Reps investigates $50biliion lost to illegal mining

Reps investigates $50biliion lost to illegal mining 

OrderPaperToday – The House of Representatives has resolved to investigate the loss of over $50billion to illegal gold mining activities.

The decision to investigate the matter followed the adoption of a motion by Ehiozuwa Agbonayinma (APC, Edo) during plenary on Thursday.

Leading the debate on the motion, Agbonayinma stated that despite the need to diversify the nation’s resources, the mining industry is heavily under-utilised, and this has led to the importation of minerals that can be found domestically.

The lawmaker also highlighted reports from the Nigeria Extractive Industries Transparency Initiative (NEITI), which showed that “Nigeria lost about $9 billion to illegal mining operations and gold exportation from 2014 to 2015.” He also pointed out that a report from Signal One International (SOI) revealed that in 2016, Nigeria lost “over $50 billion” in gold revenue tax in two years as a result of illegal mining and the exportation of unprocessed gold.

Speaking on the motion, Aminu Shagari (APC, Sokoto) said Kayode Fayemi, former Minister of Mines and Steel Development, pointed out illegal mining as one of the key challenges hindering the development of Nigeria’s mining industry.

Shagari also linked the recent violence and killings to illegal mining activities.

“In fact some of the recent killings are linked to illegal mining. There should be ways of curbing the excesses,” he said.

Also speaking on the motion, the Chairman of the committee on climate change, Sam Onuigbo (PDP, Abia) said that illegal mining is an environmental hazard, causing the destruction of properties and leading to the loss of lives in the country.

Thereafter, the House mandated its ad hoc committee investigating the Solid Mineral Funds to investigate the matter and report back within six weeks.