{"id":1509,"date":"2026-08-03T09:26:42","date_gmt":"2026-08-03T09:26:42","guid":{"rendered":"https:\/\/kufmtv.net\/?p=1509"},"modified":"2026-08-03T09:26:52","modified_gmt":"2026-08-03T09:26:52","slug":"federal-government-defends-mining-licence-revocation-denies-favouring-chinese-investors","status":"publish","type":"post","link":"https:\/\/kufmtv.net\/index.php\/2026\/08\/03\/federal-government-defends-mining-licence-revocation-denies-favouring-chinese-investors\/","title":{"rendered":"FEDERAL GOVERNMENT DEFENDS MINING LICENCE REVOCATION, DENIES FAVOURING CHINESE INVESTORS"},"content":{"rendered":"\n
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The Federal Government has defended its decision to revoke the mining licenses of Basin Mining Limited, insisting the action was based solely on the company\u2019s failure to meet its statutory obligations and not on any preference for Chinese investors as alleged in recent media reports.<\/p>\n\n\n\n

The Minister of Solid Minerals Development, Dele Alake, stated this in a statement issued by his spokesperson, Kehinde Bamigbetan, in Abuja on Sunday.<\/p>\n\n\n\n

Alake also dismissed allegations that he was handing Nigeria\u2019s mineral wealth to Chinese interests, describing the claims as false, misleading and part of a campaign to discredit ongoing reforms in the mining sector.<\/p>\n\n\n\n

According to Bamigbetan, Basin Mining Limited\u2019s mineral titles were revoked after the company failed to pay statutory annual service fees amounting to N1.223 billion in 2024.<\/p>\n\n\n\n

He said the outstanding debt later rose to about N2.494 billion before the licences were eventually cancelled.<\/p>\n\n\n\n

He further claimed that although British-Australian firm Jupiter was not the holder of the revoked licences, it instituted arbitration proceedings against the Federal Government, claiming a violation of the Nigeria-United Kingdom Bilateral Investment Treaty.<\/p>\n\n\n\n

Bamigbetan also stated that the company had resorted to media campaigns and cyber attacks against Alake in an attempt to pressure the government into reversing the revocation.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Federal Government has defended its decision to revoke the mining licenses of Basin Mining Limited, insisting the action was 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News<\/a>","rttpg_excerpt":"The Federal Government has defended its decision to revoke the mining licenses of Basin Mining Limited, insisting the action was 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