dollar Coin (USDC) closed flat at $0.9998.
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