FG to invoke the ‘Use it or lose it’ policy; revokes 924 dormant mining licenses

The Nigerian government has revoked 924 dormant mining licenses covering exploration, mining, small scale mining and quarrying.

Dele Alake, Minister of Solid Minerals Development says the move is to cleanse the sector of license racketeering.

In November last year, the federal government through the Minister of Solid Minerals Development, Dele Alake, announced the revocation of 1,663 mineral licenses.

It cited failure to pay statutory charges, fees and dues to the Federal Government.

The Minister warned licensees yet to resume work on their mining projects to do so without delay.

Alake said license racketeering was one of the challenges hindering sector’s development.

Five months after, the government is back on the same turf.

He said the government is determined to redress the nations losses to foreign direct investment through the activities of saboteurs.

Government is now determined more than ever before to invoke the ‘Use it or lose it’ policy.

And having fulfilled all constitutional provisions, he said 39 out of the 963 dormant companies regularised their operations as he announced the revocation of 924 licenses

The Minister said license racketeering must be dealt with to sanitise the sector.

The affected licensees wanting to return to their businesses have a 30 days timeliness to pay fines ranging between N5 million and N10 million.

Government is confident that with the latest step, investors across the globe can now apply for any of the cadastral units on the basis of ‘first come, first serve’ as it continues to enhance transparency and efficiency in the sector.