The Minister of Solid Minerals Development, Dele Alake, has assured foreign investors in Nigeria’s mining sector that the Federal Government will utilize the full 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.

Also known as the Cape Town Treaty, the convention standardizes 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.

‎