- Blackmail won’t stop crackdown on illegal mining
The Minister of Solid Minerals Development, Dr. Dele Alake, has emphasized the strategic role of the country’s capital market in unlocking Nigeria’s estimated $700 billion solid mineral wealth.
He noted that for a mining-led economic transformation, the country will require the bold participation of the capital market.
Speaking at a webinar organized by NASD Plc and the Solid Minerals Development Fund (SMDF), Alake noted that the Ministry’s reform-driven roadmap aligns perfectly with the webinar’s theme, “Unlocking Nigeria’s Solid Minerals Potentials Through the Capital Market.”
The minister also restated his commitment to fighting illegal mining in the country, saying no amount of cheap blackmail would deter him from doing so.
He said those opposed to the government’s reforms have resorted to smear campaigns and blackmail against the newly launched mine marshals, who are recording significant progress.
“The challenges that I’ve seen, in a nutshell, are not administrative at all, they are external.
Alake has also declared that the Federal Government will not bow to blackmail or media attacks in its efforts to curb illegal mining and insecurity in the sector, saying some of the biggest challenges confronting the mining industry are not administrative but external, driven by individuals benefiting from illegal operations.
He said those opposed to the government’s reforms have resorted to smear campaigns and blackmail against the newly launched mine marshals, who are recording significant progress.
His words: “The challenges that I’ve seen, in a nutshell, are not administrative at all, they are external.
“First, on the security, the efforts that we’ve made so far in curbing or stemming the tide of insecurity and illegal mining operations are facing serious pushback from those who are benefiting from the nefarious activities.”
Alake said some operators have tried to discredit the mine marshals by accusing them of bribery, but none have provided any evidence.
He said: “In fact, some came to say that the leader of the mine marshals is asking them for a bribe and that they’ve paid him a bribe.
“I said, ‘Wow, this is what I’ve been looking for. Please give me the evidence.’
“One of them said he was coming back the following day with the evidence. That was six months ago. I’m yet to see him.”
He said the smear campaign has extended to the media, with one television station forced to apologise after publishing false claims against the leader of the marshals.
“At some point, the man came to me to say one medium blackmailed him.
“I said, ‘Well, did you do it?’ He said, ‘No,’ he didn’t do it. I said, ‘Okay, get a lawyer to sue that medium’. And he did.
“Forty-eight hours later, that same medium, a TV station, put up a public apology because they were paid to do the hatchet job.
“And because, of course, like every profession in this degeneration, also in journalism, there’s no balancing of reportage,” he revealed.
Alake said the ministry remains firm in its commitment to reforms and is drawing strength from President Bola Tinubu’s stance on accountability.
He declared: “Our hands are on the plough and there’s no looking back. I am not going to remove anybody from the mine marshals except I see concrete evidence of malfeasance or misdemeanor.
“But I am one person who never buckles under any blackmail. No inducement can sway me at all. So we are confronting that challenge as well.”
“First, on the security, the efforts that we’ve made so far in curbing or stemming the tide of insecurity and illegal mining operations are facing serious pushback from those who are benefiting from the nefarious activities,” he was quoted to have said during an event.
Represented by his Senior Adviser on Mining and Policy, Amira Adamu Waziri at NASD Plc and the SMDF webinar, the minister said: “The capital market is a critical pillar in the journey toward a sustainable mining sector,”he said. “It can mobilize long-term financing for exploration, support junior mining companies, and channel institutional capital into infrastructure and processing hubs.”
The Minister outlined his 7-point reform agenda which focused on creating a national mining corporation, deploying a special Mines Marshals force, accelerating geological data acquisition, formalizing artisanal mining, boosting local processing, attracting large-scale investments, and deepening stakeholder engagement.
According to the Minister, Nigeria is on the cusp of a mining renaissance, driven by political will and regulatory clarity under President Bola Ahmed Tinubu’s Renewed Hope Agenda.
“What we now require is capital, technology, and strategic partnerships to unleash this potential,” he declared.
He then urged public and private stakeholders to align resources, innovation, and governance to transform Nigeria’s mining landscape.
The Minister assured prospective investors that the reforms are designed to de-risk investment and make the sector globally competitive.
Executive Secretary of SMDF, Hajia Fatimah Shinkafi, represented by Mr. Abdulmajeed Amussah, announced three new funding vehicles: Growth Fund, Opportunities Fund, and Research Fund to address Nigeria’s financing gaps:
Growth Fund: Stimulates early-stage exploration and provides project development support; Opportunities Fund: Accelerates mature mining projects and infrastructure readiness; and Research Fund: Backs enabling policies, geological data, and ecosystem innovation.
“Most mining projects in Nigeria are stuck at stages 1 and 2 exploration and feasibility which makes them unattractive to commercial lenders. Our goal is to move them along the development curve,” Amussah said.
Data presented at the event revealed stark imbalances in sectoral credit allocation where agriculture and transportation dominate bank financing, while mining receives negligible support. With N10 billion already earmarked for development, SMDF’s strategy seeks to unlock catalytic funding and attract institutional investors.
In line with the reform drive, NASD Plc Chief Executive Officer, Mr. Eguarekhide Longe, unveiled the National Digital Securities Platform (N-DSP) a blockchain-based infrastructure to support tokenized mining securities.
“Through tokenized instruments like debt, equity, and mineral-backed securities, we can channel investment into exploration, production, and processing, while making capital market participation more accessible and transparent,” Longe stated.
He noted that the initiative aligns with the federal government’s push for value addition, industrialization, and transition from ore exports to in-country beneficiation.
SEC’s Executive Commissioner, Mr. Bola Ajomole, reinforced the urgency, stating: “The capital market must not merely observe the mining renaissance it must fund it.”
He revealed that over 867 mining licenses have been issued in 2025, generating N7 billion, with SEC working on mining bonds and royalty-backed securities under a revised Investment Securities Act.
Alake said some operators have tried to discredit the mine marshals by accusing them of bribery, but none have provided any evidence.
He said: “In fact, some came to say that the leader of the mine marshals is asking them for a bribe and that they’ve paid him a bribe. I said, ‘Wow, this is what I’ve been looking for. Please give me the evidence.’
“One of them said he was coming back the following day with the evidence. That was six months ago. I’m yet to see him.”
He said the smear campaign has extended to the media, with one television station forced to apologise after publishing false claims against the leader of the marshals.
“At some point, the man came to me to say one medium blackmailed him.
“I said, ‘Well, did you do it?’ He said, ‘No,’ he didn’t do it. I said, ‘Okay, get a lawyer to sue that medium’. And he did.
“Forty-eight hours later, that same medium, a TV station, put up a public apology because they were paid to do the hatchet job.
“And because, of course, like every profession in this degeneration, also in journalism, there’s no balancing of reportage,” he revealed.
Alake said the ministry remains firm in its commitment to reforms and is drawing strength from President Bola Tinubu’s stance on accountability.
He said: “Our hands are on the plough and there’s no looking back. I am not going to remove anybody from the mine marshals except I see concrete evidence of malfeasance or misdemeanor.
“But I am one person who never buckles under any blackmail. No inducement can sway me at all. So we are confronting that challenge as well.”
