August 2, 2026 | 10:45 pm
Minister of Solid Minerals Development, Dele Alake
The Federal Government has defended the revocation of Basin Mining Limited’s mining licences, saying the decision was based only on the company’s failure to meet legal obligations — not on any bias toward Chinese investors.The Minister of Solid Minerals Development, Dele Alake, made this known in a statement released by his spokesperson, Kehinde Bamigbetan, in Abuja on Sunday.Alake also rejected claims that he was ceding Nigeria’s mineral resources to Chinese interests, describing the allegations as false, misleading, and part of a plot to undermine reforms in the mining sector.According to Bamigbetan, Basin Mining’s licences were withdrawn after it failed to pay statutory annual service fees of ₦1.223 billion in 2024. The debt later climbed to about ₦2.494 billion before the government cancelled the licences.“The revocation was carried out in line with Nigerian mining laws and had nothing to do with the nationality of any investor,” Bamigbetan said.He added that although British-Australian firm Jupiter did not hold the revoked licences, it initiated arbitration against the Federal Government, alleging a breach of the Nigeria-UK Bilateral Investment Treaty. Bamigbetan also accused the company of launching media attacks and cyber campaigns against Alake to pressure the government into reversing the decision.Addressing claims that Alake favours Chinese investors, the spokesperson said the minister has only visited China twice in the last three years — once as part of President Bola Tinubu’s delegation on a state visit, and again at the invitation of the Chinese government for China Mining Week 2025.He noted that Alake has attended more mining investment forums in Western countries, including three editions each of the London Mines and Money Conference and Mining Indaba in South Africa, plus two official trips to Australia to promote Nigeria’s mining sector.Bamigbetan explained that Nigeria’s policy of opening the mining industry to foreign investment is not new. It dates back to the Nigerian Investment Promotion Commission Act and the Foreign Exchange Act of 1995, which liberalized investment across the economy.He said Alake’s reforms have focused on enforcing compliance and promoting local value addition by requiring investors to process minerals in Nigeria before export.According to him, several Chinese companies have complied by setting up processing plants in the country, while some other licence holders failed to develop their assets.He also highlighted Nigeria’s long-term mining cooperation with China, including geological mapping, exploration, and technical partnerships since 2011. President Tinubu’s 2024 state visit to China, where over 20 bilateral agreements were signed, further deepened those ties.“Contrary to claims that Western investors are being sidelined, more than 300 companies from Europe, North America, Canada and Australia are actively operating in Nigeria’s solid minerals sector,” Bamigbetan said.He added that the Nigerian Geological Survey Agency is working with French and German institutions on geological data, while the World Bank supported the development of the new Solid Minerals Sector Roadmap.“The reforms introduced by Dr Dele Alake — including the creation of the Nigeria Solid Minerals Company, deployment of Mining Marshals, stricter enforcement of mining laws, and commissioning of mineral processing plants — are already producing measurable results,” he stated.He concluded: “The Federal Government will not reverse the revocation of mining licences belonging to companies that failed to comply with Nigerian laws, no matter the media campaigns against the minister.”
