The Minister of Solid Minerals Development, Dele Alake, has assured foreign investors in Nigeria’s mining sector that the Federal Government will fully utilise the benefits of Nigeria’s status as a signatory to the Cape Town Convention on International Interests in Mobile Equipment to safeguard their investments.
Alake gave the assurance during the signing of an Engineering, Procurement, and Construction Management Memorandum of Understanding between Dukia Gold & Precious Metals Refining Company Limited and SGS Bateman. The event took place on the sidelines of the Investing in African Mining Indaba in Cape Town, South Africa.
He said Nigeria’s participation in the convention provides strong guarantees to international lenders, leasing companies, equipment financiers and technical service providers operating in the country’s mining industry.
“It is important to note that Nigeria is a signatory to the Cape Town Convention on International Interests in Mobile Equipment,” Alake said. “This provides a robust assurance framework for international financiers and service providers. It strengthens confidence that mining equipment and mobile assets deployed into Nigeria can enjoy internationally recognised protections — a key factor for project finance, asset leasing and structured equipment procurement.”
Also known as the Cape Town Treaty, the convention standardises transactions involving movable property by establishing international rules for the registration of sales contracts and security interests, including liens, leases and conditional sales agreements. It also outlines legal remedies in cases of default, including repossession and clarity in bankruptcy proceedings.
The minister noted that leveraging the protections under the convention would enhance investor confidence, reduce financing risks and support the Federal Government’s broader strategy to attract sustainable capital into the solid minerals sector.
The MoU between Dukia Gold & Precious Metals Refining Company Limited and SGS Bateman is expected to strengthen technical capacity and boost value addition in Nigeria’s mining industry, as the government intensifies efforts to diversify the economy and unlock the sector’s full potential.
