– Nigerian government revoked 924 dormant mining licences, following revocation of 1,663 licences 6 months ago
– Revoked licences include 528 exploration licences, 20 mining licences, 101 quarry licences, and 273 small-scale mining licences
– Minister of Solid Minerals Development, Dr. Dele Alake, announced the revocation
– Affected parties given notice through official Gazette of the Federal Republic of Nigeria
– Opportunity for those affected to make restitution by paying fines within 30 days
– Fines for revoked mining licences: ₦10 million, ₦7.5 million for small-scale mining licences, ₦5 million for exploration licences
– Aim to penalize commercialization of opportunities and enforce “Use it or Lose it” policy
– Government hopes to deter black market trading of mineral licences and encourage genuine investors
– Crackdown aimed at attracting foreign direct investment and preventing misrepresentation of sector
– Fines for different categories of revoked licences also applies to 1,633 titles revoked 6 months ago for defaulting on payment
– Government’s actions reflect commitment to fair and transparent mining sector, free from exploitation and misrepresentation
– Effort to create level playing field for investors and encourage responsible and sustainable mining practices in Nigeria
