ABUJA, NIGERIA – June 25, 2026
The Africans for Africa (AFA) Initiative and Steron Mining Company Ltd (Steron) have officially entered into a strategic Memorandum of Understanding (MOU) to accelerate the development of critical minerals in Nigeria. The agreement was signed today on the main stage of the African Natural Resources and Energy Investment Summit (AFNIS 2026) in Abuja witnessed by key officials.
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 specialized technical optimization, ensuring the project aligns with the highest international standards for bankability and sustainable mining.
A Commitment to “Total African Benefit”
A cornerstone of this collaboration is the integration of AFA’s 51% Total African Benefit (TAB) Model. This impact-metric framework ensures that a minimum of 51% of the aggregate economic and commercial value generated by the Wasa project is retained within the continent through localized processing, domestic supply chain integration, and direct investment into host-community infrastructure.
“Two years ago, we launched the AFA Initiative on this very stage with a vision to institutionalize African mineral wealth,” said Suleiman Zakari, Co-founder of the AFA Initiative. “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.”
Bridging Innovation and Extraction
The agreement follows weeks of discussions and recent site visit to the project by senior AFA officials on the sidelines of AFNIS 2026.
Engr. Abubakar Sadiq, Managing Director/CEO of Steron Mining Company Ltd, stated: “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.”
About the AFA Initiative:
The Africans for Africa (AFA) Initiative is a specialized 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% Total African Benefit (TAB) model.
About Steron International Resources Limited:
Steron Mining Company Ltd is a leading Nigerian mining company focused on the responsible exploration and development of lithium and rare earth elements. Based in Abuja, Steron is committed to sustainable mineral production and the advancement of Nigeria’s industrialization agenda.
A New Standard: The Total African Benefit Model
Central to the partnership is the application of the 51% Total African Benefit (TAB) Model, AFA’s flagship development framework.
The model seeks to ensure that a majority of the economic value generated by mining projects remains within Africa through a combination of local processing, domestic procurement, employment, equity participation, fiscal contributions, and sustained investment in host communities.
Rather than measuring success solely by production volumes or export revenues, the framework expands the definition of mining value to include industrial development, local enterprise growth, and long-term socio-economic impact.
As governments across Africa continue to pursue resource beneficiation and stronger local participation, the TAB framework reflects a growing shift towards development models that combine commercial competitiveness with inclusive economic outcomes.
Why This Matters
The global race for critical minerals is intensifying.
Lithium and rare earth elements have become essential inputs for electric vehicles, renewable energy technologies, advanced electronics, and modern manufacturing.
As demand continues to accelerate, African countries have an opportunity to move beyond their traditional role as exporters of raw materials.
The significance of this partnership extends beyond a single mining project.
It represents the emergence of a new investment philosophy; one in which project finance, responsible mining, local value creation, and African ownership are treated as complementary objectives rather than competing priorities.
As Africa positions itself at the centre of the global critical minerals economy, partnerships such as this will help determine not only who extracts the continent’s resources, but who ultimately benefits from them.