Multiverse Mining Company To Invest $100m In Nasarawa State

Multiverse Mining and Exploration Plc, which is the only listed mining company on the Nigeria Stock Exchange (NSE) is investing $100m in Nasarawa State.

Managing Director of the company, Mr. Ayedun Fasina disclosed this when he led a delegation on a courtesy call on Nasarawa State governor, Engineer Abdullahi Sule on Tuesday.

Fasina further disclosed that, the company which has been operating for over ten years in the state, has already invested over $70m and that it has concluded plans to install a floatation plant worth $100m, as a response to the call by the Federal Government for investors to add value to mineral resources before export.

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

“I think it’s at the port now to be shipped in few weeks and installation will start. As a matter of fact, once we test run the plant and the mining project, we plan to invite the President for the commissioning,” the firm’s MD told the governor.

He assured the governor that with the success of the project, the only one in the country, lots of foreign direct investments will come into Nasarawa State because the firm is 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 test exports 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.

“It’s even a community participatory and product sharing agreement in which we believe that we must first of all give back to the environment in which we operate and the people we are working with must also at the same time have the benefit and enjoy the resources God has given them,” Fasina stated.
The firm however sought the cooperation of the government towards protecting its investments in the state.

Responding, Engineer Sule said his administration is on ground to promote investments in the state.

The governor said his biggest concerns are generating employment for the people of the state as well as generating revenue for the state.

According to Engineer Sule, once the state indigenes are employed, they also have the opportunity to learn some technical skills.

“The other area is the community where you operate and I’m glad you mentioned your corporate social responsibility about the area.

“If the people are employed and they have a little money and you are a quoted company then people from Nasarawa State can also be shareholders in your company.

“These are three major concerns for me. As a state, then we know how much revenue the state will be generating,” he said.

Engineer Sule while cautioning the company against giving individuals revenues meant for the local government and the state, directed them to ensure they remit such revenues into the coffers of the various level of governance.

The governor assured that government will do everything possible to ensure protection of investments coming into the state.

He stressed that his administration is poised to partner with real investors, not just briefcase investors, that will come in to partner with the state in order to promote economic activities.

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