Ministry of mines and steel revokes 4,176 mining titles
The Ministry of Mines and Steel Development said it revoked 4,176 mining titles between 2011 and 2018. It said that 908 mining titles were revoked in 2011, none was revoked in 2012, 548 were revoked in 2013 and 250 in 2014.
The report said no title was revoked in 2015, while 941 titles were revoked in 2016, none was revoked in 2017 and 1,529 were revoked in 2018.
The report said that revocation of the titles were as a result of failure on the part of licensees to meet up with the required obligations as stipulated in the Nigerian Minerals and Mining Act, 2007 and the Regulation, 2011.
It said that the justification and major benefits that the government derived from the exercise include the removal of dormant and unused titles in the Mining Cadestre Office (MCO) mineral titles database.
According to the report, the revocation has helped to reduce to the barest minimum the level of speculation and discouragement in the sector.
The report said it also helped to ensure only genuine investors had access to the minefield among others.