Nigeria, World Bank move to review privatised mining firms

The Federal Government and the World Bank are working closely to review the nation’s privatised mining enterprises, the Minister of Solid Minerals Development, Kayode Fayemi, has disclosed.

Fayemi, in a chat yesterday with the News Agency of Nigeria (NAN) in Abuja, said the collaboration was to make the firms functional, adding that the Bretton Woods institution would also help Nigeria exploit her minerals to achieve government’s planned diversification of the economy.

“We are also working with them (World Bank) to take a clue from them from what obtains in other jurisdiction in terms of legal and regulatory framework and to help us review all of the privatised assets.

“We have assets in mining that have been privatised. What is really happening to them now?

“Katsina Steel Rolling Mill is there, Jos Steel Rolling Mill is there, Osogbo steel Rolling Mill is there, Itakpe is there, Delta is there.

“What is the asset? All of the assets that we have privatised may not have been under our government, but Nigeria has privatised them.

“What has happened to them? What is their status now? How do we take them forward?

“So, we are working with the Bureau of Public Enterprises (BPE). The BPE has just given me an analysis of the status of the privatised assets. It is now up to us to decide.

“We sold this to you 10 years ago and you have not done anything with it.

“What is in the law that will allow us to hold you accountable for what you have bought that you have not utilised in the interest of the Nigerian people.

“It not just enough for you to purchase an asset and then you go to sleep,’’ Fayemi stated.

The minister added that the bank would also assist the ministry to establish a Chamber of Mines in the country to involve big players in the sector, noting that his ministry had a regulatory responsibility to help organise the sector better and that the negotiation would strengthen the industry.

According to him, government has identified exploration of the mineral resources as key to achieving sustainable development.