Tinubu Announces New Appointment

President Bola Tinubu has appointed Martins Imonitie as the chief executive officer of the Nigerian Mining Corporation. The announcement was made by Dele Alake, the minister of solid minerals development, after the federal executive council (FEC) meeting in Abuja.

According to Alake, Imonitie is a mining finance expert from Western Australia, a major global mining hub. He was recruited for his expertise in working with international mining companies and is expected to drive the new corporation’s initiatives.

The minister also provided details on the ownership structure of the corporation. The private sector will control 50 percent of the equity, while the federal government and Nigerian citizens will hold 25 percent each. Alake emphasized that this structure is designed to prevent government interference and political manipulation in the corporation’s operations.

Addressing speculation about a government-led mining bank, Alake clarified that there are no plans to establish a Solid Minerals Development Bank. Instead, he urged private sector players to lead the creation of a specialized financial institution to support the mining industry. He stressed that government involvement in such a venture could lead to political interference, whereas private sector ownership would ensure fair and efficient financial support for miners.