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.”
Business
Govt paying N600bn for fuel subsidy monthly — Rainoil CEO
Govt paying N600bn for fuel subsidy monthly — Rainoil CEO
The CEO of Rainoil Limited, Gabriel Ogbechie, has claimed that the federal government resumed the payment of the controversial fuel subsidy following the devaluation of the Naira in the foreign exchange market.
Ogbechie made this statement on Tuesday during the Stanbic IBTC Energy and Infrastructure Breakfast Session held in Lagos.
He pointed out that with Nigeria’s daily fuel usage at 40 million liters and the foreign exchange rate at N1,300, the government’s subsidy per liter of fuel falls between N400 and N500, culminating in a monthly total of approximately N600 billion.
He said; “When Mr. President came in May last year, one of the things he said was that Subsidy is gone. And truly, the subsidy was gone, because immediately the price of fuel moved from 200 to 500 per liter. At that point truly, subsidy was gone.
“During that period, Dollar was exchanging for N460, but a few weeks later, the government devalued the exchange rate. And Dollar moved to about N750. At that point, subsidy was beginning to come back.
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“The moment the two markets officially closed, officially the market went to about N1,300. At that point, that conversation was out of the window. Subsidy was fully back on petrol. If you want to know where petrol should be, just look at where diesel is. Diesel is about N1,300 and petrol is still selling for N600.
Furthermore, he said that NNPC being the only petrol importer in the country implies that there is an ongoing subsidy, as prices had to be fixed.
Earlier yesterday, the former governor of Kaduna State, Nasir El Rufai, said the federal government is spending more on petrol subsidy than before.
In addition, the Special Adviser to the President on Energy, Mrs. Olu Veŕheijen, said that the Federal Government reserves the right to pay fuel subsidy intermittently to cushion hardship in the country.
“The subsidy was removed on May 29. However, the government has the prerogative to maintain price stability to address social unrest. They reserve the right to intervene.
“If the government feels that it cannot continue to allow prices to fluctuate due to high inflation and exchange rates, the government reserves the right to intervene intermittently and that does not negate the fact that subsidy has been removed,” she said.
Govt paying N600bn for fuel subsidy monthly — Rainoil CEO
Business
Breaking: Dangote brings diesel price down to N1000/litre
Breaking: Dangote brings diesel price down to N1000/litre
Dangote Petroleum Refinery has announced a further reduction in the price of diesel.
When it commenced operation a few weeks ago, Dangote Petroleum Refinery pegged the price of diesel as N1,200.
While rolling out the products, the refinery supplied at a substantially reduced price of N1,200 per litre three weeks ago, representing over 30 percent reduction from the previous market price of about N1,600 per litre.
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However, on Tuesday, a further reduction of N200 was noticed in the price, with the product now pegged at N1,000.
This significant reduction in the price of diesel, at Dangote Petroleum Refinery, is expected to positively affect all the spheres of the economy and ultimately reduce the high inflation rate in the country.
The President of Dangote Group, Aliko Dangote, had during the Eid-el-Fitr celebration said if the cost price of diesel comes down, the inflation rate will be substantially reduced.
Dangote spoke when he visited President Bola Tinubu in his residence in Lagos State to celebrate the end of the Ramadan fast with him.
Breaking: Dangote brings diesel price down to N1000/litre
Business
Naira records five-month highest gain, sells below N1000/$ at parallel market
Naira records five-month highest gain, sells below N1000/$ at parallel market
The naira continued its positive showing against the United States dollar on Monday, selling below N1000/$ in some segments of the parallel market.
Newstrends reports that the Federal Government, groups and some individuals have mounted a spirited campaign for those hoarding the dollars to push them out as naira continues to appreciate.
On Monday, the naira was offered in some parts of Lagos and Abuja between N995 and N1,050 per dollar in the parallel market. It was N1,230/$ on Friday.
The latest gain, being over five-month highs, came in the wake of the Iranian attack on Israel and a rise in the crude oil price.
Goldman Sachs, American investment bank economists, had earlier predicted that the naira’s bullish momentum on the foreign exchange market would likely cause it to trade for less than N1,000 per US dollar in the coming months.
According to a report by Nairametrics, the group claimed that the rally in Nigerian currency helped recover from large losses after two devaluations since last June by being bolstered by capital inflows and successive interest rate hikes.
In March, Goldman Sachs projected that the Naira would appreciate to N1,200 per dollar in 2024.
At the official foreign exchange market, the rate was put at N1,136/$ in contrast with N1,205/$ last Friday.
The top bank has implemented several policy initiatives in recent months to bring stability to the foreign exchange market.
The CBN increased interest rates to 24.75% at the most recent meeting of the Monetary Policy Committee (MPC), which helped it recover losses from the two devaluations that occurred since June of last year.
Further gains for the naira result from the CBN’s ongoing intervention, which involves selling foreign exchange to Bureau De Change operators at a revised rate.
The market anticipates higher inflows of US dollars from the sale of foreign currency bonds in the second quarter as disclosed by Finance Minister Wale Edun.
The Federal Government has just offered high-yield short-term debt products at a premium to entice overseas capital into the economy.
The Middle East’s geopolitical unrest and
Notwithstanding a drop in Nigeria’s production volume, crude oil prices have risen beyond $90.
Nigerian grades of oil are trading at a premium to the ICE Brent benchmark.
The Middle East’s geopolitical unrest and the anticipation of an Iranian government strike on Israel caused oil prices to soar.
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