By Mary Izuaka

 

The Africans for Africa (AFA) Initiative and Steron International Resources Limited have signed a strategic Memorandum of Understanding (MOU) to accelerate the development of critical minerals in Nigeria.

The agreement was signed on Thursday at the ongoing African Natural Resources and Energy Investment Summit (AFNIS) in Abuja.

​This partnership marks a significant milestone for the Nigerian mining sector, officially designating Steron’s Lithium and Rare Earth Elements (REE) project in Wasa as a potential “Official AFA Mining Fund I Pipeline Project.”

Under this framework, Steron will receive dedicated capital support and specialised technical optimisation, ensuring the project aligns with the highest international standards for bankability and sustainable mining.

A cornerstone of this collaboration, according to the companies, is the integration of AFA’s 51 per cent Total African Benefit (TAB) Model.

This impact-metric framework ensures that a minimum of 51 per cent of the aggregate economic and commercial value generated by the Wasa project is retained within the continent through localised processing, domestic supply chain integration, and direct investment into host-community infrastructure.

Suleiman Zakari, Co-founder of the AFA Initiative said : “Two years ago, we launched the AFA Initiative on this very stage with a vision to institutionalize African mineral wealth.

“Today, with the AFA Mining Fund institutionalised and nearing its first close, this partnership with Steron demonstrates that our strategy is moving from vision to tangible, high-impact reality.”

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The agreement follows weeks of discussions and recent site visits to the project by senior AFA officials on the sidelines of AFNIS 2026.

The Managing Director/CEO of Steron International Resources Limited, ​Abubakar Sadiq, said: “This MOU is a testament to our shared belief that Nigerian mining projects can and must meet global ESG standards while delivering transformative economic outcomes for our local communities.”
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AFA Initiative is a specialised institution dedicated to driving resource sovereignty across the continent. AFA operates the AFA Mining Fund I, a private equity vehicle designed to deploy capital into critical mineral projects that meet the rigorous criteria of the 51 per cent TAB model.

Steron International Resources Limited is a leading Nigerian mining company focused on the responsible exploration and development of lithium and rare earth elements.