The Senate is putting finishing touches to a bill to tighten the Federal Government's grip on Nigeria's gold reserves.
Nigeria is reported to have an estimated 600, 000 tonnes of gold reserves, worth about $45bn.
Subsequently, the Federal Government is to acquire all land/ property where gold reserves are found in commercial quantities across the federation when the Nigeria Gold Reserve Bill becomes law.
This is contained in a proposed piece of legislation Titled: "A Bill for an Act to make Provisions for Nigeria Gold Reserve Framework And for Other Related Matters, 2024, sponsored by Sen. Natasha Akpoti-Uduaghan (PDP, Kogi), the bill passed second reading on June 5th, 2024.
The bill seeks to among other things: establish a gold reserve authority to be saddled with the responsibility for the implementation of the the Minerals and Mining Act for the regulation of exploration and exploitation of Nigeria's gold deposits.
In part II (10) of the proposed piece of legislation under consideration under the subtitle: "Control of property in gold, vested in the State:
-(1) The entire property property in and control of gold, under or upon any land in Nigeria, shall be vested in the Government of the Federation for and on behalf of the people of Nigeria.
(2) All lands in which gold have been found in commercial quantities shall, from the commencement of this Bill be acquired by the Government of the Federation in accordance with the provisions of the Land Use Act.
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
(3) The Authority shall administer and enforce the provisions of the Mining Act for the purpose of this Bill to the exclusion of any other authority.
II-(1) No person shall search for or exploit gold resources in Nigeria or divert or impound water for the purpose of gold mining except as provided in the Mining Act..."
There, are however, a category of lands excluded from gold exploration and exploitation.
Section 12-(1) "No gold mining title granted under this Bill shall authorize, exploration of gold resources on, or in, or the erection of beacons on or the occupation of any land-
(a) set apart for, or used for or appropriated or dedicated to any military purpose except with the prior approval of the President;
(b) within fifty metres of an oil pipeline lincense area granted under the Oil Pipe-line Act;
"(c) occupied by any town, village, market, burial ground or cemetery, ancestral, sacred or archaeological site, appropriated for railway or situated within fifty metres of a railway, or which is the site of or within fifty metres of any Government or public building, reservoir, dam or public road."
The Bill also proposes that All operators of the gold mining industry shall among other benefits, be exempted from paying customs and import duties in respect of plant, machinery, equipment and accessories imported specifically and exclusively for gold mining operations.
