By Michael Eboh
Multiverse Plc has announced plans to expand its operations to the six geo-political zones of the country in the next couple of months.

Speaking the commissioning of its 1.2 million metric tonnes of granite quarry site in Ogun state, Mr. Ayedun Fashina, Managing Director/Chief Executive of Multiverse Plc, noted that the new plant and others to be set up soon, will ensure an increase in the turnover and profitability of the company in the years ahead.

He stated that the company has already commenced developing another site in Abuja and Cross River state, in addition to the already completed sites in Ogun.

He said, “The company is into granite mining now and we are planning to go into construction soon. In terms of factories, we have completed the South-West and very soon we will move to South-South, and Abuja.

“By the grace God in the next three or four months, we shall commission the Abuja site. We are also going into mining of other sold minerals. Multiverse is actually pioneering local mining of solid minerals in Nigeria,” he said.
Fashina disclosed that the company, which was founded about five years ago, has grown significantly with an asset base of N3.4 billion and a work force of 400 employees.

According to its financial statement for the year ended, December 31, 2009, the company recorded a turnover of N552 million for the year ended up from N417 million in 2008.

Profit after tax rose from N86 million to N93.8 million, while a dividend of N42 million was paid to the shareholders.
The Minister of Mines and Steel, Alhaji Musa Mohammed Sada and the Minister of State of Finance, Mr. Remi Babalola, who witnessed the commissioning of the new site, pledged support for the company, saying that the Federal Government would soon establish a special fund to develop that sector of the economy.

“Government is committed to providing a conducive legal, social and fiscal environment for the private sector to invest in the mining sector; while the private sector will be key players, government will pay attention to the provision of geosciences information and also extension to Artisanal and small scale operators,” Sada assured.
Shareholders of the company, Multiverse, said the future of the company is very bright, pleading to further support its growth.

Chief Oluremi Oyepeju, Chairman, Ibadan Zone Shareholders Association, described the future of the company as a “great.”

“The future of the company is very great. This is a money spinning company and in another five years, this company will become one of the blue chip firms in the Nigeria. Why do I say, so, the business they are into is very lucrative.

“You use stone to build house, roads and other constructions. And as a developing country, you will see that the their products will be in high demand many years to come,” he said.