FG Revokes 1,566 Mining Licences

The Minister of Mines and Steel Development, Olamilekan Adegbite, has said the Mining Cadastre Office has improved its revenue from mining licences from N2.3bn in 2020 to N3.88bn as of October 31, 2021.

Adagbite disclosed this while giving his keynote address at the fifth edition of the Nigeria Mining Week on Tuesday.

According to the Minister, the Mining Cadastre Office has enhanced the process of mineral title acquisition and administration.

The Minister attributed the increase in revenue to the introduction of the First Come, First Served and Use it or lose it policy in the licensing administration, adding that the policy has helped to re-organize, eliminate speculators, and has led to the revocation of about 1,566 mineral titles.