The Federal Government of Nigeria, through the Ministry of Solid Minerals Development, has cancelled 1,633 mineral titles issued to non-compliant mining firms.
Speaking in Abuja, Dele Alake, the Minister of Solid Minerals and Development, stressed the sector’s need for international competitiveness and urged stakeholders to rectify past wrongs.
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The revocations, prompted by the non-payment of mandatory fees for annual service of N1,500 per cadastral unit, aim to create opportunities for investors. Despite warnings, mining companies, profiting from licences, failed to meet financial obligations, prompting the government’s decisive action.
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. It is indeed a reasonable conjecture that such a company will be willing to pay royalties and honour its tax obligations to the government. The amount the companies are being asked to pay is peanuts compared to their revenue projections.”
