THE Federal Government has so far generated N2 billion from mineral titles in the mining sectors.
Director-General, Nigeria Mining Cadastre Office (MCO), Mr Obadiah Nkom who disclosed this also said the agency has been able to revoke about 1,566 mineral titles without having to infringe on the provisions of the act of the agency.
He said the agency works of a first come and first serve basis and use the principle ofbuse it or loose it where they are able to eliminate speculators.
He spoke when the Minister of Mines and Steel Development, Arc. Olamilekan Adegbite paid a working visit to the agency.
He said: “We work on the principle of first come; first serve and most importantly the use it or lose it principle where we will be able to eliminate completely the aspect of speculators; we give you the license, you use it or lose it. It is on that basis that we put strategies in place towards increasing foreign direct investment, increase revenue and make the system attractive for investors.
“The most important target we are looking at is invoking the provisions of the act whereby people collect licences and keep them, it is on record that recently we have been able to revoke about 1,566 mineral titles.”