• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
    • Government
  • Security
  • Features
  • State
  • Event
    • PR Nigeria Award
  • E-Paper
Search
  • Home
  • About
  • Adverts
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
PRNIGERIA PRNigeria News
PRNIGERIA PRNIGERIA
  • Home
  • Anti-Corruption
    • ICPC Secures Conviction of Rector for Running Unaccredited Degree Programmes

      Engr Abba Babagana Dalori

      Engr Dalori Forfeits Galaxy Hospital, Petrol Station, Properties & Cash

      Chinese nationals jailed in Lagos

      Court Jails Nine Chinese Nationals for Cybercrime in Lagos

      ASUU

      Tackle Corruption, Institutional Decay – ASUU Charges FG

      EFCC Arraigns Bauchi Accountant General Over N8bn Fraud as Court Sentences…

  • Fact-Check
  • Economy
    • Luanda Summit: AUDA-NEPAD Taps AI, Green Bonds as it Launches Marketplace…

      Tinubu Jets to Brazil After Japan Summit, Eyes Trade, Security Deals

      Comptroller-General of Customs, Bashir Adewale Adeniyi (MFR), hosted the Executive Chairman of FIRS, Dr. Zacch Adedeji,

      Customs and the “National Single Window” Project

      FG Earmarks N13bn to Boost Power Infrastructure in Lagos, Ogun

      Centre for Crisis Communication, CCC,

      CCC Reviews Keyamo’s Crisis Management in Aviation Disputes

  • National
    • Flood

      Flood Alert: Heavy Rains Threaten 7 Nigerian States this Weekend August…

      Officers of NCS as it rounds off its Strategic Reputation Management Campaign in Zone 'D', Bauchi

      Customs Consolidates Reforms as Reputation Campaign Wraps Up in Zone ‘D’

      CG Custom Bashir Adewale Adeniyi and Zacch Adedeji

      Is Zacch Adedeji Building Bridges for Nigeria’s Revenue Future? By Yushau…

      Army soldiers security

      Mattress of Terror: Can Nigeria Ever Be Truly Secure? By Haroon…

      ACF

      Arewa Consultative Forum Engages Influencers to Amplify Northern Identity

    • Government
      • CG Custom Bashir Adewale Adeniyi and Zacch Adedeji

        Is Zacch Adedeji Building Bridges for Nigeria’s Revenue Future? By Yushau…

        ACF

        Arewa Consultative Forum Engages Influencers to Amplify Northern Identity

        FG, States, LGs Share N2.001trn for July, Says FAAC

        FG Unveils Personal Income Tax Calculator Under New Reform Laws

        Saudi Arabia Conducts Life-Saving Cardiac surgeries in Kano

        Saudi Arabia Conducts Life-Saving Cardiac Surgeries in Kano

  • Security
    • Police Neutralise Kidnappers, Arrest Suspects, Recover Arms in Nationwide Crackdown

      Police Officer

      Police Raid Bandits’ Camps, Recover Arms, Arrest Suspects in Benue

      Flood

      Flood Alert: Heavy Rains Threaten 7 Nigerian States this Weekend August…

      NAF Eliminates Over 35 Terrorists at Assembly Point Near Cameroon Border

      Police Arrest 65-Year-Old Arms Trader, Suspected Chinese Illegal Miner in Anambra

  • Features
    • CG Custom Bashir Adewale Adeniyi and Zacch Adedeji

      Is Zacch Adedeji Building Bridges for Nigeria’s Revenue Future? By Yushau…

      Army soldiers security

      Mattress of Terror: Can Nigeria Ever Be Truly Secure? By Haroon…

      The Arrest of Ansaru Kingpins Mahmud Muhammad Usman aka Abu Bara’a, and Mahmud al-Nigeri aka Mallam Mamuda

      Ribadu and the fall of Ansaru By Senator Iroegbu

      Fixing the Fault Lines in Nigeria’s Culture of Recognition, By Mukhtar…

      How Desperation Turns Nigerian Job Seekers Into Scam Targets By Tahir…

  • State
    • Police Neutralise Kidnappers, Arrest Suspects, Recover Arms in Nationwide Crackdown

      Police Officer

      Police Raid Bandits’ Camps, Recover Arms, Arrest Suspects in Benue

      Nigerian Navy Personnel

      Navy Dismantles Illegal Refining Site in Bayelsa

      ACF

      Arewa Consultative Forum Engages Influencers to Amplify Northern Identity

      CRUSHING BLOW: other Top Boko Haram commanders neutralized in Bita, Wigo

  • Event
    • President Bola Ahmed Tinubu

      His Death is a National Loss, Tinubu Mourns Emir of Zuru

      Umar Lauya

      Umar Lauya Declares Candidacy for NYCN Presidency, Vows to Unite and…

      The Executive Secretary/CEO of the National Sugar Department Council (NSDC), Mr. Kamar Bakrin (L), with the CEO of Legacy Sugar Company, Alh. Abubakar Isa Musa (R), during the signing ceremony.

      NSDC, New Operators Seal Landmark Development Agreements, to Produce 400,000MT of…

      Regional Vice President Western and Central Africa at the World Bank, Mr Ousmane Diagana pays a courtesy visit to Baze University

      World Bank Vice President visits Baze University, Commends Educational Standards, Assures…

      NIPR President Ike Neliaku and a recently inducted PR professional from Kano

      PHOTOS: NIPR Inducts 80 New PR Professionals in Kano to its…

    • PR Nigeria Award
  • E-Paper
Home Government Zamfara: FG reacts to Gov’s Sale of Gold to CBN
  • Government

Zamfara: FG reacts to Gov’s Sale of Gold to CBN

By
Etore Thomas
-
November 12, 2020
troops
troops clearing landmines
  1. Zamfara Gold: FG reacts to Sale of Gold to CBN

The attention of the Ministry of Mines and Steel Development has been drawn to media reports on reactions of individuals and groups to the purported news report about Zamfara State Governor buying gold from artisanal miners in the state and selling same to the Central Bank of Nigeria (CBN). Ordinarily, the Ministry would have been silent but for the negative impression those views are portraying; seemingly that states in some parts of the country have right to aggregate minerals resources within their domain to their use.

To set the record straight, mineral resources remain on the Exclusive Legislative list as enshrined in the 1999 Constitution (as amended). For the benefit of doubt, Section 44(3) states “the entire property in and control of all minerals, mineral oils and natural gas in, under or upon any land in Nigeria or in, under or upon the territorial waters and the Exclusive Economic Zone of Nigeria, shall vest in the Government of the Federation and shall be managed in such manner as may be prescribed by the National Assembly.” Likewise the Mineral Act of 2007 is very clear on issue of minerals ownership and exploitation,

It is line with this that the Ministry of Mines and Steel Development is saddled with the responsibility for identifying the nation’s solid minerals, advising government on the formulation and execution of laws and regulations guiding the various stages of prospecting, quarrying and mining, and handling sale and consumption of solid minerals in the country, through the issuance of permit, licenses, leases and collection of rents, fees and royalties.

As part of strategies to implement policies/programmes in the Mining Sector to broaden revenue generation  and employment opportunities in line with the economic diversification agenda  of this administration, the Presidential Artisanal Gold Mining Development Initiative (PAGMI) is being implemented. The components of the initiative included but not limited to:

Read Also:

  • Police Neutralise Kidnappers, Arrest Suspects, Recover Arms in Nationwide Crackdown
  • Police Raid Bandits’ Camps, Recover Arms, Arrest Suspects in Benue
  • Arewa Economic Forum Chairman Loses Mother

–         Formalization of the artisanal miners into cooperatives This is to integrate their activities into the economic and institutional framework that would eliminate illegality;

–       Registration of Buying Centres and Aggregators, to provide market access for artisanal miners, etc.

Like in the oil and gas sector, revenues generated from mineral resources are paid into the federation account, and shared among the states during the monthly meeting of Federation Allocation Account Committee (FAAC). 13% derivation is paid on mineral resources exploitation from minerals producing states as done in the oil and gas sector.

 On Zamfara State gold

 Zamfara State has security challenges and the State government discovered that bandits were exploiting the ignorance of the artisanal miners, buy off their gold at very cheap price, take the gold across the border and sell at market price and  exchange for ammunitions and guns, which was fueling banditry.

Zamfara State government through a registered company, with a buying centre license is now buying gold from the artisanal miners at market price. This has no doubt discouraged the artisanal miners in the state from selling to bandits.

Though states through their licensed corporate bodies can buy and sell gold to any interested persons or company, it is worthy of note that CBN did not and will not buy gold from Zamfara Government.

The gold displayed by Zamfara State government is called dore bars (semi-processed gold). CBN buys gold that is processed to 99.99% purity which is LBMA standard, tradable all over the world.

The Federal Government encourages state governments to be part of exploitation of minerals in the country by incorporating a limited liability company with which to approach the Ministry for a license for Mining or Buying Centres. Such corporate body/company must go through normal processes for approval and issuance of license. This license allows such company to exploit minerals in any given location which is called Cadastre Unit.

Etore Thomas

Head of Press & Public Relations

VISIT OUR OTHER WEBSITES
PRNigeria.com EconomicConfidential.com PRNigeria.com/Hausa/
EmergencyDigest.com PoliticsDigest.ng TechDigest.ng
HealthDigest.ng SpokesPersonsdigest.com TeensDigest.ng
ArewaAgenda.com Hausa.ArewaAgenda.com YAShuaib.com
  • TAGS
  • CBN
  • fg
  • Gold
  • Zamfara Gold
Previous articlePresident Buhari Formally Receives APC’s Official Magazine
Next articleBudget 2021: our Priority is to Complete Ongoing Housing Projects- Fashola
Etore Thomas
Etore Thomas
Xing

RELATED ARTICLESMORE FROM AUTHOR

CG Custom Bashir Adewale Adeniyi and Zacch Adedeji

Is Zacch Adedeji Building Bridges for Nigeria’s Revenue Future? By Yushau A. Shuaib

ACF

Arewa Consultative Forum Engages Influencers to Amplify Northern Identity

FG, States, LGs Share N2.001trn for July, Says FAAC

FG Unveils Personal Income Tax Calculator Under New Reform Laws

Saudi Arabia Conducts Life-Saving Cardiac surgeries in Kano

Saudi Arabia Conducts Life-Saving Cardiac Surgeries in Kano

FG Subsidises Dialysis Cost to N12,000, Says Northwest Not Excluded

Ibrahim Yahaya Dandakata of Arewa Economic Forum AEF

Arewa Economic Forum Alleges Targeted Removal of NTA Chief, Calls for Presidential Intervention

NCAA

NCAA Bans “Flight Mode,” Orders Phones Switch Off During Plane Take-Off, Landing

Food Items

Agric Minister, Kyari Laments as Nigeria Spends $10 Billion Annually on Food Imports

Customs, Shippers’ Council Move to Resolve Complaints Over B’Odogwu Platform

RMAFC Commences Review of Revenue Sharing Formula, Targets Higher Allocation for States, LGAs

Tinubu Commiserates with Governor Ododo Over Father’s Death

Recent Posts

  • Police Neutralise Kidnappers, Arrest Suspects, Recover Arms in Nationwide Crackdown
  • Police Raid Bandits’ Camps, Recover Arms, Arrest Suspects in Benue
  • Arewa Economic Forum Chairman Loses Mother
  • Luanda Summit: AUDA-NEPAD Taps AI, Green Bonds as it Launches Marketplace for Africa’s Infrastructure Push
  • Flood Alert: Heavy Rains Threaten 7 Nigerian States this Weekend August 24-24
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
Police Neutralise Kidnappers, Arrest Suspects, Recover Arms in Nationwide CrackdownPolice Raid Bandits’ Camps, Recover Arms, Arrest Suspects in BenueArewa Economic Forum Chairman Loses MotherLuanda Summit: AUDA-NEPAD Taps AI, Green Bonds as it Launches Marketplace for Africa’s Infrastructure PushFlood Alert: Heavy Rains Threaten 7 Nigerian States this Weekend August 24-24NAF Eliminates Over 35 Terrorists at Assembly Point Near Cameroon BorderPolice Arrest 65-Year-Old Arms Trader, Suspected Chinese Illegal Miner in AnambraCustoms Consolidates Reforms as Reputation Campaign Wraps Up in Zone ‘D’Navy Dismantles Illegal Refining Site in BayelsaIs Zacch Adedeji Building Bridges for Nigeria’s Revenue Future? By Yushau A. ShuaibMattress of Terror: Can Nigeria Ever Be Truly Secure? By Haroon Aremu AbiodunArewa Consultative Forum Engages Influencers to Amplify Northern IdentityMan, 65, arrested for illegal arms deal in Anambra - PoliceDelegations Arrive Abuja for Inaugural African Defence Chiefs SummitTroops Neutralise 7 Bandits, Recover Motorcycles in Katsina
X whatsapp