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 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.

The Nigerian Mining Cadastre Office (MCO) has reported a significant revenue achievement, reaching N8.19 billion in October 2024, marking a record high for the agency. This achievement reflects Nigeria’s commitment to economic diversification through the solid minerals sector. Engr. Obadiah Simon Nkom, the MCO’s director-general, highlighted that ongoing initiatives like enhanced transparency and digitalisation of processes contributed to this robust financial performance. Nkom shared a comparative revenue analysis showing a steady increase over recent years. For instance, revenues grew from N2.37 billion in 2019 to N8.19 billion in October 2024. These improvements were driven by stringent enforcement measures and efficiency in licensing and revenue collection. The director-general emphasised that all revenue is directed to the federal government’s Treasury Single Account (TSA). During an oversight visit by the Senate Committee on Solid Minerals, chaired by Senator Sampson Ekong, Nkom detailed the NMCO’s responsibilities in issuing mining licenses and improving industry efficiency. He noted that revenue generated from 2019 to October 2024 was N26.23 billion, confirming a 63% increase compared to the previous reporting period. Senator Ekong affirmed the importance of the committee’s visit in promoting transparency and accountability in mining operations. He concluded that collaboration and reforms are crucial for the mining sector’s growth, and pledged to support the MCO’s initiatives aimed at maximising Nigeria’s mining potential.

The Nigerian Mining Cadastre Office is responsible for managing and regulating the country’s mining activities through licensing and revenue collection. The agency plays a vital role in facilitating economic growth by enhancing the solid minerals sector. Recent efforts to modernise their processes and improve transparency are aimed at increasing revenue and operational efficiency, showcasing the government’s strategy to harness the mining industry’s full potential. The significant revenue growth reflects broader efforts to diversify Nigeria’s economy away from oil dependence, focusing instead on sustainable mineral extraction.

The Nigerian Mining Cadastre Office achieved a remarkable N8.19 billion in revenue in October 2024, showcasing progress in the country’s mining sector. Driven by transparency and digital advancements, this achievement aligns with Nigeria’s goal to diversify its economy. The Senate Committee on Solid Minerals emphasised the need for corporate responsibility and supported collaboration across regulatory bodies for continued improvement and growth within the industry.

Original Source: leadership.ng

The post Nigerian Mining Cadastre Reports Record N8.19bn Revenue in October 2024 first appeared on Nigerian Mining News.

The Nigerian Senate committee on solid minerals has reported significant financial losses in both federal and state revenues due to illegal mining activities. This revelation came after the committee, led by Senator Sampson Ekong (PDP, Akwa Ibom South), visited Niger State to investigate the recent collapse of a mining pit that resulted in approximately 30 fatalities. The tragedy spurred Senator Sani Musa (APC, Niger East) to push for an assessment of the situation by the committee. During the visit, Senator Ekong emphasised the lucrative potential of Nigeria’s solid minerals sector, which could greatly enhance government revenue, diversify the economy, and boost GDP if effectively managed. However, he expressed concerns about the rampant illegal mining operations that not only deplete national wealth but also contribute to escalating insecurity issues. Senator Ekong highlighted the importance of legislative efforts to address the challenges facing the mining industry. He assured stakeholders that the Senate is dedicated to eliminating illegal mining and establishing proper regulations within the sector to promote sustainable growth.

Illegal mining in Nigeria has become a pressing issue as it undermines government revenue and poses security threats. The recent collapse of a mining pit in Niger State, which caused numerous fatalities, has raised awareness about the dangers associated with unregulated mining operations. These activities divert significant financial resources and facilitate criminal behaviour, prompting the Senate to take decisive action in safeguarding the mining sector and reaping its economic benefits.

The Senate committee’s findings indicate that Nigeria is losing substantial revenue due to illegal mining, which also exacerbates security concerns. Legislative measures are being considered to regulate the sector and promote growth, highlighting the potential of mining to positively impact the economy if properly managed.

Original Source: dailytrust.com

The post Senate Reports Billions Lost to Illegal Mining in Nigeria first appeared on Nigerian Mining News.