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Osinbajo to Launch Dukia-Heritage Bank Gold, Precious Metals Buying Centres

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Dukia Gold Heritage Bank

By Modupe Gbadeyanka

On Tuesday, June 9, 2020, Nigeria’s Vice President, Mr Yemi Osinbajo, will officially launch the commencement of the Dukia Gold & Precious Metals Raw Materials Buying Program of the country’s first gold and precious metals refining company.

Mr Osinbajo will be joined for the historic event by the Minister of Mines and Steel Development, Mr Olamilekan Adegbite.

The official launch will also witness the birth of Dukia–Heritage Bank Gold & Precious Metal Buying Centres, a project in partnership with Heritage Bank Plc for the sourcing and aggregation of gold and other precious metals.

The launch which will be declared open by the Governor of Ekiti State, Mr Kayode Fayemi, who doubles as chairman of the Nigeria Governors’ Forum (NGF).

To grace the occasion are other state governors, Ministers, Head of Parastatals, Private sector participants, mining stakeholders and local implementation partners.

In a statement by the organizers of the event, the theme of the seminar will be The Future of Gold and Precious Metals in Africa and the virtual launch of the Commencement of Operations of the Dukia Gold & Precious Metal Refining Company Limited, the Precious Metals Raw Materials Buying Program and the Dukia–Heritage Bank Plc buying Centres and the proprietary Dukia Trading Platform. The launch ceremony will be online via the Zoom – Meet and Chat’ platform, starting at 9.00am on Tuesday June 9, 2020.

According to the Managing Director of Dukia Gold and Precious Metals Refining Co. Ltd, Ms Bose Owolabi, the Lead seminar paper will be delivered by Mr Ibrahim Sagna, Director & Global Head, Advisory and Capital Markets, Afrexim Bank, while other key speakers include Mr Ifie Sekibo, Managing Director, Heritage Bank Plc; Mr. Akin Akeredolu-Ale, Managing Director, Lagos Commodities & Futures Exchange (LCFE); Humphrey Oriakhi, Managing Director, PAC Capital and Mr. Femi Williams, Managing Director, New Waves Ecosystems Limited.

According to her, “Nigeria’s enormous deposits of Gold & Precious Metals have largely remained untapped for various reasons which include the scale of capital investment required to activate required infrastructures, inattention to required policy frameworks, the distractions of fossil fuels’ dependencies. The Federal Ministry of Mines & Steel Development has over the years sought to make the sector attractive to investors with some success and that is why Dukia Gold which is conceptually wholly Nigerian, driven by informed commitment and competence, leveraging on sterling local and global partnering across the spectrum of expertise required to bring it to life sustainably and successfully, going forward”.

“Dukia Gold & Precious Metals Refining Company Limited is at the heart of the delivery of the Dukia Gold Project. It is primed to fulfil a substantial gap in Infrastructure required to achieve the full value chain of operations, i.e. from Mines and Recyclable Gold to Mint and from Mint to Market and it comprises solutions geared towards facilitating and stimulating necessary developments in and of the Gold & Precious Metals’ subsector of the Solid Minerals sector of the Nigerian economy,” she stated.

She went further, “Dukia Gold Project addresses and delivers critical solutions which ensure full Beneficiation of Precious Metals, including the refining of Precious Metals in Nigeria to the highest international standards in such a way that Nigerians and Nigeria can begin to trade and receive fair pricing and value for Precious Metals produced in Nigeria.”

Dukia Gold Project will help to curtail exploitation of local miners by illegal traders who smuggle precious metals out of Nigeria with negligible gain to these local miners and with no returns to the national economy”.

She explained further that when the company kicks off officially, it will focus on adding value to the gold business in Nigeria and West Africa.

Her words, “Dukia Gold and Precious Metal Refining Company Limited sets out to be foremost indigenous Gold & Other Precious Metals Refining & Trading Company.

“It is commencing its nationwide purchasing of gold and precious metals after the launch of designated Heritage Bank Gold and Precious Metals Buying Centres, focusing on adding value to the gold and precious metals industry in Nigeria and West Africa and on delivering a major source of alternative foreign exchange revenues.

“When it becomes fully operational, the refinery will be the first of its kind in West Africa and it will be open for opportunities for artisan miners, gold & precious metals owners and allied enterprises to obtain appropriate financial value for their products among other benefits”.

“The Dukia Gold Project is manifestly a game-changing proposition, an articulate catalyst for the development of the Nigerian Mining Industry.

“The buying programme has commenced and the Buying Centres will be open to the public on August 1, 2020 while phased implementation of the Refinery has also commenced with essential equipment on order from pre-qualified world-leading manufacturers with full implementation to be achieved within 24 months”.

Dukia Gold is being financed by a blend of Equity and Loans from Financial Institutions led by Heritage Bank Plc, supported by PAC Capital as Financial Advisers and Fund Arrangers in due course by the Afrexim Bank.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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FG Insists Prepaid Meter is Free, Warns Nigerians Against Payment

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Ikeja Electric Prepaid meter

By Adedapo Adesanya

The federal government has reaffirmed that electricity meters being deployed under the Distribution Sector Recovery Programme (DISREP) are free for customers, warning Nigerians not to pay any money for meter supply or installation.

The Director General of the Bureau of Public Enterprises (BPE), Mr Ayodeji Ariyo Gbeleyi, stated this in Abuja at a joint media briefing on DISREP with the managing directors of Nigeria’s 11 Electricity Distribution Companies (DisCos). DISREP is financed through a $500 million World Bank facility.

The DG said the concessional nature of the funding, which comes at single-digit interest rates, makes it more sustainable than commercial borrowing and supports long-term stability in the power sector.

Under the DISREP IPF, 3.2 million smart meters are being procured and installed nationwide over four years through competitive international and local bidding. According to him, close to 700,000 meters have already been delivered, while about 200,000 have been installed across different DisCos.

The DG said, “With DISREP and other Federal Government interventions, the journey to power sector reliability is underway. DISREP is not just a short-term intervention, but part of a broader and coordinated plan of the Renewed Hope Agenda of President Bola Ahmed Tinubu, GCFR, towards building a financially viable and service-oriented electricity market

“Nigerians deserve a power sector that works, one that delivers reliable electricity, protects consumers, ensures value for money, and supports economic growth.

“Together, we shall achieve that! The supply and installation of these meters for customers is free.

It was also disclosed that the government had already paid the contractors to supply and install the meters. DISREP is integrated with other metering initiatives, including the Presidential Metering Initiative and the Meter Acquisition Fund, to accelerate the closing of Nigeria’s metering gap.

On his part, the Managing Director of Abuja Electricity Distribution Company, Mr Chijioke Okwuokenye, warned customers not to pay for meters.

“These meters are to be deployed and installed freely. Anybody asking you to bring money should be reported,” he said.

MD of Eko Electricity Distribution Company (Eko Disco), Mrs Wola Joseph-Condotti, said the company is working closely with the authorities to weed out bad eggs who extort money from customers for meter procurement and installation.

The programme offers significant benefits to consumers, including the removal of upfront meter purchase and installation costs, accurate billing, the elimination of arbitrary estimated billing, improved service accountability by DisCos, better transparency and dispute resolution, and long-term improvements in supply reliability as the sector becomes more financially viable.

For DisCos, Mr Gbeleyi said DISREP provides access to concessional World Bank financing for metering and network upgrades, reduces Aggregate Technical, Commercial and Collection (ATC&C) losses, improves liquidity and revenue assurance, and strengthens operational performance for long-term investment.

He disclosed that $250 million of the facility is dedicated to Investment Project Financing, which supports bulk procurement of the 3.2 million smart meters, deployment of Meter Data Management Systems, and provision of technical assistance and capacity-building programmes to strengthen DisCos’ operations and processes.

Describing DISREP as a landmark transaction, Mr Gbeleyi said it is the first initiative of its kind in which the government, beyond investing in distribution network infrastructure, is deploying meters at scale to bridge the country’s metering gap. He cited official figures showing that Nigeria currently has about 5.66 million unmetered electricity customers.

“The plan is to quickly close that gap. These meters are for everybody. They are for Nigerians. Priority is on unmetered customers,” he said.

He clarified that while the policy targets unmetered customers, DisCos have been allowed to deploy up to 20 per cent of the meters to replace faulty or technologically obsolete units, following feedback from the field.

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NSC Revamps PSSP to Solve Complaints, Boost Ease of Doing Business in Ports

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Port Service Support Portal

By Adedapo Adesanya

The Nigerian Shippers’ Council (NSC) has successfully concluded the review of the Port Service Support Portal (PSSP) application, which is aimed at ensuring seamless handling and efficient resolution of stakeholders’ commercial disputes across the maritime sector.

The Head of NSC-ICT, Mr Benjamin Ivwigheghweta, and his team; the Head of the Complaints Unit, Mr Bashir Ambi and his team; as well as consultants from BrandOne, all collaborated to complete the platform’s final implementation stage.

Mr Ivwigheghweta expressed satisfaction with the successful integration of the revamped PSSP for streamlined dispute resolution. He encouraged the team to fully engage with the new system and to ask questions where necessary, ensuring that every member is well equipped to meet stakeholder needs with precision and efficiency.

On his part, Mr Ambi applauded the deployment of the PSSP as a tool for accelerating grievance resolution, adding that the platform would significantly strengthen the council’s dispute resolution framework by promoting transparency, boosting stakeholder confidence, and generating reliable, data-driven records to support national economic growth.

He further commended the ICT team for its unwavering support-particularly in ensuring extended network availability to support the Unit’s after-hours operations.

Describing the PSSP as a critical modern upgrade for dispute resolution, Mr Ambi revealed that the Council’s operations are now about 90 percent digital. “We rely heavily on electronic platforms to serve our stakeholders,” he said, adding that the ICT Unit has remained the backbone of these efforts by providing consistent support, even over weekends, to ensure uninterrupted online service delivery.

This digital-first approach, he noted, keeps the NSC at the forefront of maritime efficiency.

Following a productive three-hour technical review and interactive question and answer session, the PSSP is now in its final phase.

The next steps include the configuration of individual user access by the ICT Unit and a live demonstration of the platform to Management. Upon completion of these tasks, the council will be ready to go live-ushering in a new era of digital efficiency in port service delivery.

The Port Service Support Portal was officially launched by the former Vice President, Mr Yemi Osinbajo, in June 2016 in Abuja. The launch was held alongside the unveiling of the Port Harmonized Standard Operating Procedures (SOPs). The portal was designed as an online, real-time platform to enhance service delivery, address stakeholder complaints, and curb corruption at Nigerian ports.

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Tinubu Deploys Army to Kwara, Condemns Terrorist Attack

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kwara state map

By Adedapo Adesanya

President Bola Tinubu has deployed an army battalion to Kaiama district in Kwara State after suspected jihadist fighters killed about 170 people in an overnight attack on Tuesday.

The terrorists stormed Woro and Nuku communities in Kaiama Local Council, according to Kwara State lawmaker, Mr Saidu Ahmed.

The violence highlights fears that jihadist factions prevalent in Northern Nigeria are pushing south along the Niger-Kwara axis toward the Kainji forest.

According to a statement from the Presidency, the new military command will spearhead Operation Savannah Shield to checkmate the barbaric terrorists and protect defenceless communities.

He condemned the attack as “cowardly and barbaric,” saying the gunmen targeted villagers who had rejected attempts to impose extremist rule.

“It is commendable that community members, even though Muslims, refused to be conscripted into a belief that promotes violence over peace,” President Tinubu said in the statement.

The President urged collaboration between federal and state agencies to provide succour to members of the community and ensure that those who committed the atrocities do not go scot-free.

President Tinubu prayed for the repose of the souls of the deceased and condoled with those who lost family members as well as the people and government of Kwara State.

Similarly, suspected bandits stormed Doma community in Tafoki Ward, Katsina State, on Tuesday afternoon, killing several residents, injuring many others and setting vehicles and houses ablaze.

There were conflicting figures over the casualty toll, with police putting the number of deaths at 13, while the executive chairman of Faskari Local Council estimated more than 20.

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