Connect with us
deals book
Advertisement
Polaris bank
Advertisement
Oando
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
Binance
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
Access bank
Advertisement
app

Business News

NSE’s only listed mining firm to put $100 million to work 

The only listed mining company on the Nigeria Stock Exchange, Multiverse Mining and Exploration Plc is investing $100 million.

Published

on

Mining

The only listed mining company on the Nigeria Stock Exchange, Multiverse Mining and Exploration Plc is investing $100 million to add value to mineral resources in Nassarawa.

During a courtesy call to Nasarawa State Governor, Abdullahi Sule, the Managing Director of the company, Mr Ayedun Fasina reiterated the Group’s commitment to the Nigerian mining sector.

“We are happy to inform you that over $70 million have been invested and in line with the FG policy on adding value to mineral resources being mined, an investment schedule of about $100 million to install floatation plant is on ground.

“It is at the port now to be shipped in a few weeks and installation will start. As a matter of fact, once we test the plant and the mining project, we plan to invite President Muhammadu Buhari for the inauguration.”

[READ ALSO: Goldlink Insurance Plc appoints new acting MD as Kenneth Egbaran steps aside]

The company’s MD, who said the company has been in existence for about 10 years, expressed his optimism while reassuring the governor. He said that with the success of the project, lots of foreign direct investments would come into Nasarawa State because the firm was in partnership with a province in China.

“As a good corporate citizen, we are law-abiding and we are ready to work within the state. We want to inform you that we carried out a test on our export process and in those processes, we have come across quite a few pains. On the community level, we have a very robust comprehensive community development agreement.”

What you should know: The Nigerian mining and quarrying sector recorded 22% growth in the production of solid minerals in 2018. The break down shows that Limestone recorded the highest with 27.19 million tonnes produced.

The volume of production in limestone further shows that compared to the preceding year of 2017, limestone production grew by 95% in 2018. In the year 2017, 13.9 million tonnes of limestone was produced, while it rose to 27.19 million tons in 2018.

Granite and Laterite followed closely with 9.63 million tonnes and 5.07 million tonnes produced, representing 17% and 9% of the total tonnes of minerals produced in 2018. However, Garnet and Ruby are the least produced solid minerals in 2018.

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Real Estate

FG to unveil dedicated portal for sale of houses to Nigerians

The Federal Government has announced plans to launch a dedicated web portal for the sale of buildings to Nigerians in the next few weeks.

Published

on

Nigeria needs N1.5 trillion within the next 3 years to fix roads - Fashola

The Federal Government has announced plans to launch a dedicated web portal for the sale of buildings to Nigerians in the next few weeks.

The platform is expected to help contributors to the National Housing Fund (NHF) access mortgage loans on a first-come, first-serve basis.

This disclosure was made by the Minister of Works and Housing, Babatunde Raji Fashola while speaking at the ninth meeting of the National Council on Lands, Housing and Urban Development in Jos, Plateau State.

Fashola, who was represented by the Minister of State for Works and Housing, Abubakar Aliyu, pointed out that the ministry is currently at the completion stages of the first phase of the national housing programme in 34 states of the federation, which provided land for it.

He said, “We urge the state governments to alert their residents to this opportunity for interested persons to apply.”

Fashola commended the Federal Mortgage Bank of Nigeria (FMBN) for being at the forefront of the cooperative housing initiative at the federal level, adding that it has the advantage of allowing cooperative members to choose what they design and build to fit their budgets.

They can leverage their members to get group discount for the purchase of building materials as well as the engagement of contractors.

Fashola disclosed that FMBN as the driver of the housing initiative has engaged 86 co-operatives in projects; approved N35, 784 billion cumulatively; disbursed N10.95 billion; and processed as at January, 57 co-operative housing development loans.

Hotflex

Fashola emphasized that what the Federal Government can do directly in housing is limited compared to what states can do, just as state governments are also limited, compared to what the private sector and individuals can do.

He said, “The majority of houses available for sale or rent belong to individuals and private companies compared to what states or Federal Government has available. Therefore, many of the tenants who owe rent, who face eviction or who seek to rent or buy property are dealing with private citizens or companies and less so with government agencies.’

My recommendation for improving access and affordability to housing in the Covid-19 era is for private companies and individuals to give back some of what they control to citizens in the way the Federal Government has given back to citizens some of what it controls.’’

He explained, “for example in cases where the rent of businesses or individuals are due for renewal, the private landlords can give back, by accepting monthly, quarterly or half-yearly rent instead of one year, two or three years rent in advance.”

Bottom line

Nigeria has been bedevilled by a housing crisis that has left Africa’s most populous nation ill-equipped to properly provide accommodation for its citizens and inhabitants.

Some of the housing problems in the country include unresolved rent tenure arrangements, high cost of building materials, access to infrastructure, deficiency of housing finance arrangements, stringent loan conditions from mortgage banks, time to process legal documents and inadequate government housing policies.

Jaiz bank

Continue Reading

Coronavirus

Covid-19: Nigeria committed to procuring 29 million J&J vaccines

The Nigerian Government is still committed to acquiring 29.59 million doses of Johnson & Johnson covid-19 vaccines through the Afrixem Bank AVAT initiative. 

Published

on

AstraZeneca suspends COVID-19 vaccine final stage trial over safety concerns, COVID-19: J&J starts vaccine trials on humans after success on monkeys

The Nigerian Government says it is still committed to acquiring 29.59 million doses of Johnson & Johnson covid-19 vaccines through the Afrixem Bank AVAT initiative.

This was disclosed Mrs Zainab Ahmed, Minister of Finance at the recent ‘Collaborative Africa Budget Reform Initiative (CABRI) General Assembly webinar.

What the Minister said

“Therefore, the supplementary budget for COVID-19 vaccines will cover the cost of additional vaccines over and above those provided by COVAX, as well as the full cost of operations and logistics for delivering the vaccines around the country.

Already, the sum of N29.1 billion has been released from the Routine Immunization budgetary provision (Service Wide Vote) to the National Primary Healthcare Development Agency (NPHCDA) as an advance for the operational cost of deployment of the COVID-19 vaccines. The N29.1 billion represents about 52 percent of the amount required over 2021-22,” she said.

She added that FG plans to vaccinate 70 percent of eligible (18 years and above) Nigerians over the 2021 and 2022 fiscal years, with the COVAX agreement willing to cover 43.1 million of the eligible population.

In case you missed it

The World Health Organization (WHO)  announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination. The vaccine is reported to have 79% efficacy against covid.

Continue Reading

  





Nairametrics | Company Earnings

Access our Live Feed portal for the latest company earnings as they drop.