Why FG revokes 1,633 mining licences

The Federal Government through the Ministry of Solid Minerals Development has revoked 1,633 minerals titles previously given to non-complying mining companies. The minister also promised to clean up the solid minerals sector for international competitiveness and urged all stakeholders who have acted wrongly in this sector to turn a new leaf.

The Minister of Solid Minerals Development, Dele Alake, announced this during a press briefing on Tuesday in Abuja. He said the licenses of these mineral title holders were revoked due to failure to pay mandatory annual service fees of N1,500 per cadastral unit.

Alake said the revocation, based on earlier warnings to 2,213 mining companies, complies with Sections 10, 11, and 12 of the Mining Act and frees up spaces for potential investors who are willing to invest.

He lamented that the mining firms who have held the licenses for years, making huge profits from mining sites, still failed to make necessary payments accrued to the government. He said, “It is indeed very unconscionable for corporate bodies making huge profits from mining to refuse to give the government its due by failing to pay their annual service fee.