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FG rakes N2bn from licences, revokes 1,566 titles

The federal government has generated about N2 billion from applications for mining titles just as it has revoked about 1,566 unused mineral titles from licensed industries.

The Director General, Mining Cadastre Office (MCO), Mr. Obadiah Nkom, stated this when the Minister of Mines and Steel Development, Olamilekan Adegbite, paid a visit to the agency recently.

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He noted that the MCO generated about N2 billion from applications from the mining titles and that it was a milestone that has never been achieved since its inception.

He said: “We are invoking the provision of the Act where people collect licences and keep them. It is on record that we have revoked 1,566 Mineral titles.”

He stated that the exercise was a continuous process, saying the Office has always pressed on the licencees the policy of ‘Use it or Lose it’. “In doing this, we have to go through our legal books to make sure there are no mistakes,” Nkom noted.

The Minister, Architect Olamilekan Adegbite lamented the drop in solid mineral title applications from 2, 800 in 2016 to 1,025 in July 2019.

Adegbite expressed worry over the development despite the federal government’s emphasis on diversifying the economy through the mining industry.

He urged the MCO to create an atmosphere that will make people to be attracted to mining.

The Minister also visited the World Bank project tagged, The Mineral Sector Support for Economic Diversification (MinDiver).

The coordinator, Engr Linus Adie, said the project has made remarkable headway, stating that it continued to facilitate key reforms for optimal service delivery.

 

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