Business
Dukia to trade gold bullion bars on Lagos Commodities Exchange
Dukia Gold & Precious Metals Refining Company Limited is set to commence the trading of fully refined London Bullion Market Association (LBMA) investment grade gold bullion bars, its derivatives and related products on the floor of the Lagos Commodities & Futures Exchange (LCFE).
This was disclosed at a virtual seminar just organised by the licensed precious metals mining & refining company and bullion merchant in conjunction with LCFE and the Ministry of Mines and Steel Development.
The virtual seminar was attended by member firms of the Pension Operators Association of Nigeria, licensed commodities exchange operators, commodities broking & trading firms and assets manager.
Minister of Mines and Steel Development, Olamilekan Adegbite, delivered the keynote address, while Dr Oyindasola Oni, the Chairman of the National Pension Commission, gave the goodwill message.
Managing Director of Dukia Gold & Precious Metals Refining Company Limited, Ms. Bose Owolabi, in her welcome address, stated that the seminar was one of the many initiatives along with other partners conducted ahead of the introduction of the Dukia Gold Exchange Traded Certificate.
Managing Director of the Lagos Commodities & Futures Exchange (LCFE), Mr Akin Akeredolu-Ale, said the build-up to the virtual seminar on investing in gold started as far back as 2019.
He stressed that both the LCFE and Dukia Gold had long focused on how Nigerians could invest and trade in responsibly sourced Gold on a structured and regulated platform such as the LCFE.
He further expressed optimism that the Nigerian economy was taking off on a good note particularly with the development of a commodity trading ecosystem particularly for the solid minerals sector, a move which he affirmed would further diversify the nation’s economy.
The minister, who was the chairman of the event, remarked that gold investment remained unique, time-tested wealth preservation instrument, thus creating a vehicle for Nigerians to build and preserve wealth over the long term.
He noted that Good Delivery Gold bars and their derivatives are unlike jewellery, ornaments or Raw Gold, are Investment grade Precious Metals (IPM), which are essentially financial assets that are actively traded, similar to financial instruments such as stocks and bonds.
Adegbite said it is such IPM product that a proudly Nigerian Gold and Precious Metal Refinery, the Dukia Gold and Precious Metals Refining Company Limited, one of the organisers of the webinar was introducing in Nigeria through the Lagos Commodities and Futures Exchange.
He urged participants and the public, who are discerning and desirous of owning gold assets, to proudly consider and invest in the investment grade products of Dukia Gold in order to add value to Nigeria’s precious metal value chain.
Chairman of the National Pension Commission (PENCOM), Dr Oyindasola Oni, highlighted the wish of the industry to have more investment grade financial instruments which would offer more diversifications of available financial assets, necessary to improve the portfolio results of pension funds and asset managers.
He noted that the demand for safe-haven assets by investors, following record-high global uncertainty on performance of the stocks and bonds market, was well documented.
He went on to point out the requirements of investment grade assets as stipulated within Sections 3, 4, and 5 of the regulations on the Investment of Pension Fund Assets.
These sections, he said, specified the authorized markets, allowable instruments and minimum quality requirements for investment instruments/securities to qualify for pension fund investments.
He said, “Investment of pension assets in gold instruments, therefore, depends on compliance with these requirements; needless to reiterate that the safety of pension assets remains a fundamental objective of pension fund investments.”
According to him, pension fund operators play a critical role as institutional investors in developing the financial market.
He particularly charged the PFAs to give serious considerations to investing part of the almost N14 trillion in their coffers in investment grade gold bullion bars, an investment option which Dukia Gold is promoting through its DGETC.
Oni made this charge against the backdrop that the rapid growth of the pension assets had not seen corresponding increases in investment outlets within our domestic market, adding that the government had been the largest beneficiary of pension funds investment with more than 61 per cent of the accumulated assets devoted to it.
Two key lecture presentations to enlighten participants on the benefits and implications of investing their assets in investment grade gold were made by Mrs Morohunke Bammeke, a former managing director of PAL Pensions and Mr David Adeyinka, an investment analyst, based in the United Kingdom.
The two speakers spoke on the benefits which investments in good delivery gold bars meant for investors in terms of wealth preservation, reliability and assurance of non-depreciation of the value of assets held in LBMA-grade gold bars even during turbulent economic times.
Both speakers supported the view that gold was traditionally used by investors to hedge against inflation, currency risks and systemic risks that might affect entire financial markets such as the Covid-19 pandemic and the 2007/2008 financial crisis when gold returned over 31 per cent price appreciation.
This, they stressed, was because dold investments had traditionally exhibited negative correlation with stock markets and tend to do better in times of financial crisis.
The presentation of the DGETC was made by Mr Seun Osomo of Vetiva Securities, who referred to this unique exchange-traded gold-backed product as a game changer.
Business
NNPC Remits N1.804 Trillion to Federation Account in February
NNPC Remits N1.804 Trillion to Federation Account in February
The Nigerian National Petroleum Company Limited (NNPC) has remitted N1.804 trillion to the Federation Account in February 2026, marking a significant jump from the N726 billion recorded in January, according to its latest Monthly Financial and Operational Report Summary.
The sharp increase highlights improved oil and gas revenue performance in Nigeria, stronger production output, and ongoing fiscal reforms aimed at boosting transparency and accountability in the petroleum sector.
NNPC Ltd reported that its total revenue increased to N2.68 trillion in February, up from N2.57 trillion in January, driven by higher crude oil sales, improved gas earnings, and operational efficiency gains across its assets. The company also recorded a profit after tax of N136 billion, reflecting improved financial performance despite fluctuations in global crude oil markets and domestic operational challenges.
According to the report, Nigeria’s crude oil and condensate production averaged 1.51 million barrels per day (bpd) in February 2026. NNPC attributed the output stability to improved asset reliability, faster resolution of evacuation constraints, and enhanced coordination with upstream operators across key oil fields.
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The rise in remittances follows major fiscal policy changes introduced by President Bola Ahmed Tinubu in February 2026, including an Executive Order mandating full remittance of oil and gas revenues to the Federation Account. The directive also suspended the retention of management and frontier exploration fees previously deducted by NNPC Ltd and established an inter-agency committee led by the Minister of Finance to enforce compliance.
Officials say the reforms are designed to strengthen public revenue management in Nigeria, reduce leakages, and improve transparency in the oil sector.
The company said improved output was supported by infrastructure upgrades, better asset management, and stronger collaboration with industry stakeholders. It also highlighted progress on the Ajaokuta–Kaduna–Kano (AKK) gas pipeline project, noting that construction works are advancing toward early gas delivery to Abuja, a key milestone for Nigeria’s domestic gas expansion strategy.
The performance aligns with broader recovery trends in Nigeria’s oil industry, supported by efforts to curb crude theft, improve pipeline security, and enhance upstream efficiency. Data from the Nigerian Upstream Petroleum Regulatory Commission (Nigerian Upstream Petroleum Regulatory Commission) also indicates fluctuations but overall resilience in production levels, as the sector continues stabilisation reforms.
Analysts say sustained growth in NNPC remittances will depend on consistent crude production, stable global oil prices, and continued enforcement of fiscal transparency measures. As of the time of filing this report, NNPC Ltd has not provided additional breakdowns beyond its monthly financial summary.
NNPC Remits N1.804 Trillion to Federation Account in February
Auto
CFAO Mobility Open Day to offer special deals on new vehicles, parts, diagnostics
CFAO Mobility Open Day to offer special deals on new vehicles, parts, diagnostics
CFAO Mobility has announced plans to host the 2026 edition of its flagship CFAO Mobility Open Day, aimed at showcasing a wide range of innovative mobility solutions.
In a statement, the company said the event would take place on Thursday, April 30, 2026, at Harbour Point, Victoria Island, Lagos, from 9am to 6pm.
The Open Day is expected to bring together leading global automotive and equipment brands in a dynamic exhibition tailored to meet diverse mobility needs.
Participating brands are Toyota, BYD, Mitsubishi, Suzuki, Fuso, JCB, Howo, Sino Equipment, King Long, TechKing Tyres, Yamaha, Winpart and Auto Fast.
According to CFAO Mobility, attendees will experience an extensive display of products and services, ranging from brand-new vehicles and motorcycles to outboard engines, fleet management solutions, spare parts and aftermarket services.
The event, which is free and open to the public, will also feature test drives, professional vehicle diagnostics and exclusive spare-parts deals, offering participants a hands-on and engaging experience.
The company urged car enthusiasts, business owners and prospective buyers to take advantage of the Open Day to explore mobility solutions tailored to their personal and business needs.
With over 120 years of presence in Nigeria, CFAO Mobility remains a key player in the mobility and healthcare sectors.
It added that the Open Day reflects its continued commitment to delivering innovative, customer-focused mobility solutions.
Business
Naira Strengthens to ₦1,359.31/$ as CBN Data Shows Further Gain in Official Market
Naira Strengthens to ₦1,359.31/$ as CBN Data Shows Further Gain in Official Market
The Naira continued its positive performance on Thursday, appreciating further in the official foreign exchange market to close at ₦1,359.31 per US dollar, according to data published by the Central Bank of Nigeria (CBN).
The latest figure represents an improvement of ₦12.50 compared to the previous trading day, reflecting a 0.9 percent gain from Wednesday’s closing rate of ₦1,371.82/$.
The appreciation highlights continued stability in the official foreign exchange window, where recent policy measures have helped improve liquidity and reduce pressure on the local currency.
Market analysts attribute the naira’s relative strength to ongoing foreign exchange reforms by the CBN, increased dollar supply in official channels, and tighter regulation aimed at narrowing the gap between official and parallel market rates.
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The CBN has in recent months intensified efforts to stabilise the currency through measures such as improved FX market transparency, better coordination with market participants, and steps to attract foreign portfolio inflows.
Despite the gains in the official market, traders note that the parallel market remains more volatile, with rates still influenced by strong demand for foreign currency from importers, travellers, and businesses outside official allocation channels.
Economists say the recent appreciation could help ease short-term inflationary pressure, particularly on imported goods, fuel pricing, and manufacturing inputs, although they caution that sustained stability will depend on broader macroeconomic fundamentals.
These include stronger foreign reserves, improved export earnings—especially from crude oil—and continued investor confidence in Nigeria’s economic policy direction.
The naira’s performance also comes amid renewed attention on Nigeria’s broader economic outlook, with stakeholders closely monitoring the impact of monetary tightening and ongoing fiscal reforms.
As of the latest trading sessions, market participants expect the CBN to maintain its current policy stance in the near term as it works to consolidate recent gains in the foreign exchange market in Nigeria.
Naira Strengthens to ₦1,359.31/$ as CBN Data Shows Further Gain in Official Market
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