In October 2024, the Nigerian Mining Cadastre Office (NMCO) generated an impressive revenue of N8,199,976,300, as reported by the Director General, Engr. Obadiah Nkom, during a Senate oversight visit led by Senator Sampson Ekong. Since its inception, NMCO has amassed N36,048,229,019 in total revenue, with 75% of this amount—N26,230,733,463—generated between 2019 and October 2024. The agency’s revenue has seen a significant increase due to reforms aimed at enhancing transparency and digitising operations. Despite these accomplishments, NMCO faces challenges, including funding shortages, office space constraints, and insufficient power supply, which hinder operational efficiency. Senator Ekong acknowledged the visit’s value, noting a commitment to addressing these challenges to bolster Nigeria’s mining sector.

The Nigerian Mining Cadastre Office (NMCO) plays a crucial role in regulating the country’s mining activities and managing revenues generated from mineral licensing. The trending growth in revenue reflects the agency’s improved operational practices, including digital transformations and transparency initiatives, which have collectively enhanced revenue collection. However, operational obstacles must be addressed to maintain this revenue momentum and ensure the agency’s sustainability and productivity in the mining sector.

The NMCO’s recent revenue achievements underscore the agency’s successful reforms and potential for future growth in Nigeria’s mining sector. Nevertheless, addressing operational challenges such as funding, infrastructure, and personnel shortages remains vital for sustaining and increasing productivity. The commitment from legislative bodies to support NMCO will also be crucial in overcoming these hurdles and enhancing the agency’s contribution to the national economy.

Original Source: nairametrics.com

The post NMCO Reports N8bn Revenue in October 2024 Amidst Operational Challenges first appeared on Nigerian Mining News.

The Nigeria Mining Cadastre Office (NMCO) has raised concerns over the inadequate capacity of some mining title holders, particularly those holding multiple cadastral units. This issue, highlighted by NMCO Director General Dr Obadiah Nkom during the ninth Nigeria Mining Week in Abuja, is hindering genuine investors’ entry into the mining sector. To rectify this, a new mining regime was introduced in July, focusing on competent operators and adhering to a ‘first come, first served’ principle. Nkom noted improvements, including increased investment and the cancellation of unused licenses, affirming NMCO’s role in promoting responsible mineral resource management and supporting Nigeria’s economic diversification strategy.

The challenges faced by mining title holders in Nigeria are crucial for understanding the landscape of the mining sector. The NMCO is responsible for managing mineral rights in the country, aiming to attract investment and ensure sustainable resource management. The introduction of a new mining regime indicates an effort to address the gaps in capacity and effectively allocate titles to operators who can develop them, thereby bolstering the sector’s contribution to economic growth. This situation is particularly relevant as Nigeria seeks to diversify its economy.

The NMCO’s initiatives reflect a strategic move towards enhancing the capacity and accountability of mining title holders in Nigeria. By implementing a new regime that prioritises capable operators and the productive use of mining titles, the agency aims to attract genuine investment, ensure compliance, and contribute significantly to the nation’s economic ambitions. Ongoing improvements signal a promising future for the mining industry in Nigeria.

Original Source: nannews.ng

The post NMCO Raises Alarm Over Mining Title Holders’ Capacity Issues first appeared on Nigerian Mining News.

The Nigeria Mining Cadastre Office (NMCO) has issued a total of 7,141 mining licenses; however, only about 1,000 of these are currently active, as revealed by Director General Obadiah Nkom. During a recent meeting with the House Committee on Solid Minerals, Nkom stressed the need for reforms in the sector, specifically in relation to mining fees and title ownership, due to the alarming number of inactive licenses. He noted that despite generating over N8 billion in revenue, the agency suffers from inadequate funding which restricts its operational effectiveness. Nkom further mentioned the successful transition to a web-based platform for improved access and transparency and the development of guidelines for an anti-money laundering unit in partnership with the EFCC. The committee, led by Chairman Jonathan Gaza, raised concerns about the licensing process, the impact of illegal mining, and the need for increased productivity due to insufficient funding. Gaza assured that the committee would escalate these issues to the Minister of Solid Minerals Development for necessary action.

The issue of inactive mining licenses in Nigeria highlights significant inefficiencies within the Nigeria Mining Cadastre Office (NMCO). Despite the issuance of over 7,000 licenses, the minimal number of active miners underscores a need for regulatory reform. Inadequate funding and concerns about illegal mining practices also pose challenges for the agency. This situation calls for improved oversight and potential restructuring in the mining sector to enhance productivity and revenue generation.

In summary, the NMCO faces challenges with a high volume of inactive mining licenses against a backdrop of inadequate funding and the prevalence of illegal mining. The agency’s call for reforms and better financing highlights the critical need for a more effective licensing and oversight system to improve the sector’s contribution to Nigeria’s economy. The committee’s commitment to addressing these issues with the Minister of Solid Minerals Development is a positive step towards enhancing operational efficiency.

Original Source: nannews.ng

The post Only 1,000 of 7,141 Mining Licenses Active, Says NIMCO Director General first appeared on Nigerian Mining News.

The Nigeria Mining Cadastre Office (NMCO) has issued around 7,000 mining licenses, yet fewer than 1,000 mines are currently operational. NMCO’s Director General, Obadiah Nkom, made this revelation during a meeting with the House Committee on Solid Minerals. He stressed the need for reform in licensing fees and ownership regulations to improve the sector. Despite generating over N8 billion in revenue, NMCO faces funding shortages that hinder its effectiveness. Nkom also highlighted progress in digital accessibility and collaborations with the Economic and Financial Crimes Commission to combat illegal mining. Meanwhile, Chairman Jonathan Gaza acknowledged the issues in licensing and confirmed that steps will be taken to address the agency’s financial constraints.

The article discusses the operational challenges faced by the Nigeria Mining Cadastre Office (NMCO) despite a high number of issued mining licenses. NMCO, which operates under the Federal Ministry of Solid Minerals Development, seeks to reform the licensing process and improve fund allocation. Illegal mining activities remain a concern, prompting both the NMCO and government officials to explore measures that enhance compliance with mining regulations and strengthen monitoring operations through technology.

In summary, the NMCO’s struggle with high licensing numbers versus active mines highlights significant inefficiencies in the Nigerian mining sector. Calls for funding reforms and improved regulation are crucial to combat illegal mining activities. Collaboration with authorities and the move towards digital solutions are steps being considered to enhance transparency and operational effectiveness in the field.

Original Source: nairametrics.com

The post Concerns Rise as Nigeria Issues 7,000 Mining Licenses with Only 1,000 Active Mines first appeared on Nigerian Mining News.

Director General of the Nigeria Mining Cadastre Office (NMCO), Obadiah Nkom, has highlighted the alarming statistic that only 1,000 out of 7,141 mining licenses are currently active. During a meeting with the House Committee on Solid Minerals led by Jonathan Gaza, he called for reforms in the sector, especially regarding mining fees and ownership of titles. Despite generating over N8 billion in revenue, the NMCO struggles with inadequate funding. Nkom noted that the office has made strides in digitisation and is working with the Economic and Financial Crimes Commission to tackle illegal activities. Gaza expressed concerns over the licensing process and promised to relay the issues to the Minister of Solid Minerals Development for further action.

The Nigeria Mining Cadastre Office is responsible for regulating mining licenses in Nigeria. There has been a significant discrepancy between the number of issued mining licenses and the actual number of active mines, raising concerns about the effectiveness of the licensing process. The agency has generated substantial revenue from the sector, yet it faces challenges such as inadequate funding and the prevalence of illegal mining activities.

The discussion between NMCO leadership and the House Committee aims to address the underutilisation of mining licenses and seek necessary reforms. With a need for better funding and management of mining activities, the NMCO is striving to enhance transparency and efficiency in the Nigerian mining sector.

Original Source: gazettengr.com

The post NMCO Director General Advocates Reform for Underutilised Mining Licences first appeared on Nigerian Mining News.

The Nigeria Mining Cadastral Office (MCO), under the leadership of Director-General Obadiah Nkom, reported a revenue generation of N8.1 billion since January. This achievement was shared during an oversight visit from the Senate Committee on Solid Minerals, highlighting a commitment to improving the mining sector’s regulatory framework and diversifying the economy. The D-G credited the rise in revenue to increased transparency, stronger enforcement of regulations, and the digitalisation of licensing processes. Since the office’s inception, total revenue has reached N36.048 billion, with a significant portion remitted to the Federal Government’s Treasury Single Account. In addition, the committee discussed key challenges faced by the cadastre, including inadequate funding and limited office space, as well as ongoing litigations that have reportedly been successful for the MCO. Senator Sampson Ekong emphasized the importance of the committee’s oversight to ensure accountability and enhance the mining sector’s economic contribution. The visit focused on evaluating the cadastre’s adherence to regulatory standards and operational efficiency.

The Nigeria Mining Cadastral Office is responsible for overseeing mining licenses and permits within the country. Recently, the MCO has experienced a notable revenue increase, reflective of Nigeria’s efforts to enhance its mining sector’s regulatory framework. The visit by the Senate Committee aims to address operational challenges while ensuring the cadastre complies with federal guidelines. Successful litigation by the MCO also highlights its effective operational measures.

The Nigeria Mining Cadastral Office has experienced a significant revenue milestone, generating N8.1 billion through improved transparency and regulatory measures. The Senate Committee’s oversight visit aims to enhance operational efficiency and accountability within the mining sector. Despite facing challenges like inadequate funding and office space, the MCO continues to successfully navigate litigations, emphasising the need for sustainable reforms and collaboration in maximising Nigeria’s mining potential.

Original Source: nannews.ng

The post Nigeria Mining Cadastral Office Revenue Surges to N8.1bn in October first appeared on Nigerian Mining News.

The Nigerian Mining Cadastre Office (NMCO) achieved a remarkable revenue of ₦8.2 billion in October 2024, underscoring its pivotal role in the country’s economic diversification strategy. Engr. Obadiah Nkom, the Director General, reported this during a Senate Committee visit, highlighting a significant revenue increase driven by improved regulatory frameworks, transparency, and digitalisation in mining operations. Since its inception, NMCO has generated over ₦36 billion, with 100% remitted to the Federal Treasury. The agency also faces operational challenges, including staffing, power supply issues, and inadequate resources for efficient workflow. The Senate Committee emphasised the need for ongoing reforms to bolster the mining sector’s contribution to Nigeria’s economy.

The Nigerian Mining Cadastre Agency is pivotal in streamlining the mining sector by issuing licenses and monitoring revenue collection. Recent years have seen an increasing trend in revenue generation linked to improved systems and enforcement measures. As Nigeria seeks to diversify its economy beyond oil, the mining sector plays a crucial role, necessitating regulatory enhancements and increased operational efficiency within the NMCO’s framework.

In summary, the NMCO has achieved a record revenue collection, reflecting its strengthened operational capacities and commitment to transparency. However, the agency’s performance is hindered by several operational challenges that need addressing. The Senate Committee’s engagement highlights the ongoing reforms necessary to enhance the effectiveness of the mining sector and ensure its significant contribution to Nigeria’s economic landscape.

Original Source: von.gov.ng

The post Nigerian Mining Cadastre Agency Reports ₦8.2 Billion Revenue in 2024 first appeared on Nigerian Mining News.