-by our correspondent.
The Nigerian Mining Cadaster Office (MCO) has notified defaulting companies and solid mineral titleholders to pay up all their outstanding annual service fees accrued to the Federal Government of Nigeria within 30 days, with effect from January 10, 2021, or risk revocation of their relevant leases.
In a recent report, the Cadaster Office listed names of over 2,500 solid mineral titleholders who have defaulted in the payment of their yearly service fees, comprising; 135 mining lease companies, 767 exploration license companies, 1,173 small-scale mining lease companies and 688 quarry lease companies.
MCO urged the defaulters to pay up before February 10, 2021, or have their titles revoked adding that all mineral titleholders whose titles had previously been revoked are required to pay their outstanding liabilities prior to the revocation of their titles.
“Notice is hereby given to the under listed defaulters, companies and or mineral titleholders to pay up all their outstanding annual service fees due and accrued to the Federal Government of Nigeria within 30 days of this publication, failure of which shall lead to revocation of all the valid titles concerned as contained in this publication.” The report read.
Director-General of the MCO, Simon Nkom
The Director-General of the MCO, Simon Nkom, explained that the notice is aimed at eliminating speculators, 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, that it is an anomaly that has serious consequences for the economy and the realization of the economic diversification agenda.” He noted.