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Business

Mining Cadestre Office (MCO) generates revenue of N2.303 billion in 2020

The MCO has reported a revenue generation of of N2.303 billion in 2020.

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The Federal Government’s  Mining Cadestre Office (MCO) has announced that it recorded a revenue of N2.03 billion for the year 2020, which is higher than the N1.5 billion target it had for the same period.

This was disclosed by Mr Obadiah Nkom, Director-General of MCO in an interview on Sunday in Abuja. The MCO which became an autonomous Agency of Government, as provided by section 5(1) of the Nigerian Minerals and Mining Act, (2007), is responsible for the management and administration of mineral titles considered to be the cornerstone of a secure mineral rights system.

The DG revealed that the figure was the 3rd highest the office has ever generated, citing that despite revenues of N2.6 billion in 2019, the office was able to earn over N2 billion despite structural challenges caused by the pandemic.

READ: Miners earn a whopping $3.5 million per hour on Ethereum network

“What we generated in 2020 would have exceeded what we realised in 2019, but due to COVID-19, we were unable to do much,” he said.

He added that the revenue MCO generated in 2019 was more than 50% of the entire Ministry’s revenue.

”The budgetary target given to me this year is N2 billion and with God on my side, I will achieve beyond that because I have set a target for myself to exceed that amount.

”The amount realised in 2019 and 2020 was as a result of total support I got from my Ministers because they gave me total support I needed to operate.

“Some defaulters have gone to the extent of pleading with the Ministers to intervene to enable them make part payments but I refused and the Minister supported me because the debt will continue to accumulate,” he disclosed.

What you should know 

  • Nairametrics reported last year that the Federal Government of Nigeria intensified efforts in liberalizing the mining sector, by granting five-year tax holiday for miners who operate in the nation’s mining sector and waivers on imported mining equipment amongst other perks
  • Meanwhile, Segilola Gold Mine, Nigeria’s first and largest industrial-scale gold mine owned by the Canadian mineral exploration company, Thor Explorations Limited, is set to be completed in the first half of 2021.

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