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Nigeria, German Tech Company Sign $700bn Solid Minerals Exploration Pact

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The Federal Government and a Germany geo-scientific technology company, GeoScan GmbH based in Berlin have signed a pact that will stimulate the exploration of Nigeria’s mineral deposits worth more than $700 billion.

Solid Minerals Development Minister Dele Alake, who broke the news, said the agreement is on the exploration and exploitation of mineral deposits in the country.

Alake dropped the hints while chatting with State House reporters after yesterday’s Federal Executive Council (FEC) meeting in Abuja.

The minister, who explained that his briefing was not a FEC outcome, but just an announcement of a significant achievement, said the agreement was formalized in Abuja on Sunday when German Chancellor, Olaf Scholz, visited.

Highlighting the significance of the Memorandum of Understanding (MoU), Alake said the development will advance solid minerals exploration, exploitation, and judicious use of the revenue accruing to the federal government.

According to the minister, GeoScan GmBH has the cutting-edge technology capable of exploring mineral deposits up to 10,000 meters below the earth surface.

Describing the feat as a remarkable advancement in the field of mineral exploration, Alake emphasized the cost-effectiveness of the proprietary technology, which he said, is 80% cheaper than current exploration processes and three times faster in locating underground deposits.

“The gathering of geo-data is very expensive. Now this particular technology, which is top notch, is 80% cheaper than current processes in the world, three times faster to locate deposits down underground”, the minister said.

Given Nigeria’s vast and unexplored mineral landscape, estimated to be worth around $700 billion, the minister noted that the MoU with GeoScan GmbH presents a significant opportunity for the country.

He said: “We constitute about 0.02% of the global mining budget. With the $700 billion estimation of our solid minerals deposit, we still have over 90% of the entire landscape of Nigeria unexplored.

“And because it’s an expensive business, it underscores the significance of a landmark that we recorded yesterday with the GeoScan GmbH supported also by the German chancellor and our president.

“I’m happy to tell you that there’s no kobo commitment on the part of Nigeria. The company will establish its technology and plant here and move around the country enable us to further explore all the other mineral deposits that we have.”

The minister noted that many critical minerals, essential for the production of electric vehicles, batteries, and other advanced technological equipment, are abundant in Nigeria.

He said: “These resources play a crucial role in the global shift toward clean and green energy, aligning with the global trend of addressing climate change.

“The partnership with GeoScan GmbH will help Nigeria fully explore its solid mineral resources, which can make a substantial contribution to the country’s Gross Domestic Product (GDP), aligning with President Tinubu’s Renewed Hope Agenda of positioning solid minerals as a significant economic driver alongside petroleum.”

The MoU was signed by Oliver Haeggberg, CEO of GeoScan GmbH, Germany and Executive Secretary and Chief Executive Officer (CEO) of Solid Minerals Development Fund (SMDF), Fatima Shinkafi, who represented Nigeria.

Haeggberg was part of the business delegation that accompanied the German Chancellor during his official visit to the country.

The delegation met with President Tinubu and the Nigerian delegation at the Business-to-Government (BTG) roundtable meeting in Abuja at the weekend.

 

Credit: The Nation

BIG STORY

BREAKING: Court Grants Yahaya Bello N500m Bail Amid “N110.4bn Fraud” Case

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The Federal Capital Territory High Court in Abuja on Thursday granted the immediate past Kogi State Governor, Yahaya Bello, bail in the sum of N500 million and three sureties.

The trial judge, Justice MaryAnne Anenih, made the pronouncement after hearing the fresh bail application brought before the court following the court’s refusal to grant Bello bail at the previous sitting.

Bello, alongside two others, Umar Oricha and Abdulsalami Hudu, are facing trial on 16 counts brought against them by the Economic and Financial Crimes Commission, concerning criminal breach of trust and money laundering amounting to N110.4 billion.

However, the court granted bail to the second and third defendants in the sum of N300 million with two sureties, along with other conditions.

Outlining the conditions for Bello’s bail, the judge stated that the sureties must be responsible citizens who are landowners in any of the listed areas in Abuja – Maitama, Guzape, Apo, Wuse 2, or Asokoro.

She ordered that the sureties must deposit the documents of the property with the court’s registrar, along with two recent passport photographs.

Justice Anenih also ordered that Bello must deposit two copies of his recent passport photograph, alongside a photocopy of a means of identification, which could either be an International Passport or National Identity card, after presenting the original to the court’s registrar.

She ruled, “The first defendant must not travel without the permission of this court, and he shall remain in the Kuje Correctional Facility until the bail conditions are met.”

Recall that on December 10, the court had rejected Bello’s bail request, citing procedural irregularities in the filing of the application.

Justice Anenih, while delivering the ruling, explained that the application was premature and filed before Bello was present in court or custody.

The court noted that the bail application, dated November 22, 2024, was submitted before Bello’s arraignment, which took place on November 27, 2024, days after he was taken into custody on November 26, 2024.

She said, “Having not been filed when the first defendant was either in custody or before the court, this instant application is incompetent.”

“Consequently, the application, having been filed prematurely, is hereby refused.”

 

More to come…

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BIG STORY

‘N110bn Fraud’: Court To Hear Yahaya Bello’s Fresh Bail Application Today

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A Federal Capital Territory (FCT) High Court will today hear the bail application filed by Yahaya Bello, former governor of Kogi.

Bello and his co-defendants, Umar Shoaib Oricha and Abdulsalami Hudu, were arraigned on November 27 before the FCT court on a 16-count charge related to alleged money laundering amounting to N110 billion.

On December 10, Maryann Anenih, the trial judge, adjourned the case to January 29 and 30, and February 25 and 27, after refusing to grant bail to the former governor.

The trial judge declined Bello’s bail request on the grounds that the application was filed prematurely.

Anenih stated that the bail application was submitted before the ex-governor was taken into custody.

The judge emphasized that the provisions of the Administration of Criminal Justice Act (ACJA) 2025 stipulate that bail applications could be tendered once a defendant has been arrested, detained, arraigned, or brought before the court.

Although Bello was arrested by operatives of the Economic and Financial Crimes Commission (EFCC) on November 26 and arraigned the following day, his bail application was filed on November 22, four days before his arrest.

Bello’s legal team, led by Joseph Daudu, has filed a new bail application, and the court has agreed to hear the application on December 19.

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BIG STORY

Buhari Didn’t Remove Petrol Subsidy Because He’s Friend Of The Poor — Femi Adesina

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Femi Adesina, spokesperson to former President Muhammadu Buhari, said his principal did not remove the petrol subsidy because he cared about its implications on “ordinary” Nigerians.

In a tribute to commemorate Buhari’s 82nd birthday on Tuesday, Adesina said the decisions of the former president were based on his love for “poor and underprivileged” Nigerians.

Adesina mentioned that the Buhari-led administration was aware that the country was spending huge resources on the petrol subsidy.

The former presidential spokesperson described Buhari as “ore mekunu,” a Yoruba phrase that means friend of the poor.

Adesina recalled that during the 2020 COVID-19 lockdown, Buhari instructed Zainab Ahmed, the former Minister of Finance, to ensure the timely payment of workers’ salaries and pensions.

He added that Buhari understood the challenges workers faced during the pandemic and was determined to avoid the additional burden of unpaid salaries.

“The Big Elephant in the room. Removal of fuel subsidy. Did you think the Government didn’t know that the money guzzling monster had to be slain? It knew,” Adesina wrote.

“But who ensured that subsidies remained as long as they did? Buhari. And why? The people, the ordinary people. His argument was always simple:

“When oil sold for at least 100 dollars per barrel in the international market, rising even to as high as 140 dollars per barrel, what did the ordinary people gain? Nothing! So why should they be the ones to bear the brunt when oil prices fall?”

“By the time the administration ended, all, including the three main presidential candidates, were resolved that oil subsidies had to be removed.

“It was not unlikely that President Buhari shared the same conviction. But something that would throw society into a tailspin? He didn’t want to do it—for the sake of the ordinary people.

“Ordinary people gravitate towards Buhari, like bees to the honeycomb. That was why he always had a basket of millions of waiting votes, even before the first ballot was cast.

“He clobbered the ruling People’s Democratic Party in 2015, and won with even larger votes in 2019, despite all attempts to denigrate and demarket him. When you love the ordinary people, they love you in return, and stand with you through thick and thin.

“Now almost two years into retirement, get to Buhari’s house today. And you see the people milling around, just wanting to get a glimpse of the man.

“As he turns 82 on December 17, 2024, I salute the Ore Mekunu, a friend of the poor, who still draws the people like a magnet, even in retirement.”

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