The Federal government has debunked reports of alleged purchase of Gold from artisanal miners and sales of
the precious metal to the Central Bank of Nigeria (CBN) by Zamfara State Government.
A statement issued by the head, press and Public Relations, Ministry of Mines and Steel Development (MMSD), Etore Thomas, said:
“Though states through their licensed corporate bodies can buy and sell gold to any interested persons or company, it is worthy of note that CBN did not and will not buy gold from Zamfara State government.”
The statement went on to stress that solid minerals remain in the exclusive list under the Nigerian law, adding that only the federal government has the right of ownership and exploitation.
“The gold displayed by the Zamfara State government is called dore bars (semiprocessed gold). CBN buys gold that is processed to 99.99 per cent purity which is LBMA standard, tradable all over the world.
“The federal government encourages state governments to be part of the exploitation of minerals in the country by incorporating a limited liability company with which to approach the ministry for a license for Mining or buying centres.
