The Federal Government has taken a step to tackle the issue of dormant mineral licences by revoking an additional 924 licences with immediate effect. This move comes after the initial revocation of 1,663 mineral licences in November 2023.
According to the Minister of Solid Minerals Development, Dele Alake, the revoked licences include 528 exploration licences, 20 mining leases, 101 quarry licences, and 273 small-scale mining licences.
Alake expressed concern over the high rate of licence racketeering and dormant mineral licences, assuring that the ministry is working to address the root cause of the problem.
In order to reinstate revoked licences, the ministry has formulated a policy that requires interested parties to make restitution to the Federal Government through the payment of fines. The fines range from N5m for exploration licences to N10m for large-scale mining licences, and N7.5m for small-scale mining licences.
According to the minister, interested parties have 30 days to approach the ministry through the mining cadastral office or risk losing their licences. This move, he said, is part of the ministry’s efforts to tackle illegal mining activities and ensure that mineral licences are used for their intended purposes.
In a related development, the ministry recently suspended all mining companies operating inside the Obafemi Awolowo University. The investigation revealed that 11 mining companies were operating inside the university before the suspension was announced. The ministry has also established a special security squad to sniff out activities of illegal miners across the country.
