FG, World Bank collaborating to review privatised mining enterprises – Fayemi

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Minister of Solid Minerals Development, Dr. Kayode Fayemi, says the World Bank is working closely with the Federal Government to review the country’s privatised mining enterprises.
Fayemi, who made this known in an interview with the News Agency of Nigeria NAN, in Abuja, said the collaboration was with a view to making the privatised enterprises functional.
He said the bank would also help Nigeria exploit its minerals to achieve its 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, Oshogbo 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 it forward?
“So, we are working with BPE. 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 said the World Bank would also assist the ministry to establish a Chamber of Mines in the country to involve big players in the sector. He said the ministry …Read More

Source:: Nigerian Pilot