Business News
Why N5b Miners Loan Disbursement is Slow – FG

By Tony Obiechina, Abuja
The Minister of State for Mines and Steel Development, Dr Uchechukwu Ogah said on Tuesday that the disbursement of the N5 billion intervention loan for miners was slow because of the investors inability to meet the requirements set for accessing the loan.
According to him, some of the first set of applicants for the loan presented fake lincenses and this created problems as the lincenses did not meet mining cadastal requirements.
Speaking at a stakeholder engagement for operators captured under Artisanal and Small-scale Mining (ASM) in Abuja, Ogah said that the Buhari administration was determined to address the protracted challenge of inadequate funding, which has crippled artisanal miners who make up 90% of the sector.
He said Nigeria is blessed with abundant mineral resources that need to be urgently harnessed, especially as dwindling crude oil receipts can no longer buoy the country’s economy.
Ogah, advised the local miners desirous of a slice of the N5 billion Mining Fund to have all valid licenses and other vital documents before approaching the Bank of Industry (BOI), if they do not want their applications voided on receipt.
The Minister explained that the disbursement of the N5 billion intervention fund, which comes with a five percent interest, has been slow because a lot of miners approached the BOI with fake licenses and other forged documents, thus making their requests invalid.
He reminded the credit seekers that the money was a loan and not a grant, urging them to put it into judicious use.
The Minister said: “This takeholder engagement remains a strategic intervention which seeks to expand and grow the economy using solid minerals.
“The mineral sector is one of the drivers of the economy. Oil and gas no longer paying the bills. The future of Nigeria is in our hands. We need to tell the FG that can bouy the economy.
“ASM are challenged by paucity of funds and they constitute 90% of the miners. So, N5billion has been set aside to energise the sector. Efficient use of the money is key and more will come. Disbursement has been slow because of the beneficiaries’ inability to meet up the conditions precedent. Those who wanted to benefit caused the problem. People printed fake mining licenses not issued by the cadastral office.
“Again, banks did their due diligence and discovered all these anomalies because they’re the risk bearers. The banks are willing to partner with artisanal miners using the ASM sector but we must be transparent.
“Banks want commitment, character, integrity. There is no risk can’t be mitigated by banks but there are conditions like cadastral license, mining license and many other documents some miners don’t have it and that’s how the issue of additional collateral came about.
“Banks want the beneficiaries to get the loan, work with it and the repay for others to enjoy it. The mining fund is a loan, not a grant. Banks are still giving 26% loans due to the high risk associated with the miners’ inability to have the requisite documents”.
In her remarks, the representative of BOI, Mrs Olayinka Mubarak revealed that the bank’s initial interaction with the first set of loan seekers was not a pleasant one.
“There were many loose ends and we need to tidy that up. The money is not a grant but a loan with a 5% interest. If miners don’t repay the loans, it becomes a problem because BOI pays back the loan to the government. So, we must tidy the loose ends and get the documentation issue right.
“When we disburse, we share information with other banks on those with integrity. It makes you credit worthy. When you pay back, you can get a bigger loan. We’re helping the youth become gainfully employed. You can come to us and we can work things out. We can share your challenges and if there’s a need to restructure the loans, we will do that”, she stated.
A miner John Odeyemi, urged the government and BOI to relax some of the tough rules placed before loan seekers, in order to widen the number of beneficiaries of the loan.
To boost the capacity of artisanal and small-scale miners to participate in the development of the solid minerals sector, the Federal Government in 2017 launched N5 billion Nigerian Artisanal and Small-Scale Miners, Financing Support Fund to grant loans at single digit interest rates.
The Fund, which is operated by the Federal Ministry of Mines and Steel Development in collaboration with the Bank of Industry, would be available for only certified artisanal small-scale miners, constituting more than 80 per cent of the operators in the industry.
Under the terms of the memorandum of understanding signed, the government would contribute N2.5 billion of the Fund, which would be matched by another N2.5 billion by BOI.
Qualified artisanal miners would be allowed to access between N100,000 and N10 million, while small-scale miner could get between N10 million and N100 million.
Business News
Tinubu Congratulates Dangote on World Bank Appointment

By Jennifer Enuma, Abuja
President Bola Tinubu has congratulated Alhaji Aliko Dangote, the President of Dangote Group, on his appointment to the World Bank’s Private Sector Investment Lab, a body tasked with promoting investment and job creation in emerging economies.
In a statement by Special Adviser on Media and Publicity, Bayo Onanauga, the President described the appointment as apt, given Dangote’s rich private sector experience, strategic investments, and many employment opportunities created through his Dangote Group.
The Dangote Group became one of Africa’s leading conglomerates through innovation and continuous investment.
Dangote Group’s business interests span cement, fertiliser, salt, sugar, oil, and gas. However, the $20 billion Dangote Petroleum Refinery and Petrochemicals remains Africa’s most daring project and most significant single private investment.
“President Tinubu urges Dangote to bring to bear on the World Bank appointment his transformative ideas and initiatives to impact the emerging markets across the world fully” the statement said.

The World Bank announced Dangote’s appointment on Wednesday, as part of a broader expansion of its Private Sector Investment Lab. The lab now enters a new phase aimed at scaling up solutions to attract private capital and create jobs in the developing world.
The CEO of Bayer AG, Bill Anderson, the Chair of Bharti Enterprises, Sunil Bharti Mittal, and the President and CEO of Hyatt Hotels Corporation, Mark Hoplamazian, are on the Private Sector Investment Lab with Dangote.
The World Bank said the expanded membership brings together business leaders with proven track records in generating employment in developing economies, supporting the Bank’s focus on job creation as a central pillar of global development.
Business Analysis
Nigeria Customs Generates over N1.75trn Revenue in 2025
By Joel Oladele, Abuja
The Nigeria Customs Service (NSC) has generated an impressive N1,751,502,252,298.05 in revenue during the first quarter of 2025.
The Comptroller-General (CG) of the Service, Bashir Adeniyi, disclosed this yesterday, during a press briefing in Abuja.
According to Adeniyi, the achievement not only surpasses the quarterly target but also marks a substantial increase compared to the same period last year, reflecting the effectiveness of recent reforms and the dedication of customs officers across the nation.
“This first quarter of 2025 has seen our officers working tirelessly at borders and ports across the nation.
I’m proud to report we’ve made real progress on multiple fronts—from increasing revenue collections to intercepting dangerous shipments,” Adeniyi stated.He attributed this success to the reforms initiated under President Bola Tinubu’s administration and the guidance of the Honourable Minister of Finance and Coordinating Minister of the Economy, Olawale Edun.
The CG noted that the revenue collection for Q1 2025 exceeded the quarterly benchmark of N1,645,000,000,000.00 by N106.5 billion, achieving 106.47% of the target. This performance represents a remarkable 29.96% increase compared to the N1,347,705,251,658.31 collected in Q1 2024.
Adeniyi highlighted the month-by-month growth, noting that January’s collection of N647,880,245,243.67 surpassed its target by 18.12%, while February and March also showed positive trends.
“I’m pleased to report the Service’s revenue collection for Q1 2025 totaled N1,751,502,252,298.05.
“Against our annual target of N6,580,000,000,000.00, the first quarter’s proportional benchmark stood at N1,645,000,000,000.00. I’m proud to announce we’ve exceeded this target by N106.5 billion, achieving 106.47% of our quarterly projection. This outstanding performance represents a substantial 29.96% increase compared to the same period in 2024, where we collected N1,347,705,251,658.31.
“Our month-by-month analysis reveals even more encouraging details of this growth trajectory,” Adeniyi said.
In addition to revenue collection, Adeniyi said the NCS maintained robust anti-smuggling operations, recording 298 seizures with a total Duty Paid Value (DPV) of ₦7,698,557,347.67.
He stated that rice was the most seized commodity, with 135,474 bags intercepted, followed by petroleum products and narcotics.
“From rice to wildlife, these seizures show our targeted approach,” Adeniyi remarked, noting the NCS’s commitment to combating smuggling and protecting national revenue.
Adeniyi also highlighted key initiatives, including the expansion of the B’Odogwu customs clearance platform and the launch of the Authorized Economic Operators Programme, which aims to streamline processes for compliant businesses. The NCS’s Corporate Social Responsibility Programme, “Customs Cares,” was also launched, focusing on education, health, and environmental sustainability.
Despite these achievements, the CG noted that the NCS faced challenges, including exchange rate volatility and non-compliance issues. Adeniyi acknowledged the need for ongoing adaptation and collaboration with stakeholders to address these challenges effectively.
Looking ahead, the NCS aims to continue its modernization efforts and enhance service delivery, ensuring that it remains a critical institution in Nigeria’s economic and security landscape.
“Results speak louder than plans; faster clearances through B’Odogwu, trusted traders in the AEO program, and measurable food price relief from our exemptions. We’ll keep scaling what works,” he concluded.
BUSINESS
NSIA Net Assets Hit N4.35trn in 2024
By Tony Obiechina Abuja
The Nigeria Sovereign Investment Authority (NSIA) yesterday disclosed that its net assets grew from N156bn in 2013 to N4.35 trillion in 2024.
Similarly, the Authority has remained profitable for 12 consecutive years, leading to cumulative retained earnings of N3.
74 trillion in 2024.Managing Director and Chief Executive Officer of NSIA, Aminu Umar- Sadiq made these disclosures at a media engagement in Abuja, highlighting its audited financial results for the 2024 fiscal year.
According to him, the results underscored the resilience of the authority’s investment strategy and the strength of its earnings, driven by a well-diversified revenue base and robust risk management practices, despite a challenging global macroeconomic and geopolitical environment.
Total operating profits, excluding share of profits from associates and Joint Venture (JV) entities, increased from N1.17 trillion in 2023 to N1.86 trillion in 2024, driven by the strong performance of
NSIA’s diversified investment portfolio, infrastructure assets, gains from foreign exchange movements, and derivative valuations.
In addition, Total Comprehensive Income (TCI), inclusive of share of profits from associates and JV entities, reached N1.89 trillion in 2024, reflecting a 59 per cent increase from N1.18 trillion in 2023.
Core TCI (excluding foreign exchange and derivative valuation gains) rose by 148 per cent to N407.9 billion in 2024 compared to N164.7 billion in 2023, supported by robust returns on financial assets measured at fair value through profit and loss, including collateralised securities, private equity, hedge funds, and Exchange-Traded Funds (ETFs).
Umar-Sadiq said the authority’s outstanding financial performance in 2024 reflected the “strength of our strategic vision, disciplined execution and unwavering commitment to sustainable socio-economic advancement.”
He said, “By leveraging innovation, strategic partnerships and sound risk management, we have not only delivered strong returns but also created value for our stakeholders
“As we move forward, we remain focused on driving economic transformation, expanding opportunities, scaling transformative impact and ensuring long-term prosperity for current and future generations of Nigerians.”
The CEO reaffirmed the authority’s commitment to managing the country’s SWF, and delivering the mandates enshrined in the NSIA Act.
He said NSIA remained poised to continually create long-term value for its stakeholders by delivering excellent risk-adjusted financial results, developing a healthy and well-diversified portfolio of assets and large-scale infrastructure projects, and enhancing the desired social outcomes.
He noted that NSIA was committed to its mandate of prudent management and investment of Nigeria’s sovereign wealth.
“In adherence to its Establishment Act, NSIA prioritises transparency, disclosure, and effective communication with all stakeholders and counterparties,” he said.
He pointed out that in the year under review, a new board, led by Olusegun Ogunsanya as Chairman, was appointed by President Bola Tinubu, in accordance with the provisions of the NSIA Act.
The new board will provide strategic direction and oversight, in addition to playing a pivotal role in critical decision making.
He remarked that under the guidance of the Board, the Authority will retain focus on its primary mandate of creating shared value for all stakeholders based on its continued adoption of corporate governance practices.
“NSIA prides itself an investment institution of the federation established to manage funds in excess of budgeted oil revenues and its mission is to play a pivotal role in driving sustained economic development for the benefit of all Nigerians through building a savings base for the Nigerian people, enhancing the development of the county’s infrastructure, and providing stabilisation support in times of economic misadventure,” he added.