Mr Olayinka said the owners had ignored a series of public notices issued by the FCTA from May to November in national dailies, online platforms, and television stations.
The commissioner said that Governor Hyacinth Alia was desirous of executing projects that would add value to the state economy.
The senator stated that for a land to be revoked, there were non-negotiable protocols to be observed.
The minister linked the revocation to the party’s failure to pay annual ground rents on the property for 20 years.
The bill, if assented to by President Bola Tinubu, will enable the FG to have regulatory oversight and promote responsible exploitation of the country’s gold reserves.
The federal government says it will review the compensation rates on crops and economic trees for landowners affected by projects to ensure fairness and justice.
They also called for a review of land charges to empower more people with ownership while advocating for population control among low-income earners.
“If we have a proper land administration, we are going to unlock nothing less than 300 billion dollars as investments.”
