ABUJA: The Director-General of the Nigeria Mining Cadastral Office (MCO), Obadiah Nkom, announced that the office has generated a revenue of N8.1 billion since January. This was revealed during the Senate Committee on Solid Minerals’ oversight visit to the NMCO headquarters, led by Chairman Sen. Sampson Ekong, on Monday.
According to News Agency of Nigeria, Nkom highlighted the revenue achievement as a significant milestone, reflecting a notable increase in the agency’s earnings. The boost in revenue underscores Nigeria’s focused efforts to diversify its economy through the solid minerals sector while enhancing the regulatory framework of its mining sector. Nkom credited the revenue increase to improved transparency, stringent enforcement measures, and the digitalization of licensing and revenue collection processes. He emphasized ongoing initiatives aimed at transparency and equitable distribution of mining rights as contributing factors to the record earnings.
Nkom reported that the total revenue generate
d by the office from its inception to date stands at N36.048 billion, with all funds remitted to the Federal Government Treasury Single Account (TSA). From 2019 to October 2024, the agency generated N26.230 billion, accounting for 75 percent of its total revenue. The revenue from 2023 to October 2024 alone was N13.194 billion, marking a 63 percent increase over the N8.094 billion generated from 2021 to September 2022.
During the committee meeting, Nkom elaborated on the Cadastre’s responsibilities, which include issuing mining licenses and permits while striving to streamline industry operations. However, he pointed out challenges such as inadequate funding and office space, noting that part of their premises is rented from the World Bank and is often congested.
Nkom also mentioned ongoing litigations since the cadastral’s inception, boasting an almost 100 percent success rate in these legal battles. He assured the committee of the MCO’s collaboration with law enforcement agencies to ensure cadastral securi
ty.
Sen. Ekong stated that the oversight visit aimed to enhance transparency and accountability within Nigeria’s mining sector, ensuring that NMCO meets its federal obligations and contributes effectively to the economy. He acknowledged the insights gained from the visit, emphasizing the need for collaboration and reform to strengthen the sector. The committee intends to review documentation from the NMCO and pledged ongoing support for the Cadastre.
The News Agency of Nigeria, reports that the visit sought to evaluate the cadastre’s adherence to regulatory standards and its operational efficiency, while identifying potential areas for improved resource management.