• Thursday, May 23, 2024
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FG, Oyo set to revive Nigerian Marble Mining company


Efforts are in top gear to resuscitate the Nigerian Marble Mining Company Limited, Igbeti, Oyo State, as the state government is set to revive moribund companies owned by the state through private public partnership (PPP).

The mining company, which is supposed to be a money spinning venture, is co-owned by the Federal Government, Oyo State government, and late business mogul, Emmanuel Ashamu, and has been moribund for years.

Some of the companies are Clay Industry at Erunmu, Cashew Nut Company at Eleyele, Electric Pole Manufacturing Company at Moniya, and Asphalt Company in Ijaiye.

BusinessDay gathered that the Nigerian Marble company with Oyo State having 40 percent shares, Ashamu – 25 percent, the Federal Government – 20 percent shares, and others with 15 percent, will soon be revived following a meeting with Muhammed Sada, minister of mines and steel development.

The meeting, between the state government led by deputy governor, Moses Adeyemo-Alake, and officials of the newly established Bureau of Investment Promotion and Public Private Partnership (PPP), discussed the resuscitation of the company with the minister, which they agreed would create employment and economic growth for the state.

Modalities were worked at the meeting in Abuja between the parties while the state government had also met with the family of late Ashamu for early resuscitation of the company. The meeting thereafter constituted a technical partnership with the ministry of mines on the holistic development of solid minerals sector in the state.

There was also collaboration for the establishment of an international gemstone buying centre in Ibadan, the state capital. Likewise, it was agreed to provide legal framework for value addition and regulation of transactions in gemstones in the state. To this end, a bilateral working committee to drive the process to fruition was constituted.

The need for regulation, analysts say, is in the right direction as the country is said to be losing billions of naira to illegal miners.

However, Folakemi Akinleye, special adviser/head, Bureau of Investment Promotion and Public-Private Partnerships, disclosed that government had identified government-owned companies not functioning properly.

Government is seeking both local and foreign investors to invest in them so as to bring the companies back to life in line with Governor Abiola Ajimobi’s vision to industrialise the state, she said.

While saying that the revival of the moribund companies is inevitable, she noted that it would create jobs for the teeming youths in the state, stressing that the companies were key to the economic development of the state.

While saying that the present government is creating an enabling environment in terms of infrastructure development and upgrade, she said a lot of investors both local and foreign were been wooed into the pacesetter state.

Akinleye disclosed that the state had partnered some foreign investors to invest in key areas like agriculture, manufactuing, hospitality industry, etc, to set up companies under the PPP arrangements.

Governor Ajimobi had laid the solid foundation for the repositioning of the state through social and physical infrastructure, and succeeded in attracting investors who were partnering with remarkable transformation strides in various sectors of the state economy, she said.

She, however, disclosed that the bureau was set up to facilitate the attraction of investors both local and foreign as well as investment opportunities so as to industrialised the state and boost the economy.