Business

Obaseki Looks To Lithium Mining, EV Battery Production As New FOREX Earner

Published

2 years ago

February 13, 2024

The Edo State Governor, Mr. Godwin Obaseki, is intensifying efforts to diversify the State’s economy with the exploitation of its solid minerals deposit, especially lithium as a new Foreign Exchange (FX) earner.

This was disclosed when the State welcomed international investors representing Renera Rosatom Energy Corporation hosted by the Edo State Ministry of Mining and Energy (Oil, Gas and Power)

Lithium, which is also known as white gold, is a mineral found in large deposits in some states in Nigeria such as Nasarawa, Kogi, Kwara, Ekiti, Cross-Rivers and Edo.

In a presentation at the conference meeting, the Director of Mining, Edo State, Mr. Omoruyi Ihianle, disclosed efforts by the Governor Obaseki-led administration towards exploiting its lithium deposit for the production of lithium batteries used in Electric Vehicles.

“The state government, after looking at the sector, thought it wise to come forward with what we call the SPV (Special Purpose Vehicle), and with this SPV, the state government aims to ensure that the mining sector gives value to the government and the investors,” Omoruyi said.

“We have the registration number of the SPV (Special Purpose Vehicle) Associates Mining and Investment Company Limited. It was incorporated last year and it has already started running.”

“Now the mandate as regards the Ministry of Mining & Energy and also the SPV is to ensure that the state is positioned in a way to assist miners and also to be a major player in the mining industry,” he added.

While outlining the objectives of the Edo State Mining and Investment Company Ltd. (ESMIC), the Director of Mining, Edo State, noted that the commission aims to provide support for mining companies operating in the state, providing services along the mineral market value chain in line with international best practice with environmentally friendly business methods and ensuring that their partners get the value for their investment.

He further guaranteed that the commission is geared towards ensuring a smooth synergy between investors, the companies, and the miners while creating jobs for indigenes of the communities in the State.

The Edo State Commissioner for Mining and Energy, Hon. Ojiefoh Enaholo expressed the readiness of the State Government in positioning Edo as an enabler and a major player in the mining sector.

Speaking on behalf of the international investors, the Vice President of Uranium One, Mr. Andrey Mineev, expressed his gratitude on the warm reception, expressing the group’s readiness to embark on the partnership with the Edo State Government, as they are trying to find new corporations.

Business

CBN Sets POS Maximum Transactions In Fresh Guidelines

Published

3 hours ago

October 8, 2025

Editor

The Central Bank of Nigeria has rolled out fresh guidelines for agent banking, known as Point of Sales, across the country.

The apex also in the guidelines pegged daily POS transactions at N1.2 million per agent and N100,000 per individual.

CBN disclosed this in a circular signed by its Director of the Payments System Management Department, Musa Jimoh.

The guidelines further mandate all financial institutions to publish the list of all their POS agents on their website and to display it in their branches.

CBN noted that the guidelines would take effect from April 1, 2026.

“The Guidelines aim to establish minimum standards for operating agent banking in Nigeria, enhancing agent banking to provide financial services and promoting financial inclusion, encouraging responsible market conduct and improving service quality in agent banking operations.

“This circular takes effect from the date of release, while the implementation of agent location and agent exclusivity shall be in effect from April 1, 2026.

“POS agents are restricted to a maximum of N1.2 million per day. Individual customers are limited to N100,000 in daily transactions.

“These limits are intended to curb misuse, enhance financial integrity, and protect consumers within the agent banking framework,” it stated.

Business

Naira Records First Appreciation Against US Dollar At Official Market

Published

3 hours ago

October 8, 2025

Editor

The Naira recorded appreciation on Wednesday against the United States dollar at the official market, the first time in three days this week.

The Central Bank of Nigeria’s exchange rate data showed that the Naira strengthened to N 1,470.62 per dollar on Wednesday, up from N1,471.09 traded on Tuesday.

This means that the country’s currency firmed up slightly by N0.47 against the dollar on a day-to-day basis.

Monday and Tuesday, the Naira recorded negative sentiment at the official foreign exchange market.

However, at the black market, the Naira remained unchanged at N1,500 per dollar on Wednesday, the same rate exchanged on Tuesday.

The apex bank data indicated that the country’s external reserves, a determinant of the exchange rates, stood at $42.57 billion as of October 7, 2025.

Business

SEC Warns Nigerians Of AfriQuantumX Ponzi scheme

Published

3 hours ago

October 8, 2025

Editor

Nigeria’s Securities and Exchange Commission (SEC) has named AfriQuatum, with a claimed worth of N76 billion, as a Ponzi scheme.

The regulator also urged the public to be cautious about investing with the firm.

SEC disclosed this in a recent statement.

According to the SEC, any person who places an investment or engages with the entity does so at his or her own risk, adding that its operations exhibit characteristics commonly associated with fraudulent Ponzi schemes.

“The attention of the Securities and Exchange Commission has been drawn to the activities of AfriQuantumX, which holds itself out as an investment platform trading on and selling cryptocurrency and stocks to investors in Nigeria.

“The Commission hereby informs the public that AfriQuantumX is not registered by the Commission either to solicit investments from the public or operate in any capacity within the Nigerian capital market,” SEC stated.