NMCO, CAC Partner to Strengthen Compliance, Transparency in Mining Sector

The Director-General of the Nigerian Mining Cadastre Office (MCO), Engineer Simon Nkom, has expressed support for a new collaboration with the Corporate Affairs Commission (CAC), stating that it will boost inter-agency synergy and enhance the enforcement of mining regulations.

Nkom revealed that the MCO has fully automated its operations since 2022 and now maintains a digital database of more than 7,000 registered companies. He reaffirmed the agency’s readiness to share its data with the CAC to promote transparency and align with international compliance standards.

He noted that the MCO already shares beneficial ownership information with key regulatory and security agencies, including the EFCC, NFIU, DSS, and the Nigeria Police, as part of efforts to combat financial crimes and ensure proper due diligence in mining operations.

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Speaking during the meeting, CAC Registrar-General Hussaini Magaji emphasized the importance of compliance in sanitizing the mining sector. He advocated for a review of the minimum share capital requirements for mining firms and urged the MCO to engage only with companies that are fully compliant with CAC regulations, including the prompt filing of annual returns.

Magaji highlighted that the partnership between the two agencies would enhance corporate governance and help weed out illegal and inactive companies from the industry.

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