LunagisthubFG Revokes 1,263 Mineral Licenses Over Unpaid Fees
The Federal Government has revoked 1,263 mineral licenses due to non-payment of annual service fees. This move is part of the government’s efforts to sanitize the solid minerals sector and attract genuine investors.The revoked licenses include
– 584 exploration licenses
– 65 mining leases
– 144 quarry licenses
-470 small-scale mining leases
The revocation was made due to the companies’ failure to comply with the requirement of paying their annual service fees. According to the Minister of Solid Minerals Development, Dele Alake, “The annual service fee is the minimum evidence that you are interested in mining. You don’t have to wait for us to revoke the license because the law allows you to return the license if you change your mind” .
The revocation is expected to spur fresh applications by investors looking for new opportunities. The areas formerly covered by these licenses will be opened up for new applications, making way for diligent investors and growing the sector.
This latest revocation brings the total mineral titles revoked under the current administration to 3,794, including 619 mineral titles revoked for defaulting in paying annual service fees and 912 for dormancy last year .The list of defaulters will be forwarded to the Economic and Financial Crimes Commission (EFCC) for debt recovery. The government is determined to encourage due diligence and emphasize the consequences of speculative activities in the consequences of speculative activities in the mining sector.
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