Engr. Obadiah Nkom, Director General of the Nigerian Mining Cadastre Office (NMCO), revealed that the agency generated a revenue of N8,199,976,300 in October 2024.
Engr. Obadiah stated 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.
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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.
“Revenue generated by the Office from inception to date is N36,048,229,019.00. Please note that 100% of revenue generated is remitted to the Federal Government Treasury Single Account (TSA).”
“Revenue generated from 2019 to October 2024 totals N26,230,733,463.00, representing 75% of the total revenue generated. Revenue generated from 2023 to October 2024 is N13,194,261,761.00 this represents an increase of 63% over N8,094,875,765.00 generated in the corresponding period from 2021 to September 2022,” he said
Breakdown of revenue
Engr. 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.
- 2019: N2,379,500,315
- 2020: N2,562,037,622
- 2021: N4,301,178,122
- 2022: N3,793,679,643
- 2023: N6,071,263,461
- October 2024: N8,199,976,300
Engr. Nkom 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.
Cadastre office challenges
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.
- “Document Storage Needs – The office requires a dedicated, organized filing room for efficient record management. Workforce shortages – Additional skilled personnel are essential to meet the office’s workload and goals.
- “Power supply issues – Consistent electricity access is needed to sustain uninterrupted operations. Office equipment deficiency – Insufficient tools like photocopiers, computers, and laptops hinder productivity.
- “Low Internet bandwidth – Limited internet capacity restricts connectivity and digital operations. Training Gaps – Staff require continuous capacity-building programs to enhance productivity and service quality,” he stated.
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.
