President Bola Tinubu has appointed Martins Imonitie as the Chief Executive Officer (CEO) of the newly established Nigerian Mining Corporation.

The Minister of Solid Minerals Development, Dele Alake, announced the appointment while addressing State House correspondents after the Federal Executive Council (FEC) meeting presided over by the President.

Alake described Imonitie as a mining finance expert from Western Australia, a major global mining hub.

“We headhunted him from Western Australia. He has experience working with major global players, and he will drive this new initiative,” Alake said.

According to the minister, the Nigerian Mining Corporation will operate with minimal government interference. Its equity structure will allocate 50% to the private sector, 25% to the federal government, and 25% to Nigerian citizens — a model designed to prevent political manipulation.

“This structure is designed to prevent political interference and ensure that future governments cannot manipulate its operations,” he explained.

Addressing speculations on the creation of a Solid Minerals Development Bank, Alake clarified that the federal government had no such plans. He reiterated that the private sector should spearhead the establishment of a specialized financial institution to support mining operations.

“I never announced that the government will establish a Solid Minerals Development Bank. I threw the challenge to the private sector because once you allow government to set it up, you invite political interference,” he said.

Alake emphasized that private sector ownership would ensure efficient management and equitable access to funding, free from political influence.