EFCC Recovers N100 Million Unpaid Royalties from Miners in Akwa Ibom

The Economic and Financial Crimes Commission has successfully recovered ₦100 million in unpaid royalties from mining companies operating in Akwa Ibom State.

The funds were handed over to the Federal Ministry of Solid Minerals Development, marking a significant step towards promoting transparency and accountability in the industry.

The recovery is a result of the commission’s efforts to address financial impropriety in the sector. According to officials, this is just the beginning of a broader initiative to reclaim public funds withheld by unscrupulous operators.

The collaboration between government agencies was instrumental in tracing and recovering the funds. Officials emphasized the importance of strengthening partnerships to ensure a more transparent operating environment and successful recoveries.

This development is part of a larger government effort to reform the solid minerals sector. The initiatives aim to curb illicit activities, enforce regulations, and maximize the benefits of Nigeria’s mineral wealth.

The reforms have started to yield positive results, attracting legitimate investors and fostering trust in the sector.

Industry stakeholders are being encouraged to adhere to regulations and laws governing the sector. Compliance is seen as essential for sustainable business practices and avoiding government sanctions.