The Nigeria Mining Cadastre Office (MCO) has made public the names of companies and mineral title holders who are yet to pay their Annual Service Fees to the Federal Government of Nigeria. The Office warned that continued failure of the defaulting five hundred and four companies and entities will lead to the revocation of their titles.
In the prelude to the list of defaulters issued by the Office on Thursday, which was signed by Management, a copy of which was made available to THE TRUTH, the mineral licensing office announced February 10, 2021 as deadline for compliance, stating that it will strictly enforce the ‘use-it-or-lose-it’ principle if defaulters fail to comply after the deadline.
The Director General of the MCO, Engr Simon Nkom who spoke to our correspondent shortly after the deadline was issued said the move aims to eliminate speculators in order to save the sector from the consequences of dormant mineral titles.
‘There are companies who were issued mineral titles but failed to use the titles, and failed to pay dues accruable to government’ he said, adding that it is an anomaly which has serious consequences for the economy and the realization of the economic diversification agenda.
According to the Director General, ‘the Mining Cadastre Office will apply the “use-it-or-lose-it” principle in order to make Nigeria’s mineral-rich fields available to serious investors who will use the dormant titles and create jobs and wealth while developing the economy.
While saying that the organized private sector has a role to play in the realization of set goals, he called on companies and mineral title holders to pay their dues for the holistic development of the sector, and the nation.
Engr Nkom said: ‘It is when businesses pay their dues to government that the sector will make great progress,’ stating that the effort of the MCO to eliminate speculators will enable government to realize set goals for the sector.
The Director General explained that payment of Annual Licensing Fees will boost revenue for the sector.
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