A Mining sector expert, Steven Kefas has raised alarm over the state of Nigeria’s solid minerals industry, describing it as a national crisis driven by regulatory negligence, corruption, and reckless prioritization of foreign investment.
Kefas made the remarks during a recent interview, warning that the sector, which should serve as a pillar of economic diversification, has instead become a gateway for exploitation and insecurity.
“Nigeria’s solid minerals sector should be a cornerstone of national prosperity. Instead, it has become a testament to how regulatory negligence, endemic corruption, and the dangerous prioritization of foreign investment over due diligence can transform economic opportunity into national crisis,” Kefas lamented.
Nigeria is estimated to sit atop $750 billion worth of mineral reserves distributed across all 36 states.
However, despite this potential, industry insiders say the regulatory framework has collapsed, allowing foreign investors with questionable track records to gain access to strategic mineral sites.
Kefas stated that one such case is Australian executive Colin Ikin, who is reportedly negotiating with the Ministry of Solid Minerals Development and state officials in Kaduna and Nasarawa, offering $300 million in investment and lithium processing facilities.
While state officials are celebrating his proposals, Kefas alleged that Ikin’s history includes a failed venture that cost investors $750 million and allegations of fraud and forgery in Zimbabwe.
Zimbabwe’s former chairman of mines and energy, Temba Mliswa, has documented similar concerns about foreign operators exploiting weak regulatory frameworks across Africa.
“A peculiar case of Colin Ikin, a dodgy mining mogul, has raised my interest. Why does government seem hell-bent on protecting rogue white business people in this country?” Mliswa asked, highlighting a broader continental challenge that Nigeria has failed to heed.
According to Mliswa, Ikin faces serious allegations in Zimbabwe, including forgery of bank documents, illegal withdrawal of funds, and fraud.
“This time around he is alleged to have forged bank documents and illegally withdrew $10,000 from an Afrocash Micro NMB account,” Mliswa said.
Kefas warned that desperation for foreign capital has weakened Nigeria’s regulatory defenses, enabling questionable operators to gain influence.
He called for a complete overhaul of the Mining Cadastre Office, stronger oversight, and strict due diligence on investors.
“The next bandit attack on a mining community should not be required to focus minds in Abuja. The time for reform is now before more lives are lost and more national resources are squandered,” he said.
