The Federal Government of Nigeria has announced plans to revoke more mining licences in a sweeping effort to sanitize the solid minerals sector and protect investors from fraudsters.

Obadiah Nkom, Director-General of the Mining Cadastre Office, revealed that the clean-up targets expired, speculative, and inactive licences clogging the system, stressing that only genuine investors will be allowed to operate.

According to Nkom, approximately 4,709 licences have already been revoked, including 1,400 expired titles, 2,338 refused applications, and 971 notifications of grant where applicants failed to pay.

This move aims to create space for serious investors ready to commit capital and expertise.

The MCO has emphasized strict adherence to the law, resulting in a 100% success rate in litigations.

The office has also integrated with the Corporate Affairs Commission's real-time verification system to prevent impersonation and fraud. Companies must now present bank statements and letters of financial capacity to demonstrate their ability to develop the sector. Nkom noted a rise in investor confidence, with more local and foreign players entering the sector.

The revocation exercise is part of a broader effort to improve operations and attract genuine investors. The government has vowed to prosecute illegal miners, especially those operating outside their licensed mineral scope.

With over 44 mineral resources spread across more than 500 locations, Nigeria's solid minerals sector is poised for growth, having contributed less than 1% to GDP for decades due to speculators hoarding licences, illegal mining, weak regulation, and investor distrust.