Why we are withdrawing mining licenses of speculators – MCO – Daily Trust
The Director General of the Nigeria Mining Cadastre Office (MCO), Engr. Obadiah Simon Nkom has said the agency is eliminating speculators from mines field and giving their licenses to serious investors.
Engr. Nkom stated this when he received a Monitoring Team from the Ministry of Budget and National Planning on the implementation of the 2018 budget appropriation.
“The agency is enforcing ‘Use it or lose it’ principle to eliminate speculators and thereby freeing areas in the mines field for serious investors. The principle is aimed at discouraging investors holding on to license acquired without putting it to use,” Nkom said in a statement
He expressed the agency’s commitment to accountability and transparency in implementing capital projects.
He pointed out that the mandate of the Ministry is to bring in investors and generate more revenue for government through the MCO.
“Mining is capital intensive and we need investors to increase government’s revenue for the development of the country,” he said.
Earlier, the Team leader of the group, Ndana Abudurazaq explained their mission to the Agency which is basically to monitor the implementation of the 2018 budget appropriation to MCO. The team inspected all procured items appropriated under the 2018 budget.
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