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The Director General of the Mining Cadastre Office (MCO), Engr. Obadiah Simon Nkom has disclosed that about N2 Billion Naira has been generated from the issuance of Mineral Title licenses.

 He stated this when he received the Minister of Mines and Steel Development, Architect Olamilekan Adegbite  during his first working visit to the Agency on Thursday, saying  “We have generated  N2 Billion Naira and we are still moving, at the end of the day we would make sure that we improve on revenue generation”.

According to the DG, the Agency came up with new strategies and principle of ‘First Come, First Served’ and ‘Use it or Lose it ’, which has helped to re-organise, eliminate speculators and led to revocation of about 1,566 Mineral Titles. He added that more strategies expected to boost investors’ confidence in the system and mining sector in general are being put in place.

He said “the Office is focused on ending the era when people would collect licenses and keep them without actions” He further explained that the cadastre’s ongoing migration to online system which is in line with international best practice will open up more Foreign Direct Investment (FDI).

Engr. Nkom also stated that almost all litigation against MCO have been in favour of government because the Agency had always stayed within the purview of provisions of the Act that established it.

The Permanent Secretary, Dr. Abdulkadir  Mu’azu while making his remark commended the processes the MCO have undertaken to boost investor’s confidence which is in line with the  programme of the Government to diversify the economy.

While expressing his satisfaction in the processes put in place by the MCO Administration, the Minister said that more is still expected of the Agency so as to deliver on the economy diversification plan of the Government through the mining sector. He, however observed decrease in application for Mineral Titles and urged MCO to do the needful so as to increase the revenue generation as expected.

In his response to lack of funds as part of the challenges facing the Agency, Architect Adegbite stated the need to “be better managers of funds”, saying that no amount of money can be sufficient enough. He also encouraged that the Agency engage State Governments and Traditional rulers for best working conditions in the sector.

The Minister, the Permanent Secretary and the entire entourage were led by the Director General on the tour of the office.

Also present at the meeting were top Management staff of the Mining Cadastre Office.

Folasade Fatoke

Press Officer (MCO)

11th October, 2019

Categories : Press Release