Business
Nigerian firm, Dukia, Philoro of Switzerland sign gold mining, precious metal agreement
A Nigerian firm, Dukia Gold & Precious Metals Refining Co. Limited Nigeria, has signed an agreement with Philoro Global Trading AG Switzerland for the development of the precious metals small-scale and artisanal gold mining value chain.
The agreement endorsed by the Ministry of Mines and Steel Development and expected to deepen participation in the extractive industry is on the sidelines of investing in African Mining Indaba taking place in Capetown
Chief Operating Officer( COO) and Executive Director Dukia Gold, Paul Beesley, said the objective of the ‘Working Together Agreement’ was to bring about the establishment of a precious metals trading programme centred on Nigeria to service and support the country’s market and potentially use it as a basis to offer similar products to other African markets.
Besides, he said the partnership would assist in developing finance and technical support solutions to unlock Dukia Gold’s responsible sourcing of Dore’ strategies, including evaluation and development of new projects and supporting small-scale and artisanal mining programmes.
The partnership, he said, would strengthen and expand the Dukia Gold Precious Metals Refinery in support of the goal of being able to aggregate gold doré from third-party sources in Nigeria and across West Africa.
He said the ultimate target was to produce world-class good delivery bars and coins.
He said, “Our commitment to work together with Dukia Gold will further promote and develop other important and relevant opportunities in the precious metal value chain in Nigeria and West Africa, through skills and knowledge transfer, capacity and capability building and the institution of beneficial engagements with host communities.
“These are challenging objectives, but we are confident that with the right relationships and working within the right enabling environment we can achieve these and more.
“Together with Philoro Global Trading AG, Switzerland, we are embarking on a long-term relationship and will use our combined successes to build and showcase what is possible. These incremental victories then will form the basis for encouraging further expansion of the vision through definitive commitments with other global entities whose capabilities will further add to a more sustainable precious metals mining, refining & trading supply chain in Nigeria.”
Dukia Gold is listed on the Lagos Commodities and Futures Exchange (LCFE) and licensed to trade good delivery gold products on the LCFE, thus making gold available for purchase and investment by Nigerians on the floor of the Exchange, while Heritage Bank is the main driver and settlement of the gold eco-system in Nigeria.
Also speaking at the event, President of Philoro, Mr Rudolf Brenner, said, “We at Philoro are thus delighted to expand our presence and actualisation of our global vision and objectives in Africa and particularly Nigeria through this ‘Working Together Agreement’ with Dukia Gold and other identified stakeholders in the ‘Mines to Market’ initiative.
“The support which Dukia Gold has received from, and the commitment of the minister and the top echelon of the Ministry of Mines and Steel Development to the development of the mining sector in Nigeria are even more reassuring to our further engagements into the African continent.
“Today’s signing is a milestone, but we believe it is only a first step in a long relationship between the parties. The presence of the minister and indeed the ambiance of this gathering sends a positive message that Nigeria is a mining investment destination.
“This is important for what this represents to all concerned. The collaboration between the two companies shows what is possible when you bring together open minds in an enabling environment. The teams have been working between Lagos, Abuja, London, Zurich, Vienna and Johannesburg to develop solutions that will benefit Nigeria, Nigerians, Dukia Gold and philoro Global. It is a true success story in the making about the value of diversity.”
Minister of Mines and Steel Development, Olamilekan Adegbite, said, “This is a fundamental major step towards trading of gold and gold products in Nigeria. Dukia Gold has been a frontier company blazing trails where other people have not been.
“They have done so much to try and bring the value chain in the gold business, gold assets to ordinary Nigerians. This will further deepen that with Philoro and its experience in this industry; Nigeria will have access to gold assets for investment.
“In this day of instability in currencies and volatility all over the world, gold being a safe haven does not have to be the exclusive of the wealthy, rich. Nigerians can buy gold coins which they can keep and invest in and trade. We are all part of this epoch-making event and I’m happy that we are all here today to witness this symbolic signing ceremony.”
Railway
Lagos Rail Mass Transit part of FG free train ride – NRC
Lagos Rail Mass Transit part of FG free train ride – NRC
The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.
The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).
This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.
While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.
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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.
“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.
Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.
He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.
Lagos Rail Mass Transit part of FG free train ride – NRC
Business
NNPC denies claim of Port Harcourt refinery shutdown
NNPC denies claim of Port Harcourt refinery shutdown
The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.
The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.
Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.
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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.
“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”
He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”
NNPC denies claim of Port Harcourt refinery shutdown
Business
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.
The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.
The arrangement will be in effect from December 19, 2024, to January 30, 2025.
Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.
Transactions to occur at the prevailing NFEM rate
The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.
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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.
The circular read in part:
“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).
This window will be open between December 19, 2024 to January 30, 2025.
“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”
The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”
These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.
This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
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