Journalism of Courage

FG generates N14.59bn in five years from mining licenses, revokes 3,400 licenses

Nkom told State House correspondents the agency generated unprecedented revenue of N1.5 billion in 2018, N2.38 billion in 2019 and N2.57 billion in 2020.

The Director General of Nigeria Mining Cadastre Office, Mr Obadiah Nkom, says the agency generated N14.59 billion in the last five years.

He disclosed this during the 63rd session of the State House Ministerial briefing in Abuja on Thursday.

Nkom told State House correspondents the agency generated unprecedented revenue of N1.5 billion in 2018, N2.38 billion in 2019 and N2.57 billion in 2020.

He, however, said due to modification in the internal operating system, the revenue of the agency dipped.

“The revenue of the Nigeria Mining Cadastre nosedived between 2021 and 2022, the agency revenue fell from N4.3 billion to N3.79 billion respectively,” the DG said.

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According to Nkom, every penny generated is remitted into the Treasury Single Account (TSA) of the Federal Government with the bulk of the revenue coming from application processing and annual service fee.

Nkom, who was first appointed on January 12 , 2019, had his tenure renewed by President Muhammadu Buhari on January 12 , 2023, after the agency’s revenue skyrocketed attaining 86 percent increase.

He said the agency had revoked 3,400 licenses, while effort is geared towards more license being revoked for operators who fall short of the conditions and restrictions of coal mining in Nigeria.

“We have to be very strategic, and also take into account current global issues.

“The Mining Cadastre Office does not just issue licenses, we look at the future, issues of sustainability, maximizing value, strategically ensuring Nigeria is properly managing her mineral wealth to achieve maximum economic value and diversification.

“If you need any document relating to the issuance or revocation of mining licenses in Nigeria, the law permits the MCO to make it available,” said the DG.

 

 

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