FG Revokes 924 Mining Licence From Racketeers.

FG Revokes 924 Mining Licence From Racketeers.

Federal Government through the Ministry of Solid Minerals Development says it has revoked 924 dormant mineral licences to enhance the mining sector’s transparency and efficiency.

This is coming after the government identified licence racketeering as one of the main obstacles hindering the development of the sector.

The Minister of Solid Development Minerals, Dele Alake, who disclosed this at a press conference in Abuja said, the revoked licences include 528 exploration licences, 20 mining leases, 101 quarry licence and 273 small-scale mining licences, adding that, last November, the ministry revoked 1,633 mineral titles previously given to non-complying mining companies for failure to pay statutory charges, fees, and dues to the government.

The Ministry 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, stressing that, the ministry opted to sanction the defaulters following their investigation into cases where individuals obtained licenses but instead of investing in site development, they participated in speculation and auctioned the licenses to the highest bidder.

Dr. Alake said, the revocation followed due process, with adequate notice given to all concerned parties as stipulated in the official Gazette of the Federal Republic of Nigeria, No. 227, published on December 27, 2023, adding that, out of the 963 licensees notified of the impending revocation, only 39 took immediate action or provided convincing reasons for the dormancy of their licenses.

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