The Special Adviser to the Minister of Solid Minerals Development, Kehinde Bamigbetan, has rejected allegations that the federal government is handing Nigeria’s mineral wealth to Chinese interests, insisting the revocation of Basin Mining Limited’s mining licences was based solely on the company’s failure to meet its statutory obligations.
Responding to allegations made by Steve Kefas, Bamigbetan said Basin Mining Limited’s licences were revoked after the company failed to pay statutory annual service fees amounting to N1,223,750,000 on Mineral Title Numbers 45454ML, 45117ML, 45118ML, 40532ML and 40533ML in 2024.
He said the outstanding liability had risen to N2,494,000,000 by the time the licences were eventually revoked.
Bamigbetan alleged that Jupiter, which he described as a British-Australian firm “alien to the transaction”, subsequently sued the federal government at an international arbitration court over an alleged violation of a bilateral treaty between Nigeria and the United Kingdom.
According to him, rather than allow the legal process to run its course, Jupiter engaged propagandists, including Kefas, to mount a campaign against the Minister of Solid Minerals Development, Dele Alake, in an attempt to secure a reversal of the licence revocation.
He dismissed claims that Alake was favouring Chinese investors over their Western counterparts, stating the minister had travelled to China only twice on official assignments since assuming office—first as part of President Bola Ahmed Tinubu’s state visit and later at the invitation of the Chinese government to attend China Mining Week 2025.
Bamigbetan argued that Alake had attended more mining investment conferences in Western countries, including the London Mines and Money Conference, Mining Indaba in Cape Town and Africa DownUnder in Australia.
He also maintained that Nigeria’s policy of opening the solid minerals sector to foreign investment predates the current administration, tracing it to the investment liberalisation reforms of 1995, which established the Nigerian Investment Promotion Commission and allowed foreign participation in most sectors of the economy.
According to him, the minister’s Seven-Point Agenda identified gaps in the implementation of the liberalisation policy and introduced reforms aimed at promoting local value addition and strengthening enforcement of mining regulations.
He said several Chinese companies had responded to the government’s policy by establishing mineral processing factories in Nigeria, while alleging that Basin Mining “sat on the opportunity until it expired.”
Bamigbetan further stated that more than 300 companies from Europe, America, Canada and Australia are active in Nigeria’s solid minerals sector, adding that the ministry continues to engage Western investors through international mining conferences and investment forums.
He insisted that all local and foreign investors seeking to operate in Nigeria must comply with Nigerian mining laws, maintaining that the revocation of Basin Mining Limited’s licences was based on regulatory enforcement rather than the nationality of any investor.
Folalumi Alaran
