The Federal Government has taken decisive action by revoking 924 dormant mining licenses. This move, announced by the Minister of Solid Mineral Development, Dr. Dele Alake, comes as part of the government’s ongoing efforts to reposition the sector.
Dr. Alake, speaking at a news briefing in Abuja, emphasized that the revocation followed due process, with adequate notice provided to concerned parties. The decision was made after a 30-day notice period, during which license holders were given the opportunity to regularize their status.
The Minister highlighted that failure to pay the statutory royalty to the federal government was a key factor in the revocation. He also pointed out the challenge of license racketeering, which had hindered serious prospective buyers from entering the sector and tarnished the country’s reputation.
In response to the revocation, Dr. Alake announced a 30-day ultimatum for restitution, with fines ranging from N10 million for revoked mining licenses to N5 million for exploration licenses. License holders were urged to make the necessary payments within the stipulated timeframe to be considered for reinstatement.
The revocation of licenses is expected to create opportunities for interested investors, who can now apply for the affected cadastral units on a first-come, first-serve basis. This move underscores the government’s commitment to promoting transparency and attracting investment in the solid mineral sector.
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