2023 SDP Presidential Candidate Raises Alarm Over $9bn Lost to Illegal Mining

Prince Adewole Adebayo, the Social Democratic Party’s presidential candidate in the 2023 election, has raised serious concerns about the staggering losses Nigeria is suffering due to illegal mining, warning that the amount being looted from this sector exceeds the country’s entire national budget.

Appearing on Channels Television’s Politics Today on Sunday, Adebayo pointed to the rampant illegal mining activities taking place, particularly in Zamfara State’s Bukkuyum and Anka local government areas, which have been ongoing for nearly two decades.

His concerns echo a warning issued by Jonathan Gbefwi, Chairman of the House of Representatives Committee on Solid Minerals, who in July 2024 stated that illegal mining costs the country an estimated $9 billion annually. Gbefwi further lamented that only a mere three percent of the royalties from legally licensed miners make their way into government coffers.

Adebayo shared similar sentiments, emphasizing that Nigeria is “bleeding” financially due to these activities. He also questioned the effectiveness of government efforts to regulate the sector, criticizing Dele Alake, the current Minister, for his silence on improvements in the revenue generated from solid minerals.

Adebayo stated, “What they’ve done is raise tariffs on licenses and created regulatory obstacles, but illegal mining continues to thrive. The money stolen from illegal mining, from Zamfara to Osun, Ebonyi, and Nasarawa, is far more than the entire budget they’re proposing now.”