The Africans for Africa (AFA) Initiative and Steron International Resources Limited (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) 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 specialised technical optimisation, 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 institutionalise 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.”
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 International Resources Limited, 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.”
The Africans for Africa (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% Total African Benefit (TAB) model.
Similarly, Steron International Resources Limited 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.
