In a bold move to boost transparency and efficiency in Nigeria’s mining sector, the federal government has revoked a whopping 924 dormant licenses covering exploration, mining, small-scale mining, and quarrying.
Minister of Solid Minerals Development, Dr. Dele Alake, made the announcement on Wednesday, emphasizing that the revocation followed due process and adequate notice to all concerned parties.
Only 39 licensees out of 963 took immediate action or provided convincing reasons for their license dormancy, leading to the revocation of 928 licenses. This includes 528 exploration licenses, 20 mining leases, 101 quarry licenses, and 273 Small Scale Mining Licenses (SSML).
Dr. Alake stressed that the revocation aligns with the government’s “Use it or Lose it” policy, aimed at penalizing those who treat the sector as a commodity.
Investors worldwide can now apply for affected Cadastral Units on a first-come, first-served basis.
To provide a path for restitution, Dr. Alake announced fines for revoked licenses: N10 million for Mining Licenses, N7.5 million for Small Scale Mining Licenses (SSML), and N5 million for Exploration Licenses (EL). Licensees have 30 days to pay the fines to qualify for consideration.
Dr. Alake warned against license racketeering and speculative practices, affirming the government’s zero-tolerance stance.
He urged investors to initiate projects swiftly upon obtaining licenses, emphasizing Nigeria’s readiness to welcome serious investors who create employment opportunities.
This move marks a significant step towards revitalizing Nigeria’s mining sector, promoting accountability, and attracting responsible investment for sustainable development.
