Journalism in the service of society

Nkom reveals MCO generated N9.384bn in three years

SIMON Obadiah Nkom, Director-General of Nigeria’s Mining Cadastre Office (MCO), revealed that the MCO generated N9.384 billion in three years.

It was explained that N2.580 billion was generated for the federation account in 2019, while MCO surprised everyone by generating N2.303 billion in 2020, despite the pandemic.

Nkom stated this in an interview with journalists in Abuja, explaining that different mineral titles govern the right to search for and exploit any mineral in Nigeria.

He also stated that 15,483 applications were denied, 4,997 were revoked, and there are currently 6,588 active titles.

Nkom emphasized that the MCO has been generating revenue for the government, noting that in 2017, the MCO was able to generate N2.13 billion, but that this figure dropped to N1.55 billion in 2018.

According to him, despite the COVID-19 pandemic, the office increased the stakes by N2.58 billion in 2019, the second highest since the MCO’s inception in 2007. He stated that the MCO earned N2.016 billion from January to May 2021, and that by December 31, 2021, the revenue had risen to N4.3 billion, the highest amount ever earned by the office.

“There is an increase in Mineral Title Application submission, increased revenue generation – N4.301 billion, organizational growth – establishment, and operationalization of MCO offices in the six geo-political zones of the country.

“We are currently collaborating more closely with other departments and agencies of the Ministry (MID, MEC, ASM, NGSA among others), specifically Mines Inspectorate Department Job creation. A total of 38 staff were employed in the upgrade of the SIGTIM software to the web-base Online Mineral Title Administration and Management system – eMC+Activation and Integration of e-Recording and Archiving of Mineral Title documents,” he said.

He urged the federal government to rethink and focus on solid minerals in order to diversify the economy and increase revenue as oil prices continue to fall.

“With about 44 minerals, there is a need to invest in accurate data gathering in order to attract the right investors to the solid minerals sector. The concern of the MCO is to be able to imbibe transparency, security of tenure and non-subjectivity, all towards attracting the needed investments in the sector”, he added.

He also emphasized the need to generate the needed revenue for the country especially with the support of government and other stakeholders.

Comments are closed.

Naija Times