The Director General of the Nigerian Mining Cadastre Office (NMCO), Obadiah Nkom, revealed that the agency generated a revenue of N8,199,976,300 in October 2024.
Obadiah said this during an oversight visit by the Senate Committee on Solid Minerals led by the committee’s chairman Senator Sampson Ekong, in Abuja.
He also provided a detailed breakdown of the revenue generated by NMCO since its inception.
He emphasized that all revenue is fully remitted to the Federal Government Treasury Single Account (TSA) and pointed out significant increases in revenue over the past few years.
Nkom also shared the annual revenue performance of NMCO over the past years, highlighting consistent growth that culminated in the record ₦8.2 billion generated in October 2024.
He credited the significant revenue increase to reforms within NMCO, which include enhanced transparency, stronger enforcement measures, and the digitization of the licensing and revenue collection systems.
Despite its financial achievements, NMCO faces significant operational challenges. Nkom highlighted the agency’s need for increased funding, larger office space, and a reliable power supply to sustain productivity.
Senator Ekong emphasized the importance of the visit to ensure NMCO aligns with federal guidelines and boosts the mining sector’s contribution to Nigeria’s economy. He noted the value of the insights gathered and stressed the need for collaboration and reform.
“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 stated.
He also confirmed that the committee would review the documentation provided by NMCO and reaffirm their commitment to supporting the Cadastre.
