By Folayimika Akanbi
The Executive Chairman, Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, said in Ilorin, on Thursday, that the quantum of mineral riches available in Nigeria was enough to make her superpower within the global community.
He disclosed that the country was endowed with gold, lithium, tin, lead, zinc, columbite, tantalite and several other valuable minerals apart from oil.
Olukoyede made this known in his keynote address titled “Uprooting the Roots of Resource Theft: A Zero-Tolerance Approach to Mining Corruption and Increasing Insecurity in Nigeria,” which he delivered at a public lecture and capacity-building workshop held at Michael Imoudu National Institute for Labour Studies (MINILS), Ilorin.
The lecture was at the instance of MINILS and Human and Environmental Development Agenda (HEDA).
Olukoyede noted that the available natural resources should represent an important pillar of Nigeria’s economic future at a time global demand for critical minerals was increasing, particularly because of developments in technology, renewable energy and modern manufacturing.
He, however, lamented the amount of theft of the nation’s mineral resources.
The EFCC boss added that the country was not deriving optimum dividends from her mineral resources due to mining corruption, resource theft and insecurity.
He disclosed that between October 2023 and July 2026, the anti-graft agency recorded 52 illegal-mining cases within its specialised enforcement portfolio, with investigations, prosecutions and convictions arising from the work.
Olukoyede noted that the commission also secured the forfeiture of 102 tonnes of solid minerals within the period under review.
“Issues of Resource Theft, Mining Corruption and Increasing Insecurity go directly to the heart of our economy, our security and the future of Nigeria’s natural-resource wealth. Our experiences over the years have shown that a country may be richly endowed yet fail to translate that wealth into prosperity for the people.
“Besides oil, Nigeria is blessed with gold, lithium, tin, lead, zinc, columbite, tantalite and several other valuable minerals. At a time global demand for critical minerals is increasing, particularly because of developments in technology, renewable energy and modern manufacturing, these resources should represent an important pillar of Nigeria’s economic future.
“However, mineral wealth, on its own, guarantees nothing. What determines whether it becomes a blessing or a burden is the management. The quantum of mineral riches available to us as a nation is enough to make us a superpower in the world. But we are not deriving optimum dividends from our mineral resources because of mining corruption, resource theft and insecurity.
“Between October 2023 and July 2026, the Commission recorded 52 illegal-mining cases within its specialised enforcement portfolio, with investigations, prosecutions and convictions arising from that work. We also secured the forfeiture of 102 tonnes of solid minerals.
“Let me point out that there is a close connection between resource theft and insecurity. From an enforcement perspective, any economic activity that operates substantially outside regulation creates opportunities for criminal interests,” the EFCC chairman said.
He stated that stronger operational cooperation between sector regulators, financial intelligence institutions, law-enforcement agencies, customs authorities, revenue agencies and other relevant institutions was needed to totally erase resource theft.
Olukoyede said the cooperation must go beyond meetings and memoranda, adding that it must translate into data sharing, joint intelligence and coordinated action.
