The Nigerian Mining Cadastre Office (MCO), on Monday, said that it achieved record-breaking revenue in October 2024, generating ₦8,199,976,300, marking a substantial rise in earnings for the agency.

Its noted that the surge reflects the country’s strengthened commitment to diversifying its economy through the solid minerals sector and improving its mining sector’s regulatory framework.

Director-General of NMCO, Engr. Obadiah Simon Nkom, disclosed the revenue figures in Abuja while welcoming the Senate Committee on Solid Minerals, led by Chairman Senator Sampson Ekong, on an oversight visit to the NMCO headquarters.

During his remarks, Nkom provided an overview of the MCO’s recent revenue performance: 2019: ₦2,379,500,315; 2020: ₦2,562,037,622; 2021: ₦4,301,178,122; 2022: ₦3,793,679,643; 2023: ₦6,071,263,461; October 2024: ₦8,199,976,300.

Nkom attributed the increased revenue to enhanced transparency, enforcement measures, and digitalization that streamlined the licensing and revenue collection processes.

He highlighted ongoing initiatives to enhance transparency, reduce processing times, and ensure equitable mining rights distribution, outlining how these efforts have contributed to the agency’s record earnings.

Engr Nkom added, “Revenue generated by the Office from inception to date is N36,048,229,019.00. Please note that 100% of revenue generated is remitted to the Federal Government Treasury Single Account (TSA).

“Revenue generated from 2019 – October, 2024, N26,230,733, 463.00 representing 75% of revenue generated. Revenue generated from 2023 to October, 2024 is N13,194,261,761.00.

“This represents an increase of 63% over N8,094,875,765.00 generated in the corresponding period from, 2021 – September 2022.”

Nkom briefed the committee on the Cadastre’s role in overseeing the issuance of mining licenses and permits, as well as its efforts to streamline operations within the industry.

The Senate Committee’s oversight visit aimed to evaluate the Cadastre’s adherence to regulatory standards, review its operational efficiency, and identify potential areas for improved resource management.

The Senate Committee on Solid Minerals Development under the Chairmanship of Senator Sampson Ekong, said that visit aimed at enhancing transparency and accountability in Nigeria’s mining sector.

Senator Ekong emphasized that the visit was essential to ensure the NMCO fulfills its obligations in alignment with federal guidelines, enhancing the mining sector’s contribution to Nigeria’s economy.

Ekong stated, “Insights from this visit have been valuable, and we will examine the reform processes. Strengthening the sector will require effective collaboration and reform. We have taken note of the issues raised, and our focus is to add value and transparency to this sector.”

He added that the committee will review the documentation provided by the NMCO and pledged continued support for the Cadastre.

He stressed the importance of synergy between regulatory bodies to fully maximize Nigeria’s mining potential.