FG Defends Mining License Revocation Amid Allegations

The Federal Government of Nigeria, through the Minister of Solid Minerals Development, Dele Alake, defended its decision to revoke the mining licenses of Basin Mining Limited. This action was attributed to the company's failure to pay statutory annual service fees totaling N1.223 billion in 2024, which later increased to approximately N2.494 billion before the licenses were canceled.

Alake, via spokesperson Kehinde Bamigbetan, rejected allegations of favoring Chinese investors, labeling them as false and part of a discrediting campaign against mining sector reforms. He noted that although British-Australian firm Jupiter was not the holder of the revoked licenses, it initiated arbitration against the Federal Government for alleged violations of the Nigeria-United Kingdom Bilateral Investment Treaty.

Bamigbetan stated that Alake's visits to China were limited and that he had attended more investment conferences in Western countries. The government’s policy to open the mining sector to foreign investment predates the current administration, rooted in the Nigerian Investment Promotion Commission Act and the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act of 1995.