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’s failure to meet its statutory obligations and not on any preference for Chinese investors as alleged in recent media reports.
The Minister of Solid Minerals Development, Dele Alake, stated this in a statement issued by his spokesperson, Kehinde Bamigbetan, in Abuja on Sunday.
Alake also dismissed allegations that he was handing Nigeria’s mineral wealth to Chinese interests, describing the claims as false, misleading and part of a campaign to discredit ongoing reforms in the mining sector.
According to Bamigbetan, Basin Mining Limited’s mineral titles were revoked after the company failed to pay statutory annual service fees amounting to N1.223 billion in 2024.
He said the outstanding debt later rose to about N2.494 billionbefore the licences were eventually cancelled.
“The revocation was carried out in accordance
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