Samuel Bello, Abuja

The   Nigeria Mining Cadastre Office (MCO) has said it has generated N2 billion from foreign investments so far.

MCO Director-General, Obadiah Nkom, stated this when the Minister of Mines and Steel Development, Olamilekan Adegbite, went on his first tour to offices under the ministry.

He said, “As at today that I’m talking, we have generated about N2 billion. As at the last time, months ago, we have generated about N1.7 billion. Now we are moving and these are milestones that have never been achieved since the inception of MCO.

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“We are still moving and I hope at the end of the day we would now make sure that we improve on revenue generation. We would work towards making sure that it’s a big component and sanity is created.”

Nkom said the MCO has revoked no fewer than 1,566 mineral titles from licensed industries. He added that the most important area of attention for his office is invoking the provisions of the mining act, whereby people collect licenses and keep them without visible actions.

He said, “The most important areas we are looking at is invoking the provisions of the mining act, whereby people collect licenses and then they keep them. It is on record that recently we have been able to now revoke about 1,566 mineral titles without having to infringe on the provision of the act because you don’t expect people to be executive miners. This is a continuous process, and that is why we use that syndrome of ‘Use it or lose it’.