NAN-AE-18
Marble
By Akeem Abas
Ibadan, May 9, 2017(NAN) The Oyo State Government says it will soon revamp the Nigeria Marble Mining Company Limited (NMMC) in Igbeti in order to explore its huge potential.
Gov. Abiola Ajimobi said this in Ibadan on Tuesday during the inauguration of the management board of the company.
Ajimobi, who noted that the marble company was one of the enterprises with huge potential, urged the newly inaugurated board to review the technical partners of the company.
He advised the new board to bring in investors, particularly investors from China and Australia, who had the requisite financial capability and equipment to transform the company.
“If the new board can get investors who are ready to invest heavily in the business, we can reduce our share percentage and urge the Federal Government to reduce theirs too by five percent.
“We believe that the company could be well transformed for great benefit through a Public-Private Partnership (PPP) arrangement,’’ he said.
Ajimobi also called on the newly inaugurated board to reposition the company to enable all its stakeholders across the country to derive maximum benefits from the venture
The governor said that the current efforts to reposition the industry were in line with his administration’s policy thrusts of restoration, transformation and repositioning.
A board member, Chief Adetoro, the Asiwaju of Igbeti, said that the NMMC had been having different boards since 2001 but the company had been moribund for a long time because of some challenges.
He commended the state government for its concern and commitment to repositioning the company, pledging that the newly inaugurated board members would represent the interests of the shareholders.
NAN reports that NMMC started as Igbeti Mining Industries Limited, which was solely owned by a renowned entrepreneur, Chief Oyedele Ashamu, but the marble firm was taken over by Oyo State Government in 1978.
The current equity structure of the company is Oyo State Government (30 per cent), IMI (25 per cent), Federal Government (20 per cent), Local Governments (10 per cent) and Technical Partners (15 per cent). (NAN)
TAA/MOL/OOK
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Edited by Mustapha Lamidi and Dayo Komolafe