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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.”




No plane crashed in Lagos – FAAN, NEMA



Two government agencies, the Federal Airports Authority of Nigeria and National Emergency Management Agency, have dismissed reports of a fresh plane crash in the Ikeja area of Lagos.

An internet user who saw a plane being towed away had sent the picture to the social media, concluding that it was the wreckage of a fresh plane crash in Lagos.

The aircraft, which had missing wings, was spotted on Ikeja-Agege road, causing gridlock along the route on Tuesday as the news went viral on the social media.

But FAAN in a terse statement posted on its social media handles, said Nigerians should disregard the news.

It stated, “The Federal Airports Authority of Nigeria would like to inform the general public to disregard the news making the rounds on social media about an alleged crash at Ikeja Airport.

“The aircraft was sold by the owner to a buyer, who was taking it to its final destination.”

Also, Ibrahim Farinloye, the zonal coordinator, South-West, NEMA, said after due consultations with all critical stakeholders and tracking of all incoming and outgoing flights in Lagos, there was no plane.

An aviation analyst, Daniel Dikio, had also tweeted his observation of the viral video.

“It is an Airbus A319, hasn’t flown domestically in years. I can see traces of a green logo; it likely belonged to First Nation Airways in its time.

“The wings are separated cleanly; this wouldn’t happen in a crash. The separation is a sign of dismantling.

“There is no damage to the fuselage, almost impossible given the purported circumstances”, Dikio noted.


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FG targets 1.4mbpd domestic refining before 2027



Minister of State for Petroleum Resources, Chief Timipre Sylva

The Federal Government has disclosed plans to actualise 1.4 million barrels per day, mbpd, domestic refining of crude oil in the next five years.

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Nigeria’s GDP grew by 3.11% in Q1 – NBS report



The National Bureau of Statistics has said the nation’s gross domestic product (GDP) grew by 3.11 per cent in the first quarter of 2022.

The NBS said this on Monday in its new Gross Domestic Product Report, showing the sixth consecutive quarter of positive growth.

It stated the first quarter 2022 growth rate further represented gradual economic stability due to strong growth posted by the non-oil sector.

Part of the report read, “The Q1 2022 growth rate was higher than the 0.51% growth rate recorded in Q1 2021 by 2.60% points and lower than 3.98% recorded in Q4 2021 by 0.88% points. “Nevertheless, quarter-on-quarter, real GDP grew at -14.66% in Q1 2022 compared to Q4 2021, reflecting a lower economic activity than the preceding quarter.

“In the quarter under review, aggregate GDP stood at N45,317,823.33 million in nominal terms.

“This performance is higher when compared to the first quarter of 2021, which recorded aggregate GDP of N40,014,482.74 million, indicating a year-on-year nominal growth rate of 13.25%.

“The nominal GDP growth rate in Q1 2022 was higher relative to the 12.25% growth recorded in the first quarter of 2021 and higher compared to the 13.11% growth recorded in the preceding quarter.”

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