Economy
FG generates N14.59bn from mining licences, Cadastre DG
By Mathew Dadiya, Abuja
The Director-General of Nigeria Mining Cadastre, Obadiah Nkom on Thursday, said the office generated N14.59 billion from 2018 to 2022 from issuance of mining licences.
The Director-General disclosed this to State House correspondents when he featured at the 63rd session of the ministerial briefing organised by the Presidential Communications Team at the presidential Villa, Abuja.
He said that the office revoked 3,402 titles that were not used, adding that the agency makes sure that only the rightful people are given license.
He also disclosed that the Migeria coal is sought after all over the world.
On the revenue generation, he explained that in 2018, 2019 and 2020, the agency generated N1.
55 billion, N2.38 billion and N2.57 billion respectively.However, between 2021 and 2022, its revenue fell from N4.3 billionn to N3.79 billion respectively.
Nkom explained that the revenue drop was due to changes in its internal operating system which temporarily affected revenue inflow.
He said that the introduction of Electronic Mining Cadastre was aimed at repositioning the agency, stressing that subsequently, it was going to have a huge increase in revenue generation.
Nkom, who is the Director-General in charge of Rights in the Ministry of Mines further said that 100 percent of the Office’s revenues are sent to the Treasury Single Account, TSA, of the Federal Government.
He also noted that the bulk of the revenue come from application, processing and annual service fees; which he said constitute 50 per cent of the annual revenue generated from the Federal Ministry of Mines and Steel Development.
President Muhammadu Buhari renewed the appointment of Nkom for a second and final term of four years with effect from January 12, 2023.
Nkom, who holds a Higher National Diploma in Mining Engineering from Kaduna Polytechnic was first appointed on January 12, 2019, for an initial period of four years.
In September 2021, a joint Senate committee working on the 2022-2024 Medium-Term Expenditure and Fiscal Strategy Paper, berated the agency’s boss over poor revenue generation.
The committee argued that the nation was bleeding billions of Naira due to the swelling activities of illegal miners under Nkom’s watch.
In the 12 months that followed, the NMCO revoked 3,400 titles, with plans to revoke more in
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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