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.
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Aviation
Keyamo Orders Probe, Grounds Aircraft After Unauthorized Landing on Asaba Road
Keyamo Orders Probe, Grounds Aircraft After Unauthorized Landing on Asaba Road
The Federal Government has grounded a private aircraft and suspended its operator’s permit following a dramatic incident in which the aircraft made an emergency landing on a road under construction near Asaba and later departed without regulatory clearance.
Minister of Aviation and Aerospace Development, Festus Keyamo, disclosed the development in a statement posted on his X account, describing the incident as a serious breach of aviation regulations and security protocols.
According to Keyamo, the aircraft carried out a missed approach while attempting to land at Asaba Airport at about 7:43 a.m. local time on Wednesday, June 10, 2026, before diverting and landing on a concrete road under construction in the Ogwashi-Uku area of Delta State. He said eyewitness reports confirmed that all four crew members on board safely exited the aircraft and were later transported to Asaba by road, with no injuries recorded. A short video that surfaced online showed the aircraft stationary on the concrete road before taxiing along the road being reconstructed and taking off.
Keyamo expressed concern over the aircraft’s subsequent departure from the scene at about 11:02 GMT (12:02 p.m. local time) without obtaining the required regulatory approval. He said Air Traffic Control was only notified after the aircraft had already taken off, noting that the aircraft had no clearance for departure. “In other words, the aircraft had no clearance to take off again,” he said. The Nigerian Civil Aviation Authority (NCAA) , in a statement signed by its Director of Public Affairs and Consumer Protection, Michael Achimugu, confirmed that the action constituted a violation of the Nigeria Civil Aviation Regulations (Nig. CARs) and is currently under investigation.
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Following the incident, the NCAA immediately grounded the aircraft upon its arrival in Lagos, pending the outcome of investigations. The Authority also placed the flight crew under regulatory review while inquiries continue into both the initial occurrence and the unauthorised departure. As part of enforcement actions, the NCAA suspended the operator’s Permit for Non-Commercial Flight (PNCF) and ordered a comprehensive audit of its operational, maintenance, airworthiness, and flight records. “The NCAA will take further enforcement action in accordance with applicable aviation regulations,” Keyamo stated. The regulator has formally notified the Nigerian Safety Investigation Bureau (NSIB) of the occurrence and is coordinating with relevant aviation stakeholders, including the aircraft operator and the Nigerian Airspace Management Agency (NAMA) , to establish the full circumstances of the incident.
Keyamo confirmed that security agencies had taken custody of the crew members for questioning as part of ongoing investigations. “I have also spoken to relevant security agencies and I have been assured that the crew are in their custody and they are assisting them with their investigation,” the minister said.
Authorities say the incident will be thoroughly reviewed to prevent future breaches of aviation safety and regulatory procedures. The NCAA reiterated its commitment to maintaining the highest standards of aviation safety, security, and regulatory compliance within the Nigerian aviation sector. “No individual or operator, irrespective of status, will be permitted to circumvent established aviation procedures designed to safeguard lives and maintain the integrity of Nigeria’s airspace system,” the ministry stated.
Keyamo Orders Probe, Grounds Aircraft After Unauthorized Landing on Asaba Road
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Business
Seplat Picks Elumelu as Chairman, Names Okon New CEO
Seplat Picks Elumelu as Chairman, Names Okon New CEO
Seplat Energy Plc has announced a major leadership transition that will see businessman and investor Tony Elumelu become chairman of the company from January 1, 2027, while industry veteran Effiong Okon takes over as chief executive officer from August 1, 2026.
The appointments are part of a succession plan approved by the board to ensure continuity and support the company’s next phase of growth.
Current Chairman, Senator Udo Udoma, will retire on December 31, 2026, while Chief Executive Officer Roger Brown will step down on July 31, 2026 after more than a decade with the company.
Confirming Elumelu’s appointment, Seplat said he was elected by the board to succeed Udoma. Elumelu, Founder and Chairman of Heirs Holdings, joined Seplat’s board in January 2026. Heirs Holdings holds a 20.07 per cent stake in the energy company.
Reacting to his appointment, Elumelu said he was honoured by the confidence reposed in him by the board.
“I am honoured to succeed Senator Udoma as chairman in January 2027 and to lead the board through Seplat Energy’s next phase of growth,” he said.
Elumelu stressed the importance of indigenous energy companies in driving economic development across the continent, noting that “the critical role indigenous resources play in the economic transformation of Nigeria and Africa” remains central to his vision for the company.
He also commended the outgoing chairman and chief executive for their stewardship, saying he looked forward to working with the incoming CEO to deliver greater value to shareholders.
The board also appointed Okon as CEO and Executive Director. Okon, who has more than 35 years of industry experience, has held several leadership positions within Seplat since joining the company in 2018. Most recently, he served as Managing Director of the ANOH Gas Processing Company, where he led the project to first gas production in January 2026.
Expressing his readiness for the role, Okon said: “My immediate focus will be on ensuring the company executes the 2030 Roadmap, alongside development of the long-term plan to ensure we deliver on the immense potential inherent in our portfolio.”
Seplat said Brown leaves behind a strong legacy, having helped steer the company through significant expansion, including its dual listing in 2014 and major acquisitions such as Eland Oil & Gas in 2019 and Mobil Producing Nigeria Unlimited in 2024.
Brown described his time at the company as a privilege, saying he was proud to have helped build a business known for financial resilience, strong governance and shareholder value.
Udoma, meanwhile, praised Brown for his outstanding contribution to the growth of Seplat into one of Africa’s leading independent energy companies.
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Railway
NRC Confirms Warri–Itakpe Train Accident, Three Passengers Dead
NRC Confirms Warri–Itakpe Train Accident, Three Passengers Dead
Three passengers reportedly died and many others injured on Monday following the derailment of a train operating on the Warri–Itakpe Train Service (WITS), raising fresh concerns about safety and operational challenges on one of Nigeria’s most important standard-gauge railway corridors.
The accident occurred at Agbor, Delta State, along the Warri–Itakpe route, according to the Nigerian Railway Corporation (NRC).
In a statement signed by the Managing Director and Chief Executive Officer of the NRC, Dr. Kayode Opeifa, the corporation disclosed that rescue and emergency operations were ongoing while efforts were being made to determine the full extent of the accident.
“The Nigerian Railway Corporation confirms that an incident involving the Warri–Itakpe Train Service occurred today. Emergency response teams and relevant authorities are currently at the scene attending to the situation and providing necessary assistance,” the statement said.
The NRC said it was closely monitoring developments and promised to provide further details as investigations progress.
Although the corporation did not immediately state the number of casualties or injuries, sources familiar with the incident said three passengers lost their lives in the derailment.
Monday’s accident is the latest setback for the rail corridor, which has experienced a series of operational disruptions in recent years.
In April 2025, the NRC suspended train operations on the Warri–Itakpe route for 72 hours after a major technical failure left hundreds of passengers stranded in a remote forest area in Kogi State for several hours.
The disruption sparked public outrage and renewed scrutiny of the reliability and maintenance of the service.
The corporation attributed the incident to multiple engine failures and subsequently launched investigations while carrying out repairs before resuming operations.
The Warri–Itakpe line has also faced vandalism of railway infrastructure and security concerns along parts of the corridor.
Commissioned as Nigeria’s first standard-gauge rail line dedicated initially to freight movement before passenger services were introduced, the route links Warri in Delta State with Itakpe in Kogi State, serving thousands of passengers and facilitating the movement of goods across several states.
Transportation stakeholders have repeatedly called for stronger safety measures, improved maintenance culture and increased investment in rail infrastructure to prevent recurring incidents and enhance public confidence in the country’s rail transport system.

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