FG spends N4m monthly to maintain NIOMCO investment ―Administrator

Mr Bernard Nnagha, Sole Administrator and Chief Executive, National Iron Ore Mining Company (NIOMCO), Itakpe, says the Federal Government spends three to four million naira monthly to maintain the company.

He stated this in an interview with the News Agency of Nigeria (NAN) on Friday in Lokoja.

The sole administrator also said the amount, representing overhead allocation, was spent to maintain the security of the one billion- dollar government investment Company Company, among others, in spite its moribund condition.

Nnagha also said about 800 members of staff working in the company received their salaries through the Integrated Pay Role and Personnel Information System (IPPIS).

He also said that the police had been providing security while efforts were on to engage Nigeria Civil Defence Corp (NSCDC) personnel to beef up security in the company.

Nnagha said the Osara dam envisaged for the washing of particles from mined iron ore had been completed.

He commended the Minister of Mines and Steel Development, Dr Kayode Fayemi, for helping to solve the 21 months of power outage in the company.

Also speaking with NAN, Mr Ogbokor Newlife, Chairman, Nigeria Union of Mines Workers called on the Federal Government to release funds to secure NIOMCO investments.

Newlife, who stressed that the union was not antagonistic to the Federal Government on its policy to concession NIOMCO, however, called on it to involve the union officials on the committee handling the NIOMCO concession agreement, to protect workers interest.