People & Money

Nigeria Mining Cadastre Office Generated N14.59 billion in Five Years

Nigeria Mining Cadastre Office generated N14.59 billion between 2018 and 2022, this was according to the Director General of the Nigeria Mining Cadastre, Obadiah Nkom on Thursday. The report was released during the weekly Ministerial Briefing organized by the presidential communications team at the Presidential Villa, Abuja. 

In his report, Mr. Obadiah noted that the agency generated N1.55 billion, N2.38 billion, and N2.57 billion in 2018, 2019, and 2020 respectively. The agency also recorded revenue of N4.3 billion and N3.79 billion in 2021 and 2022 respectively. Nkom explained the drop in revenue from 2021 to 2022 as a result of changes in its internal operating system. 

Also Read: FGN to Borrow up to N400 Billion Per Month in 2023 to Fund Budget Deficit

Nkom assured that all of the office’s revenue was sent to the Treasury Single Account (TSA) of the Federal Government. 

“The bulk of the revenue comes from application, processing, and annual service fees; constituting 50 percent of the annual revenue generated from the federal ministry of mines and steel development,” he added. 

He said that the introduction of the Electronic Mining Cadastre was a means of repositioning the agency, stressing that it would thereafter have a huge increase in revenue generation.

Nkom who doubles as the Director General in charge of Rights in the Ministry of Mines noted that about 3402 unused mining licenses have been revoked by the Office. Stating that only rightful people were given the license. 

According to Mr. Nkom, “If you have not paid, we put it in the newspaper and then, we gazette it and we give you 30 days to ensure that you pay so that the serious ones will come and pay and those that are not serious, we will revoke it. We have revoked titles,”

“There are over 6,000 licenses. For now, if you are seeing 9,000 on the website, I told you that we have over 3,000 licenses that are revoked.

“We have just gazetted and we are going to implement that. When you look at that implementation and that 3,000 licenses that are removed, we end up having 6,000.” He added. 

Also Read: About the CBN’s National Domestic Card

Speaking on the issuance of coal mining licenses in the country, Nkom noted that the demand for Nigerian coal was high. He did note, however, that coal mining licenses are issued subject to conditions and restrictions.

The Mining Cadastre Office, he said, does not just hand out licenses. It examines sustainability, maximizing value, and strategically ensuring Nigeria’s mineral wealth is managed appropriately to maximize economic value and diversify her economy.

About Nigeria Mining Cadastre Office

The Nigeria Mining Cadastre Office was created as an act of the Nigerian Minerals and Mining Act, (2007). The agency was created as part of the Federal Government Mining Sector reform. The agency is responsible for the management and administration of mineral titles, a cornerstone of a secure mineral rights system.

David Olujinmi

David Olujinmi studies Engineering but his true passion is research and analysis. He writes about finance, particularly the capital market, investment banking, and asset management. More »

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