THE PUERILE PENEGRINATION OF A SERIAL BLACKMAILER
THE PUERILE PENEGRINATION OF A SERIAL BLACKMAILER
By Kehinde Bamigbetan
Steve Kefas’ latest fabrication of calumniating trivia, How Nigeria’s Mineral Wealth is being handed over to the Chinese, published by 247ureports.com, deserves a rejoinder only because of its Goebbelsian trick: a lie repeatedly circulated may seem true if not exposed.
In earlier versions of his propaganda in support of Jupiter, a British-Australian felonious firm whose alleged Nigerian subsidiary, Basin Mining Limited, lost licences in a revocation exercise, Kefas sought to hoodwink unsuspecting Nigerians with lies, half-truths, innuendoes, and reckless allegations.
The crux of the matter is that the licence of a Nigerian company, Basin Mining Limited, was revoked for failure to pay the statutory annual service fee to the tune of 1 Billion, Two Hundred and Twenty-Three Million, Seven Hundred and Fifty thousand (N1,223,750,000), Naira on the mineral title numbers 45454ML, 45117ML, 45118ML, 40532ML,40533ML at the time it was served in 2024. As at the time the titles were finally revoked, the debt had accumulated to Two Billion, Four Hundred and ninety-four Million (N 2, 494, 000, 000) .
From no where, Jupiter, a company alien to the transaction, sued the Federal Government at the International arbitration court for violating a bilateral treaty between Nigeria and UK to protect contracts. Rather than conclude the court processs, Jupiter engaged a team of propagandists including Kefas to engage in mudslinging and cyber harassment in the hallucination that it will bring down the Minister of Solid Minerals Development and precipitate the reversal of the revocation. Pipe dream !
This time, Kefas regurgitates the tired yarn of anti-Western bias. He seeks to cast Alake in the robes of an anti- Western operative in the service of Chinese overlords. Anyone who has the least acquaintance with Alake knows such borrowed paraphernalia is totally out of sync with Alake’s character. Over 40 consistent years as a progressive journalist and consummate strategist who has played critical roles in the national democratic struggle and patriotic causes have defined him as a Nigerian patriot whose only interest is that Nigeria takes her rightful place in the comity of developed nations.
Kefas’s litany of falsehoods won’t stand the litmus test of facts. His allegation that Alake has been visiting China frequently flies in the face of the fact that the minister has visited China for official purposes only twice since assuming office three years ago. The first time, he accompanied President Bola Tinubu on state visit and the second was at the invitation of the Chinese government to attend the China Mining Week 2025 !
The falsehood that he woos Chinese investors more than their Western counterparts can be easily exposed by the fact that he has attended more investment summits in Western countries. Since 2023, he has attended the London Mines and Money conference thrice and Mining Indaba in Cape Town thrice. He has been in Australia twice, first to attend the Africa DownUnder in Perth and the second time to conclude technical partnership with Murdoch University .
Kefas’ allegation that Alake is handing over our mineral wealth to the Chinese betrays his abysmal ignorance of the dynamics of Nigeria’s international economic relations in the last three decades.
Alake did not introduce the policy of opening the Nigerian solid minerals to international commerce, and by extension, the Chinese. That decision was taken long time ago in 1995 when the Federal Government revoked the indigenisation decree and established the Nigerian Investment Promotion Commission as Decree No 16 of 1995 to address structural failures in the economy by attracting foreign direct investment and increasing capital formation. This was in line with the agenda of the IMF and World Bank, the key agencies of the Bretton Woods system driving the Structural Adjustment Programme in Nigeria.
To cure the palpable ignorance of Kefas and his paymasters, they should read section 17 of the NIPC law. It permits non-Nigerians to invest and participate in the operation of any enterprise in Nigeria except arms, narcotics, and paramilitary items.
To complement the NIPC, the government also enacted the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act 1995, which abolished exchange-control restrictions on capital importation and profit repatriation, further relaxing the investment climate.
Using the Seven-Point Agenda, the minister identified the gaps in the implementation of the liberalisation policy that has guided the roadmap of the Solid Minerals sector since 1995 and introduced reforms which are reviving the sector with concrete results.
Although the IMF/World Bank expected liberalisation to create fresh inroads for Western capital in Nigeria, the Chinese also took advantage of the new openness. Basin Mining had a similar opportunity to mine and process. It never did . Rather, It sat on the opportunity until it expired.
Alake did not start the Nigerian- China investment relationship. He identified and pursued local value addition very vigorously stating that operators should begin processing minerals locally. Several Chinese companies began complying with this directive by building processing factories – unlike Kefas paymasters ! Obviously, Kefas , a chronic apologist of economic saboteurs, would prefer Nigeria remained in economic paralysis In consonance with his foreign sponsors’ objectives !
Nigeria signed its first bilateral trade and investment promotion agreement, post-NIPC Act, with China in 2001. It entered into crude oil for infrastructure deals in 2005, struck a N720 billion/15 billion renminbi currency swap in 2018, and landed a huge loan for infrastructure under the Chinese Belt and Road Initiative in 2019.
Chinese aggressive investment is partly the result of closer relations between China and Nigeria following President Bola Tinubu’s historic visit to Chinese President Xi Jinping in September 2024.
Significantly, both signed over 24 bilateral treaties and memoranda of understanding covering Belt and Road Co-operation, satellite technology, trade, solid minerals and agriculture
But what really made the difference was President Tinubu’s decision to elevate the alliance to a strategic partnership by setting up a vehicle to drive the implementation: the Nigeria-China Strategic Partnership. The result: whereas China injected $2.71 billion in 2024, its commitment rose to $5.58 billion in 2025.
With one yen exchanging for N8.31 as at July 24, 2026, Chinese investment is likely to increase to Nigeria’s great benefit.
And why won’t Nigeria trade with China?
China controls 70 per cent of the world’s critical and rare minerals, 95% of magnesium, 80% of graphite supply and processing, and 65% of lithium, cobalt, and nickel.
Nigeria is a destination of investment because it has huge deposits of 44 minerals in commercial quantities that the world economy needs. However, foreign companies that seek to conduct business with Nigeria must do so in strict compliance with Nigerian regulations and the renewed enforcement of the regulations exposed Jupiter, Kefas sponsors, as long time violators. The shock of Jupiter/Kefas is that they can no longer get away with their hitherto flagrant violations of our laws without consequences !
The foundation for Nigeria-Chinese relations in mining was laid as early as 2011 when
a memorandum of understanding was signed by Nigeria’s Ministry of Solid Minerals and Steel Development and the Land and Resources Ministry of the People’s Republic of China. One of the first fruits of this understanding was the formal agreement signed by the China Geological Survey Agency with the Nigeria Geological Survey Agency in 2016 in Beijing covering basic geology research, geological mapping and regional geochemical mapping. This was executed through two projects- the Low Density Geochemical Mapping in Nigeria and the National Geo-information system and GeoData Sharing Framework- between 2017 and 2018. China also pledged to promote technical expertise, including specialised laboratory analysis training and donation of survey research equipment such as drones.
In 2022, both agencies agreed to work on the Nigeria Medium-Scale Geo-Chemical Mapping project, focusing on Keffi, the capital of Nasarawa State.
Currently, the China Geological Survey Agency and the Nigeria Geological Survey Agency are collaborating on a three-year project in Nasarawa State that is running from this year till 2029. The geochemical mapping project will produce five sheets at a 1:100,000 scale on the occurrence of 39 elements, including minerals such as Gold and Cassiterite, in locations such as Kuje, Katakwa, Udegi, Dona, and Akwanga. The 14,480 square kilometres study area is covered with 60 per cent basement complex rocks and 40 per cent sedimentary rocks of the Benue Trough. China Aid is expected to fund this joint exploration.
To Kefas chagrin, under Alake’s watch, there have been relentless efforts to woo Western investors. Over 300 companies from Europe, America, Canada, and Australia are active in various segments of the solid minerals sector. The Nigerian Geological Survey Agency and Nigerian Mining Cadastral Office are collaborating with French and German geological agencies to improve data and licensing systems. The World Bank, which concluded the implementation of the Mineral Sector Support for Economic Diversification Loan Facility in 2025, sponsored the development of the new Solid Minerals Sector Roadmap this year.
Targeting more Western companies has been Alake’s focus at national and international mining conferences.
Twice a year, Western investors explore Nigeria’s mining prospects at the annual African Natural Resources & Energy Investment Summit, AFNIS and the Mining Week. Currently, Alake is leading the Nigeria Solid Minerals Company for talks with mining conglomerates in the United States of America. Western companies are taking investment decisions on tin, mica, gold and rare earth elements.
The results of Alake’s management of the solid minerals sector- establishment of the Nigeria Solid Minerals Company, introduction of Mining Marshals, commissioning mineral processing factories and strict enforcement of mining laws- are, to employ the hyperbole, visible to the blind. Kefas should be aware of a popular Nigerian saying: No Jupiter can reverse the revocation of serial defaulters ! Let him take the message to his paymasters: No defaulting Jupiter company can move Alake!
