The Director-General (D-G) of the Nigeria Mining Cadastral Office (MCO), Obadiah Nkom, announced that the office has generated N8.1 billion in revenue for the mining industry since January.
Nkom disclosed this during the Senate Committee on Solid Minerals’ oversight visit to the NMCO headquarters on Monday in Abuja, led by its Chairman, Sen. Sampson Ekong.He highlighted that the agency’s revenue marked a record-breaking achievement, reflecting a significant rise in earnings. This surge in revenue demonstrates Nigeria’s strengthened commitment to diversifying its economy through the solid minerals sector and improving the regulatory framework of its mining industry.
The D-G attributed the revenue growth to enhanced transparency, stricter enforcement measures, and digitalisation, which streamlined both the licensing and revenue collection processes. Ongoing initiatives aimed at reducing processing times, ensuring equitable distribution of mining rights, and improving transparency also played a role in the agency’s record earnings.
“Since inception, the office has generated N36.048 billion, all of which has been remitted to the Federal Government’s Treasury Single Account (TSA),” Nkom said. He added that from 2019 to October 2024, the office generated N26.230 billion, which represents 75 per cent of the total revenue. Revenue from 2023 to October 2024 alone amounted to N13.194 billion, reflecting a 63 per cent increase compared to the N8.094 billion generated between 2021 and September 2022.
Revenue Breakdown
Engr. Nkom also gave an overview of the annual revenue generated by NMCO over the years. It showed a record ₦8.2 billion generated in October 2024.
2019: N2,379,500,315
2020: N2,562,037,622
2021: N4,301,178,122
2022: N3,793,679,643
2023: N6,071,263,461
Oct. 2024: N8,199,976,300.
Nkom briefed the committee on the Cadastre’s role in overseeing the issuance of mining licenses and permits, and efforts to streamline operations within the mining industry. However, he noted several challenges, including inadequate funding and office space.
“We are currently renting part of a building owned by the World Bank, and we’ve encountered difficulties in paying the rent. The premises are congested, and the challenges are numerous,” he explained.
Nkom also pointed out that the MCO works closely with law enforcement agencies to ensure the security of the cadastre, although several litigations are ongoing. He assured the committee that the MCO has achieved almost 100 per cent success in its legal battles since the mining cadastre’s inception.
Earlier, Ekong stated that the committee’s visit was aimed at promoting transparency and accountability in Nigeria’s mining sector. The purpose of the visit was to ensure that the NMCO fulfills its obligations in line with federal guidelines, enhancing the sector’s contribution to the economy.
“Insights from this visit have been valuable, and we will review the reform processes. Strengthening the sector requires effective collaboration and reforms,” Ekong said.
He assured that the committee would review the documentation provided by the NMCO and pledged continued support for the Cadastre. He also emphasized the importance of synergy between regulatory bodies to fully maximize Nigeria’s mining potential.
The oversight visit aimed to evaluate the Cadastre’s adherence to regulatory standards, assess its operational efficiency, and identify areas for improved resource management.
