Federal Government Revokes 1,263 Mineral Licenses

The Federal Government has revoked 1,263 mineral licenses across the country due to defaults in the payment of annual service fees.

The revoked titles include 584 exploration licenses, 65 mining leases, 144 quarry licenses, and 470 small-scale mining leases. Minister of Solid Minerals Development, Dele Alake, who approved the revocation on the recommendation of the Mining Cadastre Office, said the move was in line with the law to keep speculators and unserious investors away from the mining sector. He noted that enforcing compliance would create opportunities for genuine investors and contribute to the growth of the industry. This development brings the total number of mineral titles revoked under the current administration to 3,794, including 619 revoked for service fee defaults and 912 for dormancy last year.