The Executive Secretary and Chief Executive Officer of the Solid Minerals Development Fund, Fatima Shinkafi, said that the proposed Solid Minerals Corporation would not clash with the mandate of the Solid Minerals Fund.
She said this while addressing journalists after the unveiling of the NEITI Industry report for the Solid Minerals Industry for 2021 in Abuja on Monday.
According to her, the SMDF is like the Petroleum Technology Development Fund, which does not clash with the Nigerian National Petroleum Corporation.
She said, “SMDF is not in conflict with SMC, just like PTDF is not in conflict with the NNPC.”
Shinkafi further showed support for the proposed agenda of the current Minister of Solid Minerals, Dele Alake.
The SMDF boss also clarified previous reports that the fund had been misused.
It was reported that the Federal Government might have turned the over N1tn Natural Minerals Resources Fund set up to develop the solid minerals sector to a ‘slush’ fund.
The fund was set up by the Olusegun Obasanjo administration via an Executive Order in 2002 to develop alternative mineral resources to lessen the nation’s dependence on petroleum.
Findings indicated that N738.7bn and $3m had been disbursed from the fund for extraneous expenses, including the 2015 elections, the African Nations Cup, roads and drainage rehabilitation in Osun, Kano, and other states.
She clarified that the NMRF differs from the SMDF, which became active last year.
Shinkafi said, “Solid Mineral Development Fund has never funded any football event, nor did we sponsor the 2015 elections as reported in some quarters.
“SMDF was only in existence on paper by the Act of Parliament of 2007 in the Mining Act. The fund was not capitalised or operational until recently. The capitalization of SMDF started just last year after it was repositioned and restructured in 2020.
“The report alludes to the Natural Resources Development Fund not SMDF. SMDF is a separate entity and not the same as NRDF. Reference to NRDF as SMDF is a mistake and misinformation.”
She added that most of the abuse of NRDF was before the past and current administration.
