By Adedapo Adesanya
The Nigerian Mining Cadastre Office (NMCO) said it generated N14.59 billion from 2018 to 2022 and remitted all into the Treasury Single Account (TSA).
Director-General of the agency, Mr Obadiah Nkom, speaking at the 63rd session of the State House Ministerial briefing on Thursday, described the revenue in the last five years as a welcome development despite drops in the last two years.
The NMCO boss noted that the bulk of the organisation’s earnings was derived from applications, processing, and annual service fees, which constitute 50 per cent of the annual revenue generated from the Federal Ministry of Mines and Steel Development.
In 2018, 2019, and 2020, the agency generated N1.55 billion, N2.38 billion, and N2.57 billion, respectively. However, between 2021 and 2022, there was a revenue decline from N4.3 billion to N3.79 billion, respectively.
Mr Nkom further asserted that so far, the agency has recorded about 6,000 license holders, while from September 2021 to date, the agency revoked 3,400 titles, with warnings that it will revoke more in 2023 from those who do not comply with the provisions of the Act.
NMCO came into being following the federal government’s Mining Sector reform programme, which was implemented by the Ministry of Mines and Steel Development in collaboration with the World Bank Sustainable Management of Mineral Resources Project.
As an autonomous agency of government, as provided by section 5(1) of the Nigerian Minerals and Mining Act (2007), it is responsible for the management and administration of mineral titles, considered to be the cornerstone of a secure mineral rights system.
The agency receives, considers, and disposes of applications for mineral titles and permits as well as applications for the transfer, renewal, modification, and relinquishment of mineral titles or extension of areas.
It grants issues, suspends, and (with the approval of the Minister) revokes mineral titles; maintains the cadastral registers; creates a database of all mineral titles and applications; and maintains a cartographic database of all mineral titles and applications in the cadastral maps.
