Abuja, Nigeria – In a significant move aimed at sanitizing Nigeria’s solid minerals sector, the Economic and Financial Crimes Commission (EFCC) has officially handed over a sum of ₦100 million to the Federal Ministry of Solid Minerals Development. The funds, recovered from mining companies operating in Akwa Ibom State, represent unpaid royalties and are part of a broader government effort to enforce transparency and accountability in the industry.
The symbolic presentation of the bank draft was made by the Uyo Zonal Director of the EFCC, Johnson Oshodi, on behalf of the Commission’s Executive Chairman, Ola Olukoyede. Speaking at the event, Oshodi emphasized that the recovery is just the beginning, underscoring the EFCC’s commitment to reclaiming all public funds withheld by unscrupulous operators in the mining sector. He also highlighted the importance of inter-agency collaboration, which was crucial in the successful tracing and recovery of the funds.
The Federal Mines Officer in Akwa Ibom State, Emmanuel Effiong Bassey, commended the EFCC for its prompt and diligent action, which he noted was a direct result of a petition submitted to the anti-graft agency. Bassey stressed the critical role of the mining sector in the national economy and the necessity of strengthening the partnership between government agencies to ensure more successful recoveries and a more transparent operating environment.
This development follows a series of aggressive actions by the government to curb illegal mining, undocumented mineral trade, enforce regulatory compliance, and ensure that Nigeria reaps the full benefits of its vast mineral wealth. The reforms, which include the enforcement of local value addition and a tightening of the licensing regime, are beginning to yield results, creating trust in the sector and bringing in genuine investors.
The Nigerian Mineral Exchange encourages all its members to operate strictly within the ambit of the Nigerian Minerals and Mining Act, 2007, and other relevant Nigerian laws to avoid the current clampdown by government agencies. Compliance with regulations, including the timely payment of royalties, is not only a legal obligation but a cornerstone of sustainable business practice.
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