"A new sheriff is in town and the status quo shall no longer be the same," he said.
The Nigerian government said Tuesday that it shall no longer tolerate criminal adventurers and their local collaborators who exploit the socioeconomic environment to sabotage the nation in the guise of bringing business into the country.
President Bola Tinubu disclosed this at the opening ceremony of the 2nd edition of the Africa Natural Resource And Energy Investment Summit in Abuja on Tuesday.
"Dear investors, we are determined to create conducive conditions for genuine businessmen. We welcome you and shall do everything possible to assist law-abiding businesses to operate in our country.
"However, we shall no longer tolerate criminal adventurers and their local collaborators who exploit our socio-economic environment to sabotage our nation in the guise of bringing business. Those caught will face the full wrath of our laws," Mr Tinubu said.
Mr Tinubu, represented by George Akume, the secretary to the Nigerian government, said Nigeria is open for businesses to develop its resources with genuine partners.
"Nigeria is open for business. We are willing to develop our God-given resources with genuine partners who share the vision of equitable distribution of wealth produced in our country with our people.
"We are ready to walk the talk of Renewed Hope with lovers of human development to achieve sustainable development goals of banishing poverty, disease and hunger from our fatherland," he said.
He added that the present administration shall wake up the sleeping giant that the solid minerals sector is today, to play its strategic role in the economy by providing jobs for the people, improving the revenue accruable to the government and establishing an industrial sector that is the envy of the world.
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He explained that Nigerians did it with the petroleum sector against the odds.
"Petroleum became our largest source of revenue. We shall do it again with the solid minerals sector, wiser and better because we have learnt useful lessons. The challenges of the sector are enough to overwhelm investors.
"The indiscriminate and illegal mining of richly endowed regions cheat our country of vast revenue; the threat of bandits oppressing villagers and exploiting the mines to raise money for the insurgency is a national emergency; the lack of comprehensive and certified data to guide investment financing starves the sector of critical funds.
"The allegations of sharp practices in the licensing process undermine our commitment to transparency. These challenges and more are well known to this administration," he said.
Mr Tinubu assured that concerns around ease of doing business in the mining sector are being tackled by his administration.
"A new sheriff is in town and the status quo shall no longer be the same. Let me declare that those responsible for the state of affairs are advised to change or they will be changed. The penalties for these acts of economic sabotage are in the laws and we shall apply them to the last letter," he added.
