Nigeria Makes N6b from mining licences

Written by on July 14, 2021

The Nigerian Mining Cadastre Office (NMCO), an agency under the Ministry of Mines and Steel Development, has generated N6.899 billion from 2019 to the first half of this year.

The revenue was generated through mining licenses, from the applications for mineral titles and permits as well as applications for the transfer, renewal, modification, and relinquishment of mineral titles or extension of areas.

In 2019, N2.580 billion was generated, in 2020 despite the lockdown, N2.303 billion was generated and N2.016 billion from January to June 2021.

Director-General (NMCO), Obadiah Nkom, who made the statement said over 34,678 applications for licenses have been received since the creation of the agency.

According to him, of the number 17,612 applications were approved, 15,483 applications were rejected, 4,997 were revoked and 6,588 active titles are presently in existence.

The DG said this in Abuja, during an interactive session with members of the media.

He said that licenses are only revoked when people given the licenses refuse to work or when they refuse to pay the required dues.

Nkom added, “So far, we don’t just revoke today and give to Mr. V tomorrow. No, we revoke, protect the area during that period of three months or whatever. So that if the person does not send a petition because the person can write, once the area is blocked for the three months period. I do this so that I don’t revoke and realize that the issue is still being heard.’’

 

 



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