*L-R: Representative of the Department of Geology, Obafemi Awolowo University, Prof. Olatunbosun Adedayo, Council Member, Obafemi Awolowo University, Barr. Joseph Abaagu; Minister of Solid Minerals Development, Dele Alake; Council Member, Obafemi Awolowo University, Ile-Ife, Prof. Ralph Akinfeleye; Amb. Edward Sarki; and Yinka Ayanfola, Esq., during a courtesy visit to the Ministry of Solid Minerals Development in Abuja recently.
Solid Minerals Development Minister Dele Alake has charged the authorities of Obafemi Awolowo University to leverage its mineral and intellectual resources to develop a world-class centre of mining excellence that bridges theory and extraction and processing.
Addressing a high-powered delegation of the University’s Governing Council, led by Professor Ralph Akinfeleye, the Minister said the commercial value of the minerals available to the institution is sufficient to reduce the government subvention’s share in its total budgetary allocation.
Other members of the delegation include Ambassador Edward Sarki, Barr. Joseph Abaagu, Prof Olatunbosun Adedayo and Barrister Yinka Ayanfola.
The Minister
encouraged the University to explore private-sector partnerships to unlock the commercial potential of its mineral assets, noting that its technical expertise gives it a significant advantage in attracting investors.
“You have the resource endowment underground, and you have the intellectual capacity. You can bring in investors through a joint venture, and they can provide the capital and machinery. At the same time, the University earns revenue and your experts participate as consultants and technical partners.
The Minister also explained that the Federal Government had restructured the development of Nigeria’s bitumen resources by opening designated bitumen blocks to competitive bidding by qualified investors.
He stressed that ownership of land does not automatically confer ownership of the mineral resources beneath it, which are vested in the Federal Government under the Constitution and relevant mining laws.
“The University owns the land, but where there are mineral resources, their exploration and exploitation must still be undertaken in accordance with the law. We must find a win-win situation that protects legitimate interests while upholding the Federal Government’s regulatory responsibility.”
Alake commended OAU for its longstanding contribution to the training of geologists and other professionals in Nigeria’s mining industry, urging the institution to deepen its role in mineral exploration, research, innovation and commercialisation.
“The gap between intellectualism and application must be closed. Universities should not only generate knowledge; they should translate that knowledge into solutions, enterprises and economic value for society.”
He reaffirmed the Ministry’s commitment to a transparent, predictable and investment-friendly regulatory environment that promotes responsible mining, value addition and sustainable economic benefits for Nigerians.
