Miners' association calls for repatriation of N2.5bn BOI idle funds

Dele Ayanleke, national president,
Miners Association of Nigeria, has congratulated Fatimah Shinkafi on her reappointment as the executive secretary of the Solid Minerals Development Fund (SMDF) and the Presidential Artisanal Gold Mining Initiative (PAGMI).

This is even as the miners’ president called on her to support Dele Alake, minister of solid minerals development, in his efforts to repatriate the N2.5billion domiciled with the Bank of Industry (BOI) for close to a decade.
call.

“I wish to implore her to see the reappointment as a divine call, not only to work towards ensuring that the SMDF/AFC collaboration close deals that will inject the much needed investments into the sector in the most pragmatic terms, but to explore further opportunities for similar collaborations, especially toward the funding of the small scale lease holders, whose operations offer huge opportunities for massive wealth creation and poverty alleviation.”

*Further still, as Henry Alake the minister of Solid Minerals Development, moves toward ensuring the repatriation of the ₦2.5b FG intervention support for upgrading the capacity of ASM operators, currently idling away and depreciating in value in the vault of Bank of Industry (BoI) for close to a decade, it is expected that, under her watch, the SMDF will work closely with the minister to ensure judicious utilization of the fund to remarkably achieve its purpose, despite the current state of our currency.

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“I will also seize this opportunity, on behalf of the Nigerian miners, to implore the FG on the need to review the operational guidelines of the SMDF with the view to upgrading its status as the premium financial institution for the mining sector.”

He pledged the association’s readiness to work with the executive secretary in her onerous assignment.

“It is also expected that she will collaborate more with criticality stakeholders in her policy formulation and strategic actions to reposition the Fund in bridging the gap in mining assets financing,” he said

Ruth Tene Natsa

Ruth Tene, Assistant Editor, Agric/Solid Minerals/INEC Ruth Tene is an award-winning journalist with over 15 years experience in developmental reporting across several newsrooms, as a reporter, editor and other managerial roles. She holds a Postgraduate Diploma in Journalism from the University of Maiduguri among several other certifications She has attended several trainings and certifications both locally and internationally and has been recognized for her impactful work in humanitarian reporting, receiving the Gold Award for Humanitarian Services from the Amazing Grace Foundation. She is also a recipient of the Home Alliance Fellowship, reflecting her commitment to fostering a more humane, safer and more sustainable planet. An active member of professional journalism bodies, Ruth is affiliated with the Nigeria Union of Journalists (NUJ), the National Association of Women Journalists (NAWOJ), and the Agricultural Correspondents Association of Nigeria (ACAN), where she continues to advocate for excellence, ethical reporting, and development-focused journalism.