ADVERTISEMENT
The Sun Nigeria
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
The Sun Nigeria
No Result
View All Result
Home National

Senate approves motion to end illegal mining, gold smuggling in Nigeria

9th December 2020
in National
0
Senate approves motion to end illegal mining, gold smuggling in Nigeria

Senator Orji Uzor Kalu

0
SHARES
74
VIEWS
Share on FacebookShare on Twitter

From Kenneth Udeh, Abuja

Resolutions to bring an end to illegal mining and gold smuggling and an investigation into the annual loss of $9 billion in Nigeria’s mining sector were reached Wednesday by the Senate

The decisions were made following a motion moved by Abia-North Senator and Chief Whip of the Senate, Senator Orji Uzor Kalu, on the need to investigate Nigeria’s  yearly loss of 9 billion US Dollars as a result of illegal mining and gold smuggling.

The Senate, in its plenary session presided over by Deputy Senate President Ovie Omo Agege, urged the Executive to intensify efforts to combat illegal mining activities and seal up all revenue leakages from such clandestine activities, and ofr the Senate Committee on Solid Minerals, Mines, Steel Development and Metallurgy to launch an investigation the matter and report back to the Senate in 6 weeks.

Earlier in his presentation, Kalu disclosed that Nigeria had lost close to $54 billion from 2012 2018 due to illegal smuggling of gold, while also pointing out that the country is reportedly losing about $9 billion yearly to illegal mining and gold exportation, a huge amount of money unaccounted for through under the radar sales of the expensive commodity.

Senator Kalu stated that the activities of unlicensed miners were becoming prevalent within the industry and the incessant smuggling of the solid mineral out of the country by middlemen and smugglers is leading to loss of government revenue.

According to Kalu, gold mining operations in Nigeria are capable of providing no fewer than 250,000 jobs and over $500 million dollars annually in royalties and taxes to the Federal Government and as mineral resources.

Raising additional concerns, the Senate Chief Whip explained that jobs and revenue accrued to the mining sector would further diversify the Nigerian economy and improve the foreign exchange reserve. He explained that due to Nigeria’s current estimated gold reserves of over 200 million ounces, most of which have not been exploited, developing sustainable programmes that will catalyse increased investment in the extraction and refining of gold sourced from mines in Nigeria is vital.

Making reference to data obtained from the Ministry of Solid Minerals and Development, Senator Kalu revealed that there are gold deposits in Federal Capital Territory Abuja, Abia, Bauchi, Cross River, Edo, Niger, Sokoto, Kebbi, Oyo, Kogi, Zamfara, Osun and Kaduna states.

Senator Kalu argued that if the country conserves her gold reserves and ensures effective exploitation, the accruing revenue would surpass that of oil and gas.

He drew the attention of colleagues to section 44 (3) of the Nigerian Minerals and Mining Iaw of 1999 which provides that ownership and control of all minerals in Nigeria is vested in the Federal Government, which is mandated to manage such natural resources in a manner as may be prescribed by the National Assembly.

In his lead discourse Senator Kalu told the Senate that illegal mining is a major factor responsible for the stunted growth in the mining sector.

‘Distinguished colleagues,you will agree with me that illegal mining is one of the key challenges hindering the development of Nigeria’s mining industry. If we don’t fix this hemorrhage of our economy, we would literally bleed to death,’ he stated.

‘In fact according to Signal One International, SOI, a US based company, disclosed in a 2016 report that Nigeria has lost over $50 billion in gold revenue tax in two years as a result of illegal mining and exportation of  unprocessed gold. Also reports from the Nigeria Extractive Industries Transparency Initiative, NEITI indicated that Nigeria lost about nine billion dollars to illegal mining operations and gold exportation from 2014 to 2015 and in six years accrued to $54 billion dollars,’ Kalu concluded.

Senator Kalu beckoned the Senate to intensify further efforts to combat illegal mining activities,seal up all revenue leakages.

Contributing to the debate, Kogo West Senator Smart Adeyemi expressed support for the motion, raising concerns on global drop in the demand for crude oil and gas, Nigeria’s main source of revenue.

He stressed the need to protect the mining sector, which would serve as an alternative source of revenue for the country.

‘The global economy today is contemplating how to reduce the use of crude oil and gas . In years to come many nations that depend on oil and gas will start looking at renewable energy. In essence pioneer producing nations will start looking for an alternative. Today countries are finding it hard to sell their oil.

‘If you look at Zamfara State there is an enormous deposit of Gold. In the night you see trailers conveying foreigners and these are people involved in illegal mining. We have to engage the executives, because the solid mineral sector needs serious attention beyond just talking,’ Senator Adeyemi said.

Senator Ajayi Borofice, in his support to the motion said the Nigeria’s gold deposit was beyond that of South Africa, stating the need for the sector to be protected from exploitation.

Click Here>>>>>>7 Natural Herbs to Finally End Premature Ejaculation and Weak Erection<<<<<<

Click Here>>>>>>Anti-kidnap and anti-theft device for tracking and listening<<<<<<

Tags: gold mininggold reservesgold smugglinggovernment revenueillegal miningmining sectorsenate resolutionsSenator Orji Uzor Kaluunlicensed miners
David

David

Sun News Online team

Related Posts

Buhari’s 60th independence anniversary address
National

Buhari: Refusal to sack service chiefs’ll cost APC 2023 poll –CONES

12th January 2021
IPOB leader faults appointment of EFCC chairman from north
Cover

Pressure mounts on FG to extradite Kanu

12th January 2021
Lagos says churches, mosques remain shut
Cover

DSS alleges plot to burn churches, mosques

12th January 2021
Next Post
Federal court dismisses suit by Aminu Wali led PDP faction over congresses

Federal court dismisses suit by Aminu Wali led PDP faction over congresses

LAUTECH: ASUU kicks as management ask students, staff to resume 

LAUTECH: ASUU kicks as management ask students, staff to resume 

How e-commerce is impacted by cryptocurrency

How e-commerce is impacted by cryptocurrency

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Highlights

Ecobank Nigeria launches radio programme for SMEs

FG gives May 21 deadline to complete Abuja-Kaduna-Kano Road

9mobile  appoints new CTO, Deputy CTO

Why we create 35 additional audit units –FIRS

Mutual funds’ assets rise to N1.6tr

Customs seizes Indian hemp, goods worth N143.627m

Trending

Amotekun: South West Assemblies pass bill into law
Features

Amotekun: Weaponising ethnicity to destroy good initiative

12th January 2021
0

By Jide Ajani Those pushing the narrative still think demonising Amotekun will score for them political points....

APC: Onu pledges support for Mala Buni committee

Why APC leaders, members cant brush aside outgone year

12th January 2021
Rivers LG chairmen allege mass arrest plot

Debt stock: We’ll borrow more –Amaechi 

12th January 2021
Nigerians get 100% of remittances via RapidTransfer App –Ecobank MD

Ecobank Nigeria launches radio programme for SMEs

12th January 2021
FG to prosecute looters of Shoprite, MTN, others

FG gives May 21 deadline to complete Abuja-Kaduna-Kano Road

12th January 2021
ADVERTISEMENT

Follow us on social media:

Categories

  • Abuja Metro
  • Arts
  • Broken Tongues
  • Business
  • Business Week
  • Cartoons
  • Citizen Joe
  • Columns
  • Cover
  • Culture
  • Duro Onabule
  • Editorial
  • Education Review
  • Effect
  • Elections
  • Entertainment
  • Events
  • Features
  • Femi Adesina
  • Food & Drinks
  • Frank Talk
  • Funke Egbemode
  • Gallery
  • Global Square by Kenneth Okonkwo
  • Health
  • Insights
  • Kalu Leadership Series
  • Kunle Solaja
  • Kunle Solaja
  • Letters
  • Lifeline
  • Lifestyle
  • Literary Review
  • Marketing Matters
  • Muiz Banire
  • National
  • News
  • Offside Musings
  • Opinion
  • oriental news
  • Politics
  • Press Release
  • PressClips
  • Public Sphere
  • Ralph Egbu
  • Shola Oshunkeye
  • Sideview
  • South-west Magazine
  • Sponsored Post
  • Sporting Sun
  • Sports
  • Sun Girl
  • Tea Time
  • The Flipside – Eric Osagie
  • The Sun Awards Live
  • The Sun TV
  • Thoughts & Talks
  • Time Out
  • Today's cover
  • Tola Adeniyi
  • Travel
  • Travel & Tourism
  • Trending
  • TSWeekend
  • Turf Game
  • Uncategorized
  • Updates
  • Views from Abroad
  • Voices
  • World
  • World News
  • Home
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun

© 2019 The Sun Nigeria - Managed by Netsera.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist