Alake links economic recovery to local processing

Second Prosecution Witness (PW2), Michael Eyo, in the trial of Victor Thompson, has told a Federal High Court sitting in Uyo, Akwa Ibom State presided over by Justice Maurine Onyetenuthat the defendant forged his mining licence and used the document to defraud three American investors – Tammy Jenson, Kenneth  Blad and Peter Jensen – to the tune of $525, 276.
 
Meanwhile, the Minister of Solid Minerals Development, Dele Alake, has declared that Nigeria’s economic recovery has begun following bold reforms introduced by President Bola Tinubu’s administration.
 
Thompson was first arraigned on January 29, 2026, on eight charges bordering on conspiracy, advance fee fraud, criminal breach of trust, criminal misappropriation and stealing, to which he pleaded “not guilty”.
 
While addressing the court, Eyo stated that he owned a mining site in the Biase Local Council of Cross River State, adding that the defendant tricked him into releasing his mining licence to him, which he allegedly photographed and used to defraud unsuspecting investors.      “[He] asked me to bring the originals of my licence to verify the authenticity. Thereafter, he snapped the licence and used it to convince the investors,” he said.
 
Defence counsel, Madu Amamko, had earlier moved a motion for the defendant’s bail on health grounds, which the prosecution counsel, Joshua Abolarin, opposed on the grounds that the defendant’s health was not in any danger. 
 
After listening to the arguments canvassed by both counsel, Justice Onyetenu reserved her ruling on bail till June 8, 2026.

ACCORDING to a statement by Special Assistant to the Minister on Media, Lara Owo-eye Wise, yesterday, Alake made the comment at a joint stakeholders’ sensitisation meeting organised by the Nigeria Revenue Service (NRS) and the Ministry of Solid Minerals Development for the North-Central zone in Abuja.

Alake said the country had commenced a difficult but necessary transition from a consumption-driven economy to productive industrial growth.
 
The meeting, with the theme, ‘From Resource to Revenue: Aligning Solid Minerals Operations with the 2025 Tax Reform Act’, brought together mining operators, regulators and industry stakeholders to improve compliance and deepen understanding of the new royalty and tax administration framework in the sector.
 
He noted that Nigeria’s overdependence on oil revenue weakened the mining industry, which once played a major role in the country’s economic development.
  
“Our colonial masters built rail lines primarily to support mining activities and move mineral resources. Unfortunately, after independence and the oil boom happened to us, the mining sector collapsed while the nation became heavily dependent on oil revenue and import-driven consumption,” he said.
 
The minister stated that previous administrations failed to address the country’s economic challenges because they lacked the courage to take difficult decisions.
 
“Nigeria was borrowing to pay salaries before 2023. There was little room for capital development because resources were being used largely for recurrent expenditure and fuel subsidy payments that became unsustainable,” he said.
 
He explained that upon assuming office, President Tinubu moved swiftly to block leakages, reform key sectors and lay the foundation for sustainable economic growth.
  
“We now have a $600 million lithium processing factory awaiting commissioning in Nasarawa State and another $200 million lithium facility near Abuja. Gold processing plants and other mineral beneficiation factories are also springing up across the country and our people are being employed,” he stated.
 
Alake stressed that the Federal Government was no longer interested in exporting raw minerals without local processing and industrial value addition.
 
He said the ministry had introduced reforms aimed at improving ease of doing business, strengthening licensing processes, expanding geoscience data generation, formalising artisanal miners and sanitising the sector to attract responsible investors.
 
On efforts to tackle illegal mining, the minister disclosed that more than 300 illegal mining operators, including foreign nationals, had been arrested, while over 150 prosecutions were ongoing.
 
He added that more than 100 illegal mining sites had been recovered and returned to legitimate owners as part of efforts to restore investor confidence in the sector.
 
According to him, Nigeria’s local value addition policy has already attracted more than $2.6 billion in mining-related investments within the last two years.