The announcement, made on September 21, 2025, in Abuja through the minister’s media aide, Segun Tomori, followed recommendations from the Mining Cadastral Office (MCO). 

The revoked licenses include 584 exploration licenses, 65 mining leases, 144 quarry licenses, and 470 small-scale mining leases.

Alake emphasized that the move targets speculators and inactive investors who hoard licenses without developing sites. 

“The days of holding licenses for speculative resale while serious investors struggle for access are over,” he stated, urging genuine operators to demonstrate commitment by paying required fees.

The minister warned that defaulters would face further consequences, with their names forwarded to the Economic and Financial Crimes Commission (EFCC) for recovery actions. 

“This shows the importance of due diligence and discourages speculative license applications,” he added.

MCO Director-General Simon Nkom revealed that the process began with a June 19, 2025, notice in the Federal Government Gazette, initially identifying 1,957 defaulting license holders. 

Delays occurred to reconcile claims of payments made via Remita.This latest action brings the total number of revoked licenses under the current administration to 3,794, including 619 for non-payment and 912 for dormancy last year. 

Alake noted that these reforms are driving “massive and manifest” improvements in the mining sector, despite resistance, fostering a more transparent and productive industry.