The Nigerian Government has dismissed allegations that it is ceding the country’s mineral resources to China.
The media aide to the Minister of Solid Minerals Development, Kehinde Bamigbetan, who dismissed the allegation, said that the revocation of Basin Mining Limited’s licences was based on the company’s failure to meet its statutory obligations.
Responding to the allegations, Bamigbetan described the claims as “falsehoods” and “reckless allegations,” arguing that they were intended to pressure the government into reversing the licence revocation.
According to him, Basin Mining Limited failed to pay annual service fees, with its outstanding liabilities rising from N1.223 billion in 2024 to about N2.494 billion before the licences were eventually revoked.
“The licence of a Nigerian company, Basin Mining Limited, was revoked for failure to pay the statutory annual service fee,” he said, adding that the debt had grown to N2.494 billion by the time the revocation was effected.
Bamigbetan alleged that Jupiter, a British-Australian company which he said was not directly involved in the licence transaction, filed an international arbitration case against Nigeria and subsequently engaged in what he described as a media campaign against the Minister of Solid Minerals Development, Dele Alake.
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He maintained that the campaign would not influence the government’s decision, saying, “No defaulting Jupiter company can move Alake.”
The minister’s aide also rejected claims that Alake favours Chinese investors over Western companies, stating that the minister had visited China only twice on official assignments since assuming office, compared to several investment engagements in Europe, Australia and South Africa.
“Kefas’ allegation that Alake is handing over our mineral wealth to the Chinese betrays his abysmal ignorance of the dynamics of Nigeria’s international economic relations,” Bamigbetan said.
He explained that Nigeria’s policy of opening the solid minerals sector to foreign investors dates back to the Nigerian Investment Promotion Commission Act of 1995, stressing that the current administration merely strengthened enforcement of existing laws while promoting local value addition.
According to him, the reforms introduced under Alake require mining companies to process minerals locally before export, a policy he said has encouraged several Chinese firms to establish mineral processing factories in Nigeria.
“Several Chinese companies began complying with this directive by building processing factories,” he said, contrasting their response with companies whose licences were revoked.
Bamigbetan further noted that Nigeria continues to attract investment from Western countries, saying more than 300 companies from Europe, North America, Canada and Australia are active in different segments of the mining sector.
