Nigeria rakes in US $15M from mining licences

The Nigerian Mining Cadastre Office (NMCO), an agency under the Ministry of Mines and Steel Development, has generated US $15million 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, US $6.3million was generated, in 2020 despite the lockdown, US $6million was generated and US $5million 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.

Conditions for licence revocation

Out of the applications, 17,612 applications was approved, 15,483 applications were rejected, 4,997 was revoked and 6,588 active titles are presently in existence. Director Nkom said that licenses are only revoked when people given the licenses refuse to work on or when they refuse to pay the required dues.

“So far, we don’t just revoke today and give to Mr. V tomorrow. No, we revoke, protected 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 realise that the issue is still being heard,’’ said Mr. Nkom.

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