Review operational guidelines of SMDF to attract investors, miners tell FG

Dele Ayanleke, the national president of the Miners Association of Nigeria (MAN), has congratulated Fatimah Shinkafi on her reappointment as the executive secretary of the solid minerals development fund (SMDF) and the presidential artisanal gold mining initiative (PAGMI).

Expressing gratitude to President Bola Tinubu for renewing Shinkafi’s appointment, Ayanleke urged her to see the reappointment as a divine call to explore opportunities for collaboration.

“While congratulating our dear sister, Madam Shinkafi, on this well deserved renewal of her appointment, I wish to implore her to see the reappointment as a Divine call, not only to work towards ensuring that the SMDF/AFC collaboration close deals that will inject the much needed investments into the sector in the most pragmatic terms, but to explore further opportunities for similar collaborations, especially toward the funding of the small scale lease holders, whose operations offer huge opportunities for massive wealth creation and poverty alleviation.

“Further still, as the Honourable Minister, Dr Henry Oladele Alake, moves toward ensuring the repatriation of the ₦2.5b FG intervention support for upgrading the capacity of ASM operators, currently idling away and depreciating in value in the vault of Bank of Industry (BoI) for close to a decade, it is expected that, under her watch, the SMDF will work closely with the Honourable Minister to ensure the judicious utilization of the fund to remarkably achieve its purpose, despite the current state of our currency.”

‘FG SHOULD REVIEW OPERATIONAL GUIDELINES OF SMDF’

The MAN president also implored the government to review the operational guidelines of the SMDF to upgrade its status as the premium financial institution for the mining sector.

Ayanleke said the advice is crucial due to the reluctance of many Nigerian financial institutions to design products and establish dedicated desks, staffed by personnel trained to address the unique complexities of mining financing.

This, he noted, would enhance the capabilities of local operators and revive essential mining infrastructure needed to attract major investors to the industry.

“While pledging our readiness to work with the Executive Secretary in her onerous assignment, it is also expected that she will collaborate more with critical stakeholders in her policy formulation and strategic actions to reposition the Fund in bridging the gap in mining assets financing,” he added.

“Once again, I congratulate you and wish you a most fruitful and successful tenure.”

On December 6, Tinubu withdrew the appointment of Yazid Danfulani and announced Shinkafi as the secretary of SMDF and PAGMI.

Bayo Onanuga, the presidential spokesperson, said Tinubu cancelled Danfulani’s appointment because “there is no vacancy in the agency”.