Economy
Ministry of Mines Denies Spending N700m on Website
By Dipo Olowookere
Nigeria’s Ministry of Mines and Steel Development has denied spending N700 million to develop its new online portal, which was launched on Thursday, November 9, 2017.
In a statement issued in Abuja on Sunday, November 12, 2017, by the Permanent Secretary in the Ministry, Mr Mohammed Abbas, it was explained the amount was used on IT infrastructure, human capital and civil works and not mainly on developing the web portal.
Below is the statement issued by the Ministry.
The attention of the Ministry of Mines and Steel Development has been drawn to news making the rounds especially on the social media that the Ministry spent the sum of N700million creating a website for itself. The Ministry considers it incumbent to react swiftly to this misrepresentation and to set the records straight.
It is important for clarity to state that what the Ministry has acquired with the said sum of money is an integrated IT infrastructure which comprises two Data Centres, an off-site recovery centre, civil and environmental works on the Centres, running of the Centres till end of first quarter 2018, training of over 225 officials locally and internationally amongst other cost components of the entire infrastructure and programme. It is indeed disingenuous of anyone to reinvent and reduce all of these into an expenditure on a website.
When, last Thursday, 9th November 2017, our Ministers led other officials of the ministry and sectoral stakeholders to unveil the IT Integrated Automation & Interactive Solid Minerals Portal (IAISMP), we were really fulfilling one of the short-term pledges listed in our roadmap. These assets form critical pillars of our agenda to reform the mining and minerals sector, particularly as a key step towards our vision to lead the sector to shared mining prosperity where we make significant contributions to GDP in the country.
In realising aspects of this project as a turnkey solution, we have been careful to follow all laid down processes. Since the cost of implementing the project is above ministerial limits, we sought and obtained the concurrence of the Federal Executive Council after a detailed presentation in January 2017.
In the course of the project, we have emphasised the need for stakeholders’ interface, which included a facility inspection tour for reporters and journalists who cover the sector. We have no reason to commit public resources to projects that will not advance the cause of repositioning our sector and we believe that we did everything to intimate the general public about our activities in this respect.
For the records and for public information, our IT Integrated Automation & Interactive Solid Minerals Portal (IAISMP) project has the following key components:
Feasibility assessment, needs analyses and re-engineering of the IT processes within the ministry, departments and agencies;
Two nos data centres (a fully equipped on-premises centre within the ministry and another off-site centre for recovery and real-time backup in case of emergency), also covering civil and environmental works;
Enterprise Resource Planning (ERP) solution and Electronic Document Management System (eDMS) solution—Microsoft Dynamics AX: Financials, Supply Chain, Business Intelligence, Human Capital, Procurement (license and maintenance);
Basic and advanced IT (ERP & eDMS) and GIS training programmes for 200nos staff of the ministry and its agencies. Already 75 officials have been trained in Abuja;
GIS capacity building for 25nos management and lead technical staff with Esri;
Wide Area Network at the ministry’s headquarters and all its 10 agencies (including back up internet, disaster recovery hosting and DR site internet—installation and initial one-year subscription);
Procurement, supply and installation of a GIS laboratory with 20nos computer systems;
Building of GIS Web Portal with Business Automation System, Content Management System (CMS), Decision Support System and Side Stream along the minerals corridor;
Reordering and re-organisation of available geological data in the sector into geospatial database;
Online Mining Licensing and Mineral Title Application with tracking system for openness, transparency and accountability in compliance with global EITI standards for the extractives sector;
Online payment (royalties and fees) and blocking of revenue leakages by integrating/interfacing with Remita, GIFMIS and relevant revenue generating MDAs of the government;
Enterprise ArcGIS Solution license and maintenance for GIS Mining and Assets Management;
On-site project management and execution staff (26nos), including operationalisation of the project management office for upward of 10 months. Project staff to remain on-site till end of Q1-2018;
Procurement, supply and installation of various project equipment, complete with civil works;
Collaborative tools and help desk; and,
Strategic communications.
It is most important to state that acquired IT infrastructure, in all its ramifications, is an enabler of the serious work at repositioning the sector. For us, this is never an end in itself but a robust attempt to ease how the regulatory-cum-administrative systems interface with mining operators and stakeholders everywhere. It is noteworthy that only this past October [2017], the Mining Journal’s World Risk Report, which rated different mining jurisdictions on a range of indicators including legal, governance social, fiscal and infrastructure indicated that Nigeria is showing notable improvements in positions. In the two years that we have methodically and deliberately introduced reforms and implemented a roadmap, our sector now has better perception, lowered investments risks and improved opportunity index.
The import of this assessment, in light of the World Bank’s Report on the improved status of our country towards ease of doing business, cannot be far-fetched. Ours is a modest effort to consolidate the overall efforts of the Federal Government at increasing opportunities in other sectors of the economy.
We have done repeated due diligence to ensure that the implementation of the project does not only meet expected design but also fits into globally recognised systems and further help us to place our jurisdiction on the mining map. A phased approach has been adopted, with incremental deliverables which should be fully completed by end of first quarter of 2018.
We continue to be open to checks and to present ourselves to public scrutiny. We want to assure all Nigerians that we do not take lightly the confidence reposed in us or in our government nor would we do anything to undermine our reputation under whatever guise.
We come from a tradition of commitment to service and honour in the handling of all our public service roles. In superintending over this project, we are confident to declare that we have not let the ball down, therefore it is wantonly disingenuous for anyone to reinvent and reduce all of these into an expenditure on a website.
By Adedapo Adesanya
Oil was up more than 3 per cent on Tuesday as renewed Iranian attacks on the United Arab Emirates (UAE) heightened concerns about the worsening outlook for global supply.
Brent crude futures appreciated by $3.21 or 3.2 per cent to $103.42 a barrel, while the US West Texas Intermediate (WTI) crude futures gained $2.71 or 2.9 per cent to trade at $96.21 per barrel.
Prices had fallen previously after some vessels sailed through the critical Strait of Hormuz, a vital gateway for about 20 per cent of the world’s oil and liquefied natural gas trade
The Iran war shows no signs of abating as it renewed attacks on the United Arab Emirates (UAE) on Tuesday, causing oil loading at the port of Fujairah to be at least partly halted after the third attack in four days ignited a fire at the export terminal.
Fujairah, located on the Gulf of Oman just outside the Strait of Hormuz, is a critical exit point for oil volumes equivalent to roughly 1 per cent of global demand.
The attacks on oil installations by Iran and the ongoing disruption to shipping through the Strait of Hormuz have traders worried for long-term impairment to supply that could keep prices elevated.
The effective closure of the strait has forced the UAE, which is the third-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), to reduce its output by more than half.
Several allies of the US rebuffed President Donald Trump’s call on Monday to send warships to escort shipping through the strait.
On Tuesday, French President Emmanuel Macron said France would never take part in operations to unblock the strait, and would only participate in a coalition that could provide freedom of navigation once hostilities ended.
Meanwhile, the Trump administration reiterated its position that they see the Iran conflict lasting weeks, not months.
The head of the International Energy Agency (IEA), Mr Fatih Birol, has suggested member countries could release more oil, in addition to the 400 million barrels they have already agreed to draw from strategic reserves.
By Adedapo Adesanya
A 10 per cent equity stake has been acquired by Odu’a Investment Company Limited in a subsidiary of FCMB Group Plc, FCMB Pensions Limited.
The move is aimed at strengthening its presence in Nigeria’s growing pension industry.
The company disclosed that the transaction was completed after receiving all required regulatory approvals from the National Pension Commission (PenCom) and the Central Bank of Nigeria (CBN), while the Securities and Exchange Commission (SEC) has also been duly notified.
Odu’a Investment said the acquisition represents a strategic investment in a resilient and steadily expanding segment of Nigeria’s financial services sector.
The company added that the deal also reinforces FCMB Pensions’ shareholder base through the entry of a long-term institutional investor.
Chairman of Odu’a Investment Company Limited, Mr Bimbo Ashiru, said the investment aligns with the organisation’s strategy of partnering with strong institutions operating in sectors critical to Nigeria’s long-term economic stability.
“This investment reflects Odu’a’s strategy of partnering with strong institutions operating in sectors that are central to Nigeria’s long-term economic stability and growth,” he said in a statement.
“The pension industry plays a critical role in mobilising long-term savings and strengthening the financial system. FCMB Pensions has built a solid platform serving contributors across Nigeria, and we see a significant opportunity to support its continued growth and impact,” he added.
Also commenting on the transaction, the Managing Director of Odu’a Investment Company Limited, Mr Abdulrahman Yinusa, described the deal as a vote of confidence in FCMB Pensions’ leadership and long-term prospects.
“Our partnership with FCMB Group Plc reflects confidence in FCMB Pensions’ strategy, leadership, and long-term potential. Together, we will work to expand its reach, support its strategic objectives, and deliver sustained value to contributors and other stakeholders,” Mr Yinusa said.
The investment brings together two established institutions with complementary strengths and a shared focus on long-term value creation. According to the company, the partnership positions FCMB Pensions to deepen market penetration and enhance service delivery within Nigeria’s contributory pension scheme.
Odu’a Investment Company Limited is an investment holding company jointly owned by the governments of the six South-West states of Nigeria.
The firm manages a diversified portfolio spanning real estate, financial services, hospitality, agriculture, and industrial investments, with a mandate to generate sustainable economic value and support regional development.
By Aduragbemi Omiyale
The chief executive of the Nigerian Exchange (NGX) Group Plc, Mr Temi Popoola, has said Nigeria’s capital market is undergoing a re-rating as global investors begin to reassess the country’s economic trajectory and investment potential.
“What we are seeing is a gradual re-rating of Nigeria. investors are beginning to look at the data more closely, the returns, the reforms, and the improving macroeconomic direction, and that is changing sentiment,” he said during a live interview on BBC Newsday in London.
He is in the United Kingdom as part of broader investor and stakeholder engagements during President Bola Tinubu’s state visit to Buckingham Palace.
Mr Popoola explained that Nigeria’s equity market has delivered strong returns in recent months, positioning it more competitively among emerging and frontier markets. According to him, this performance is helping to recalibrate long-held risk perceptions and attract renewed interest from international investors.
He added that improvements in Nigeria’s energy landscape, including increased domestic refining capacity and ongoing sector reforms, are helping to reduce the economy’s exposure to external oil price shocks, further strengthening investor confidence.
Mr Popoola emphasised that beyond short-term market movements, consistency in policy implementation will be critical in sustaining this shift in perception. “Global capital responds to clarity and consistency. As those elements become more evident, Nigeria naturally becomes more investable.”
He also highlighted the importance of sustained engagement with global financial centres, noting that platforms such as London play a key role in connecting Nigeria’s capital market to international pools of capital.
According to him, Nigeria’s evolving market structure, combined with ongoing reforms, is strengthening its position as a viable destination for long-term investment. “There is a broader recognition that Nigeria offers significant opportunities. The focus now is ensuring that this recognition translates into sustained capital flows.”
The NGX group chief concluded that Nigeria’s capital market is increasingly being viewed through a more balanced and data-driven lens, reflecting both its resilience and its long-term growth potential.
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