Following the arrest of 20 illegal miners, including eight Chinese citizens in Plateau State on the order of the National Security Adviser, Ali Monguno, the Minister of Mines and Steel Development, Kayode Fayemi, has accused security operatives of aiding and abetting illegal mining activities.
The former Governor of Ekiti now Minister of Mines and Steel Development, who addressed security operatives in Kampani Zurak village in Bashar chiefdom of the state, said;
“It is sad that security operatives are giving them (illegal miners) security cover. If not, why do people guard this site?” the minister said. Fayemi described the illegal miners as economic saboteurs. .
These miners are illegal. Government did not give them permission to do this, they are economic saboteurs. This cannot happen anywhere else in the world and we will not allow it anywhere in Nigeria. We do not want these miners,”
Also speaking on the incident, the Governor of the State, Simon Lalong, said government would sanction any traditional ruler found to have connived with the miners to exploit the community. Lalong also threatened to transfer the divisional police officer in charge of Wase LGA for allowing the illegal miners excavate the land.
8 Chinese Among 20 Illegal Miners Arrested In Nigeria’s Plateau State
Lalong, who was visibly furious over the activities of the miners, alleged that the miners excavate minerals from the site worth N5 billion monthly. In 2014, this community lost over 10 people due to contaminated water following activities of the illegal miners.
In a related development:
Two Chinese, Tanlong Shen and Xu Jing Yao have been arrested for importing substandard tyres valued at N5billion.
Shen and Yao’s investment were confiscated by the Standard Organisation of Nigeria (SON). It was further reported that during a tour led by the SON Director General, Osita Aboloma, to Satellite Town, Lagos, two million imported substandard tyres were seen in a warehouse situated beside the popular Navy Town in the area.
In his words, Aboloma said: “We acted on the intelligence we received from well meaning Nigerians. This was achieved as a result of inter-agency collaboration. The glory is not for SON alone.
You can see volume of tyres brought in and you can imagine the implication for our society if these tyres are let into the market,” he said.
Aboloma also said the sub-standard tyres which were shipped into the country from China, were post-dated to make them appear road worthy.
In another related development:
Nigeria Bust Chinese Ponzi Scheme. Arrest Operators.
Nigeria’s Securities and Exchange Commission, SEC, has arrested the promoters of illegal Chinese investment company, Yuan Dong. The Commission said operating offices of the company in Abuja, Asaba and Kano have already been sealed. The spokesperson of the Commission, Naif Abdussalam, said the arrest of the operators, and sealing of their offices, was in furtherance of the regulatory agency’s determination to rid the country’s capital market of illegal operators. SEC said the company, whose presence was predominantly in Asaba, Kano and Abuja, has been parading itself as an investment company and has been sending invitations to unsuspecting members of the public to subscribe in a scheme identified as a Resources Investment Account.
Under the scheme, SEC said, investments ranged from a minimum deposit of ₦10,000 to a maximum deposit of ₦240,000 over an investment period of a minimum of 30 working days to a maximum period of 10 months. Interest rates offering on short and medium term basis included promises of a daily profit of ₦80.00 and ₦2,400, depending on the category of investment.
The Commission said the company had also enticed its unsuspecting customers with payment of bonuses should they convince more investors to invest in the scheme.
Following reports on the exploits of the company, the Commission said it conducted an investigation, which established that its activities constituted a breach of the Investment and Securities Act (ISA), 2007.
SEC said it also discovered that contrary to their supposed existence in over 20 locations across the country, the company only had functional offices in Asaba, Kano and Abuja.
“The promoters of these illegal operations have since been arrested by the Nigeria Police Force and are undergoing interrogation,” SEC spokesperson said.
Mr. Andulsalam said the Commission had notified the investing public that the company was not licensed to carry out investments business of any sought; and as such its operations were illegal.
“This action became necessary to completely put an end to the unlawful activities of the company against unsuspecting investors,” the SEC spokesperson stated.
While the Commission reiterated its commitment to sanitise the Nigerian capital market of all illegal operators, it advised the investing public to exercise due diligence and caution in the course of making investment decisions. Valid licenses of lawful operators can be obtained on the Commission’s website, while members of the public are advised to confirm the licenses of firms they intend to carry investment activities with the Commission,” the spokesperson said.
In recent times, the Nigerian investment public has been inundated with various supposed financial and investment companies that entice the people with huge interest pay offs on investments far beyond the rates approved by the SEC and the Central Bank of Nigeria, CBN.
One of the most prominent of such has been the MMM, which has since folded up along with customers’ investment capital and interests.