Tinubu Govt Revokes 924 Dormant Mining Licenses

Tinubu Govt Revokes 924 Dormant Mining Licenses

The Federal Government has taken decisive action to revoke 924 dormant licenses across various sectors of the mining industry, including exploration, mining, small-scale mining, and quarrying. Minister of Solid Minerals Development, Dele Alake, made the announcement during a press conference held in Abuja……READ ALSO Breaking News: Tinubu Govt Ask Yahaya Bello To Kindly Submit Himself To EFCC

The minister emphasized that this move is part of ongoing efforts to streamline and sanitize Nigeria’s mining sector. He highlighted that official notice of the impending revocation was provided to all concerned parties through the Federal Republic of Nigeria’s official Gazette No. 227, issued on December 27, 2023.

Alake explained that the notice gave license holders 30 days to address any issues causing their licenses to remain dormant. Despite this notification, only 39 out of the 963 licensees took action to either commence operations or provide satisfactory explanations for the dormancy of their licenses.

Out of the 924 licenses revoked, 528 were for exploration, 20 for mining leases, 101 for quarrying, and 273 for Small Scale Mining Licences (SSML). Those affected by the revocation have been given a 30-day window to rectify their status by paying fines.

The fines imposed are as follows: N10 million for revoked Mining Licenses, N7.5 million for Small Scale Mining Licenses (SSML), and N5 million for Exploration Licenses (EL). Failure to pay the fines within the stipulated time will result in forfeiture of the licenses.

Furthermore, the minister announced that the affected Cadastral Units will now be available for application on a ‘first come, first served’ basis, opening up opportunities for new investors. Alake emphasized that this decision aims to penalize those who have exploited the sector’s opportunities for personal gain.

The government’s action underscores its commitment to promoting transparency, accountability, and sustainable development within the mining industry, signaling a new era of accountability and opportunity in the sector.

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