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Reps Propose 5% Mining Revenue For Host Communities

Published

2 years ago

February 13, 2024

The House of Representatives Committee on Solid Minerals has said it is proposing five per cent of revenues on solid minerals to host communities.

The chairman of the committee, Jonathan Gaza, disclosed this on Monday at a public policy dialogue on Nigeria’s minerals and mining legislation, organised by the committee at the National Assembly Complex, Abuja.

Gaza said the Nigerian Minerals and Mining Act (Amendment) Bill being considered would give five per cent of the total revenue of all minerals mined to the host communities.

He said the bill, when passed, would allow for the establishment of a Mines Inspection and Environmental Agency to provide improved and deeper oversight of mining activities and bridge the gap between the Federal and State Governments to empower the Mineral Resources and Environmental Management Committee for effective and joint oversight.

He said, “The establishment bill for a Solid Minerals Development Company allocates 75 per cent ownership to the private sector and 25 per cent to the federation of Nigeria. Community Development and the Environment are prioritised in the bill. The Petroleum Industry Act sets aside three per cent of their annual operational expenditure for host communities.

“In the bill, we have set aside five per cent of the revenue for all minerals mined to the host communities, and this is due to the informality of the sector. We believe that it can be reviewed and improved through this programme.”

The Governor of Nasarawa State, Abdullahi Sule, who attended the session, said non-Nigerians operating in the nation’s solid minerals sector were earning big, leaving the citizens with peanuts.

He called for institutional reforms to turn around the fortunes of the sector for the benefit of Nigerians.

Sule said, “One community in Nasarawa got some kind of compensation of a very small amount of N700m. They were so excited but this was nothing compared to the time when lithium was running roughly about $76,000 per metric ton.

“If we are serious about the future of the economic situation of Nigeria, we must reform what we call the solid mineral sector and if we must reform, we must come up with policies and reform them to benefit Nigerians. If we don’t do that, we will just be joking.”

Earlier while declaring the dialogue open, the Deputy Speaker, House of Representatives, Benjamin Kalu, said the bill if passed, would mark a turning point for the nation’s mineral wealth, stressing that the nation’s vast mineral resources had remained largely untapped, and undeservedly ignored by reliance on oil.

Kalu pointed out that the challenges of insecurity, inadequate infrastructure, and a lack of skilled manpower had continued to work against the development of the solid mineral sector, adding that the challenges would be addressed by the proposed amendment bill.

“Despite boasting over 40 commercially viable minerals, the mining sector contributes a mere 0.3 per cent to our Gross Domestic Product. Our duty call today is to turn the tide. There are indications of a renewed vigour in our mining industry, fueled by a collective will to diversify our economy, create jobs, and unlock the immense potential that lies beneath our soil.

“The 2016-2025 Mining Industry Development Roadmap, aiming to increase the sector’s GDP contribution to three per cent by 2025, is already showing progress. Projects like the Segilola Gold Project in Osun State governed by a private-sector-led lens are injecting millions of dollars into our economy and attracting much-needed investment,” he stressed.

Related Topics:House of Representatives Reps

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Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

20 minutes ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

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N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

2 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.

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Xenophobic Attacks: Oshiomhole Tells FG To Retaliate Against South African Companies In Nigeria

Published

20 hours ago

May 5, 2026

Editor

Senator Adams Oshiomhole has called on the Federal Government to retaliate against South African businesses operating in Nigeria following the recent attacks on Nigerians in South Africa.

Speaking during plenary on Tuesday, Oshiomhole said the Federal Government should consider revoking the working license of South African owned companies such as MTN and DSTV.

He argued that Nigeria must respond firmly to what he described as persistent hostility against its citizens.

“I am not going to shed tears. If you hit me, I hit you. I think it is appropriate in diplomacy. It is an economic struggle,” Oshiomhole said.

He argued that while some South Africans accuse Nigerians of taking their jobs, Nigerians should return home and take over employment opportunities created by major South African companies operating in the country, including MTN and DSTV.

“When we hit back, the President of South Africa will not only talk but will also go on his knees to recognise that Nigeria cannot be intimidated.

“We will not condone any life being lost. If a crime has been committed under the South African law they have the right to bring any such person to justice, but to kill our people as if we are helpless, we will not allow that,” Oshiomhole added.

DAILY POST reports that several Nigerians in South Africa have reportedly been attacked, and their businesses destroyed, in ongoing xenophobic attacks in the country.