General
FG, AFC to Fund $1.3bn Alumina Refinery, Two Other Mining Projects
By Adedapo Adesanya
The federal government, through the Solid Minerals Development Fund (SMDF), has signed an investment agreement with the Africa Finance Corporation (AFC) to jointly fund three major mining initiatives, including a $1.3 billion alumina refinery project.
Alumina is a chemical compound extracted from bauxite. It is composed of two elements: oxygen and aluminium. It has wide applications across metallurgy, ceramics, electronics, and chemical processing.
The agreement also covers a comprehensive geoscience mapping exercise and the establishment of a joint strategic investment vehicle to drive exploration and development across the sector.
According to a statement on Sunday by Mr Segun Tomori, the Special Assistant on media to the Minister of Solid Minerals Development, the refinery will utilise a modern Bayer-process flowsheet and feature an on-site gas-fired cogeneration plant for steam and power generation.
The ministry said the agreement is the culmination of discussions between AFC and SMDF to co-finance the construction of a $1.3 billion alumina refinery expected to process about one million tonnes of bauxite ore per annum.
“The facility is designed to operate for approximately 20 years at 95 per cent utilisation, with total alumina output projected at 19 million tonnes over its lifespan,” the statement reads.
Speaking at the signing ceremony, Mr Dele Alake, the Minister of Solid Minerals Development, described the deal as a landmark transaction that will transform the mining sector and increase its contribution to Nigeria’s gross domestic product (GDP).
Mr Alake said the deal aligns with the ministry’s reform agenda, noting that efforts to modernise the regulatory framework and strengthen the mineral licensing regime have begun attracting significant private capital.
Demonstrating the federal government’s commitment to fast-tracking the investments, the minister said all necessary approvals have been granted to accelerate implementation of the agreement.
He directed relevant agencies under the ministry to ensure seamless processing of permits, titles, and regulatory clearances.
On her part, Mrs Fatima Shinkafi, the Executive Secretary of the SMDF, said the transaction represents the agency’s largest funding project since inception.
“We are very proud and honoured to facilitate this phenomenal milestone, which is quite unprecedented since the inception of SMDF,” Mrs Shinkafi said.
“It is a $1.3 billion CAPEX. SMDF has come of age and can sit here and sign this deal with AFC. I thank the AFC for collaborating with us to boost the value addition policy of my boss, Dele Alake.”
On his part, Mr Farouk Yabo, permanent secretary of the ministry, said the development could position Nigeria more prominently on the global mining map.
The ministry further said the project is projected to be Nigeria’s largest private investment in the mining sector and will contribute about “$1.2 billion to GDP annually, inject over $25 billion into the national economy across its lifecycle, and generate $8 billion in foreign exchange earnings”.
The statement said initial feasibility studies conducted by the AFC and SMDF confirmed the project’s competitiveness and commercial viability, reinforcing efforts to position Nigeria as a globally competitive minerals destination.
“As part of the agreement, both parties will undertake a comprehensive geoscience mapping exercise aimed at generating mineral data, de-risking exploration for investors, and unlocking the sector’s full potential,” the statement further reads.
“AFC and SMDF also agreed to set up a joint strategic investment vehicle to accelerate the development of identified exploration assets across Nigeria, to drive rapid exploration, development, and production of selected exploration leases upon the execution of a successful exploration campaign.”
Mrs Shinkafi signed the deal on behalf of the federal government, while Mr Franklin Edochie, deputy director and head of metals and mining at AFC, signed for the corporation.
The statement added that Mrs Samaila Zubairu, president and chief executive officer of AFC, witnessed the ceremony alongside the minister.
By Modupe Gbadeyanka
A bridge connecting the Luma-Babana-Agwara communities in Niger State was destroyed by terrorists on Monday. The incident claimed the lives of eight people.
The bridge is a vital route used by residents travelling to the Babanna border market, which operates every Monday.
According to reports, the hoodlums used an improvised explosive device (IED) to bring down the facility located along Luma Road in Borgu Local Government Area of Niger State.
The Chairman of Borgu Local Government, Mr Mohammed Nasir Abdullahi, who confirmed the attack, noted that authorities were working to verify the full extent of the damage.
“There was actually an attack by the bandits, and we are trying to verify the magnitude. A bridge was actually damaged. Already, we have sent people to the area to verify things for us,” Vanguard quoted him as saying.
It also quoted a source as saying, “In the early hours today, bandits stormed Borgu local government area of the state and bombed the Lunma-Babana bridge. Apart from bombing the bridge, the bandits also detonated bombs between Rafingiwa and Babana, and another at Woro and Kaiama, forcing residents to flee the area.”
By Aduragbemi Omiyale
No fewer than 40 residents of Iwaa, Oyo, Obajana and Apata communities in Kogi State have completed a training programme on fish farming and entrepreneurship.
This is an initiative of the Obajana plant of Dangote Cement Plc designed to empower inhabitants of its host communities.
This scheme builds on a series of previous community empowerment programmes, including training in poultry production, solar entrepreneurship, and fashion design, among others.
At the graduation ceremony witnessed by representatives of the federal government, the Kogi State Government, and the Industrial Training Fund (ITF), as well as traditional rulers and other key stakeholders, the Plant Director, Mr Azad Nawabuddin, described the skills acquisition programme as a strategic scheme aimed at promoting job creation and driving overall economic development within the host communities.
“In learning the art and business of fish farming, you have embraced a cycle of life that teaches responsibility. You nurture, you wait, you adapt, and in time, you harvest. This mirrors the journey of community development itself: it is not built in a day, but through consistent effort, shared knowledge, and collective commitment,” he stated.
According to him, fish farming does not stand alone. It creates ripples by providing food for families, income for households, and opportunities for others.
“One fishpond can support a network: feed suppliers, transporters, market women, and processors. In this way, what begins as an individual skill becomes a communal asset,” he added.
Also commenting, the General Manager and Head of the Social Performance Department at Dangote Cement in Obajana, Mr Ademola Adeyemi, said the event was part of the Corporate Social Responsibility (CSR) scheme of the company.
“We don’t Lord ourself on the communities. We jointly agree to carry out this CSR programme. We invest proactively in skills, in people, and in ideas that can uplift communities. Through partnerships like the one we have with the Industrial Training Fund, we ensure that our interventions are not just well-intentioned, but impactful and sustainable,” he disclosed.
A representative of the Technical Adviser on CSR to the Kogi State Governor, Mr Akinola Oluropo Babatunde, commended Aliko Dangote for his support for communities in Kogi State.
He urged beneficiaries to make proper use of the opportunity and have a positive impact on their communities.
By Adedapo Adesanya
A Federal High Court sitting in Abuja has sentenced a former acting Accountant-General of the Federation, Mr Chukwunyere Anamekwe Nwabuoku, to 72 years imprisonment over N868.46 million fraud.
In a Monday statement posted on its X (formerly Twitter) account, the Economic and Financial Crimes Commission (EFCC) confirmed the conviction and sentencing of Mr Nwabuoku for money laundering, after the court found him guilty of all charges.
“The former Acting Accountant-General of the Federation, Chukwunyere Anamekwe Nwabuoku, who was prosecuted by the EFCC at the Federal High Court, Abuja, for money laundering involving N868.46 million, has been convicted and sentenced to jail for 72 years,” the agency said.
The alleged offence, according to the EFCC, contravenes section 18 of the Money Laundering (Prohibition) Act, 2011 (as amended by Act No. 1 of 2012), and is punishable under section 15(3) of the Act.
The commission said Mr Nwabuoku committed the offences while serving as the director of finance and accounts in the Ministry of Defence between 2019 and 2021.
The former AGF had filed a no-case submission, which was dismissed by the court in November 2025.
Mr Nwabuoku was appointed acting accountant-general of the federation on May 20, 2022, by the late President Muhammadu Buhari, following the suspension of Mr Ahmed Idris over alleged N80 billion fraud.
However, he was removed from the position in July 2022, barely weeks after assuming office, following reports that he was under EFCC investigation.
He is the latest high-profile individual to be sentenced after the Federal High Court in Abuja last week sentenced the former Managing Director of the Nigeria Export-Import Bank (NEXIM), Mr Robert Orya, to 490 years’ imprisonment following his conviction in a N2.4 billion fraud case.
In a statement shared via its official X handle on Thursday, the anti-graft agency confirmed that Justice F.E. Messiri of the Abuja High Court has sentenced the former NEXIM boss, who served from 2011 to 2016, to 10 years’ imprisonment for each of the 49 counts brought against him in the N2.4 billion fraud case.
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