President Muhammadu Buhari on Thursday in Abuja approved the constitution of the Board of Solid Minerals Development Fund.
A statement by the permanent secretary of the Ministry of Mines and Steel Development, Mohammed Abbas, said the president charged the seven-member board to carry out its duties diligently.
Mr Abbas said the board had Uba Malami from Nasarawa State, a geologist and former vice president of the Abuja Chambers of Commerce, as chairman.
Members of the board are Demola Gbadegesin, a mining investor and electrical engineer from Oyo State, and Theo Iseghohi, managing director of Nishan Industries Limited, who hails from Edo.
Other members are Samuel Eze, an accountant and former banker from Ebonyi State; Fatima Shinkafi, a chemist from Zamfara; Uwatt Bassey Uwatt from Akwa Ibom and Yinka Mubarak.