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ALAKE ADVOCATES MINERAL EQUITY TO AVOID DEBT TRAP
The Minister of Solid Minerals Development, Dr. Oladele Alake has urged mineral- rich African countries to use the proven mineral reserves of their countries as equity in joint ventures instead of taking loans that worsen the plight of their people.
Speaking at a Ministerial Roundtable on Powering Africa in Washington DC recently, Alake deplored unwholesome pressure on African governments by loan marketers despite global concerns over the declining capacity of many countries to settle their debts.
His words: ” It is an interesting paradox that inspite of their chronic indebtedness, African countries remain the target of institutional and private loan sharks marketing short and longterm credit to ministries, departments and agencies.
Indeed, in the first month after a Minister is sworn into office, he is literally bombarded by these marketers promising above the table and under the table deals.”
Alake, who doubles as the Chairman of the African Minerals Strategy Group, the body of ministers of mining and mineral development in Africa, canvassed an alternative to loans, which he defined as using proven mineral reserves as equity.
His words: ” In the mining sector, in-situ equity, where the verified value of unextracted mineral can be the equity of the owner in joint ventures, is a better financial arrangement than the road to chronic indebtedness “.
Recalling how he had taken issues with indiscriminate loan deals of African governments as a journalist, Alake said only loans that can be liquidated by the returns on the project should be taken to save the people from poverty.
“I have criticised the predilection of Nigerian governments to sign the dotted lines of loan agreements on the flimsiest excuse mostly with stiff conditions which hurt the common people. Therefore, I believe African governments should exercise patriotic circumspection and due diligence before committing their sovereignty.”
The Minister’s presentation set the tone of his meetings with investors on the sidelines of the conference.
In top -level talks with the delegation of the United States International Development Finance Corporation (IDFC), Alake shared the vision of the Tinubu Administration to reposition the sector to compete with others to attract investments.
According to him, the administration has focused on developing the critical minerals sector to diversify the economy from oil.
” There are certain things that we need to bolster that sector, and all the support we can get is crucial . First and foremost is critical big data, which is exploration. We are actively working to sanitise the sector, including establishing a new security architecture to secure the mining environment. ” he said.
Speaking further at the parley with the Chief Operating Officer (COO) of the US IDFC, Agnes Dasewicz and her team, Alake stated that Nigeria has an abundance of 44 critical minerals that exist in commercial quantities, emphasising on-going reforms by the President Tinubu administration are poised to sanitise the sector and make it attractive to big players.
In her submission, Dasewicz lauded the renewed focus on solid minerals by Nigeria, emphasising her corporation’s interest in providing the required support to strengthen the mining sector value chain.
” We very much partner with private sector players to deliver financing to mining companies to help them really expand what they can do. Some of the focus sectors that we have are critical minerals and infrastructure; health and agriculture as well as energy. We would love to do more in the critical minerals sector, and we know there is a lot of potential in that regard, in Nigeria, “Mrs. Dasewicz added.
To execute areas of partnership, further engagement will continue between the Minister’s team comprising Solid Minerals Development Fund (SMDF) Executive Secretary, Fatima Shinkafi, other top ministry officials and representatives of the US IDFC.
The Minister also had fruitful deliberations with a cross section of private sector players in the mining industry, including KRL International, securing their commitment to take more than a cursory look at the mining sector.
The raging controversy over the suspension of Senator Natasha Akpoti- Uduaghan has attracted yet another legal action following a suit by Socio-Economic Rights and Accountability Project (SERAP) against the Senate President, Godswill Akpabio over the failure to reverse her suspension.
It is the contention of SERAP that “the patently unlawful suspension of Senator Natasha Akpoti-Uduaghan, is based solely on the peaceful exercise of her right to freedom of expression.”
In the suit number FHC/ABJ/CS/498/2025, Akpabio is sued for himself and on behalf of all members of the Senate.
The Senate recently suspended Mrs Akpoti-Uduaghan for six months, after she reportedly ‘spoke without permission’ and ‘refused her new seat in the Senate chamber.’
Her salary and allowances have also been withheld for the duration of the suspension, and she has been barred from identifying herself as a senator.
Before the Abuja division of the Federal High Court, the group is seeking: “an order of mandamus to direct and compel Mr Akpabio to rescind the unlawful suspension of Mrs Natasha Akpoti-Uduaghan, reinstate her, and fully restore all her legislative rights, entitlements, and privileges.”
An order of perpetual injunction restraining the Senate from further suspending or taking any disciplinary action against Mrs Natasha Akpoti-Uduaghan solely for the peaceful exercise of her fundamental human rights.”
SERAP is equally seeking “a declaration that the application of sections 6(1)(2) of the Senate Rules, the Senate Standing Orders 2023 (as amended), to suspend Mrs Natasha Akpoti-Uduaghan violates her human rights and deprives her constituents of their right to political participation.”
It noted that given the impracticality of direct participation of all citizens, article 13 of the African Charter on Human and Peoples’ Rights provides that a citizen shall exercise political power either directly or through freely chosen representatives.”
“The suspension of Senator Akpoti-Uduaghan from the Senate has restricted and seriously undermined the ability of the residents of her Kogi Central Senatorial District to effectively participate in their own government.”
“The Senate has the obligations to uphold the rule of law and the provisions of section 39 of the Nigerian Constitution and Nigeria’s obligations under article 9 of the African Charter on Human and Peoples’ Rights and article 19 of the International Covenant on Civil and Political Rights.”
“Section 39 of the Nigerian Constitution 1999 [as amended] provides that, ‘(1) Every person shall be entitled to freedom of expression, including freedom to hold opinions and to receive and impart ideas and information without interference.’
“Under Article 9 of the African Charter on Human and Peoples’ Rights: ‘1. Every individual shall have the right to receive information. 2. Every individual shall have the right to express and disseminate his opinions within the law.’”
“Article 19(1) of the Covenant establishes the right to freedom of opinion without interference. Article 19(2) establishes the Senate’s obligations to respect and ensure ‘the right to freedom of expression,’ which includes the freedom to seek, receive and impart information and ideas of all kinds, either orally or in writing.”
“The Senate Standing Orders 2023 (as amended) should not and cannot set aside Mrs Akpoti-Uduaghan’s right to express herself and disseminate her opinions which is clearly guaranteed in section 39 of the Nigerian Constitution 1999 [as amended], and under the human rights treaties to which Nigeria is a state party.”
No date has been fixed for the hearing of the suit.
Amnesty International has condemned the National Youth Service Corps (NYSC)’s threats and intimidation of a corps member, Ushie Uguamaye, who criticized Nigerian President Bola Ahmed Tinubu for inflation and economic hardship.
In a ‘X’ post, the group stated that it is her right as a citizen to express her unhappiness peacefully, while also asking the government to focus on addressing the issues she addressed rather than threatening to delete the video.
“It is perfectly within her right to express discontent peacefully. Instead of threatening her for her opinions on rampant inflation, the authorities should be prioritizing addressing the country’s economic woes,” Amnesty said.
The Lagos-based corps member expressed fear about claimed threats following her viral video criticizing President Bola Tinubu’s government.
In a video posted to her TikTok account #talktoraye on Saturday, Uguamaye voiced displeasure with Nigeria’s deteriorating economic situation, stressing that hard work becomes fruitless in the face of financial difficulties.
She openly lambasted Tinubu, describing him as a “terrible leader” and criticizing the government’s efforts to ameliorate citizens’ suffering.
Shortly after her video gained traction, Uguamaye alleged that she began receiving threats, reportedly from NYSC officials, pressuring her to take down the content.
“Dear Nigerians, they have my address. In case you guys don’t see me online, please you know who to hold accountable. I didn’t do anything wrong; I just asked that they work on the inflation.
“Why can’t I speak up? Being an NYSC corps member doesn’t mean I signed up my right to complain,” she said.
Amnesty, meanwhile, in their post, said millions of Nigerians are facing extreme poverty, which aligns with her post on TikTok, urging the government to find measures to urgently address it.
“Millions of people in Nigeria are facing extreme poverty. So far, the authorities have failed to put in place effective mitigation measures, leaving millions of people without the hope of getting out of the economic challenges and enjoying their human rights,” the group said.
The Acting National Chairman of the Peoples Democratic Party (PDP), Ambassador Umar Damagun, has dismissed reports of his resignation, labeling them as false and a deliberate attempt to mislead the public.
In a statement on Saturday, his Personal Assistant, Nuru Shehu Jos, clarified that Damagun remains in office, and the party’s constitution guarantees the National Chairman a four-year term.
The PDP also denied claims that Arise News was the source of the false resignation report, urging the public to ignore the misinformation.
The party warned those spreading the rumors to desist or face legal action, calling on members and stakeholders to remain united as the PDP strengthens its position ahead of the 2027 elections.
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