FG OPENS A GEMSTONE MARKET AND WARNS TRADITIONAL RULERS AGAINST ILLEGALITY

In fewer than 25 days before the conclusion of President Muhammadu Buhari's administration, Olamilekan Adegbite, Minister of Mines and Steel, launched Nigeria's first gemstone market.

Adegbite explained that the Mineral and Mining Act 2007 favors individuals and families as rightful owners of mining sites, rather than traditional rulers, during the inauguration of the International Gemstone Market as part of the Federal Government's Economic Sustainability Plan on Thursday in Ibadan, Oyo State.

The Minister was responding to a query from Saki's Okere, Oba Khalid Olabisi, about the activity of miners in his domain and the need of encouraging local miners.

Adegbite said, "Rules and laws govern mining. What is happening at Okeho, Oyo State, as referred to by the traditional ruler, is nothing but an act of illegality.

He went on to say that the gemstone market would provide Nigeria with an industry-based competitive advantage.

"The 2007 Mining Act only recognises families and individuals as rightful owners of acquired mining sites, not traditional rulers.

"Based on this, exploration, not mining licences, are issued to the groups mentioned above. Traditional rulers can only advise, not play a principal role."