The Nigerian government says it is paving the way for genuine investors in the nations mining sector and has revoked 4,176 non-performing mining titles.
According to the government, the revocation will help reduce to the barest minimum, the level of speculation and discouragement in the sector and ensure that only genuine investors had access to the country’s minefield among others.
The Ministry of Mines and Steel Development said in a report released in Abuja, that the titles were revoked between 2011 and 2018, with the highest number – 1,529 – revoked in 2018 alone. The breakdown shows that 908 mining titles were revoked in 2011, none in 2012, 548 revoked in 2013, 250 revoked in 2014, non was revoked in 2015, 941 revoked in 2016 and none was revoked in 2017.
“The revocation of the titles was as a result of failure on the part of licensees to meet up with the required obligations as stipulated in the Nigerian Minerals and Mining Act, 2007 and the Regulation, 2011,” the report said.
It explained that the removal of dormant and unused titles in the Mining Cadestre Office (MCO) mineral titles database, to pave way for genuine and active investors, were a major benefit government has derived from the exercise.