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

Published

6 years ago

08/06/2020

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.

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Modupe Gbadeyanka

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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General

Nigeria Pushes Bid to Host AU Monetary Institute

Published

6 hours ago

17/04/2026

Adedapo Adesanya

By Adedapo Adesanya

Nigeria has intensified its bid to host the African Union (AU) African Monetary Institute (AMI), with the Federal Ministry of Finance leading coordinating efforts to secure the institution ahead of its planned 2026 operationalisation.

The renewed push was made on the sidelines of the IMF/World Bank Spring Meetings in Washington D.C., where Nigeria is advancing its case as a credible host for the continental institution central to Africa’s monetary integration agenda.

Speaking through the Permanent Secretary of the Ministry, Mr Raymond Omachi, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, underscored the country’s full political and institutional backing for the initiative. He stated that Nigeria has moved beyond policy commitments to concrete delivery, with the necessary infrastructure and administrative arrangements already in place.

The Nigerian government emphasised that hosting the institute aligns with Nigeria’s broader economic strategy of positioning Abuja as a hub for continental financial coordination.

It noted that the institute represents a critical step toward deeper monetary cooperation, improved macroeconomic convergence, and a more integrated African financial system.

Earlier, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, had reaffirmed Nigeria’s readiness through his representative, the Deputy Governor, Economic Policy, Mr Muhammad Abdullahi.

He indicated that a dedicated office facility has already been secured in Abuja and made available for inspection, reflecting the country’s preparedness to meet host country obligations.

According to the Ministry, Nigeria remains actively engaged with the African Union and is prepared to conclude all required agreements to ensure a seamless take-off of the institute within the stipulated timeline.

The African Monetary Institute, approved in February, is designed to strengthen policy coordination, stabilise exchange rate frameworks, and lay the groundwork for eventual monetary unification across the continent.

On his part, the Chief Economist and Vice President of the African Development Bank (AfDB), Mr Kevin Urama, noted that the institute would strengthen financial stability, improve debt sustainability, and address structural constraints posed by multiple currencies across the continent.

Nigeria hosting the institute would mark the presence of another African-based organisation in Africa’s most populous country, which also plays host to the African Energy Bank.

General

Army Foils Oil Theft Operation, Arrests 14 Suspects Near Dangote Refinery

Published

7 hours ago

17/04/2026

Adedapo Adesanya

By Adedapo Adesanya

Troops of the 81 Division Nigerian Army have successfully foiled an illegal petroleum bunkering operation and arrested 14 suspected oil thieves at the Lekki Free Zone general area near the Dangote Refinery in Lagos State.

According to the troops, acting on credible and actionable intelligence, they conducted a swift and coordinated operation in the early hours of Thursday, April 16, 2026, at about 0130 hours.

During the operation, the suspects were apprehended while actively siphoning petroleum products.

The criminals had illegally connected a long pipeline from the high sea to a tanker concealed in a bush location and were using a generator-powered pumping machine to transfer the products into the vehicle.

On sighting the approaching troops, the suspects attempted to flee but were swiftly overpowered and arrested by the soldiers, with their operational equipment confiscated.

Items recovered from the scene include a petroleum tanker truck loaded with siphoned petroleum products, one Lexus Highlander SUV with Registration Number APP 67 JQ Lagos, one Ford Hilux vehicle with Registration Number BY 117 FST Lagos, one pumping machine, one 40HP boat engine, and a large quantity of industrial hosepipes and other related bunkering equipment.

The arrested suspects and recovered items are currently in the custody of the 81 Division of the Nigerian Army for preliminary investigation and subsequent handover to the appropriate prosecuting agencies in accordance with extant laws.

The Nigerian Army reiterates its unwavering commitment to combating crude oil theft and other economic sabotage, particularly within critical national infrastructure zones.

The Army in the statement said, “Members of the public are encouraged to continue providing timely and credible information to the military and other security agencies to enhance ongoing operations.”

General

Reps Okay N248.6bn Relief, 10-Year Debt Plan for Ikeja Electric, Two Others

Published

10 hours ago

17/04/2026

Adedapo Adesanya

By Adedapo Adesanya

The House of Representatives, via its Public Accounts Committee, has approved a N248.6 billion financial relief package alongside a 10-year debt restructuring plan for Kano, Jos and Ikeja Electricity Distribution Companies (DisCos).

The decision followed the adoption of a report by a technical subcommittee set up to review findings in the 2021 Auditor-General’s report, which highlighted rising indebtedness among electricity distribution firms.

The approved framework covers N128.57 billion in accrued interest spanning 2015 to September 2025, as well as N120.06 billion in historical debts. This brings the combined liability of the three DisCos to N248,637,089,278.83.

Chairman of the subcommittee, Mr Mark Chidi Obetta, said the intervention is aimed at stabilising Nigeria’s electricity market and addressing legacy financial burdens affecting the sector.

He noted that the measure forms part of broader legislative efforts to restore financial sustainability within the power distribution segment.

Findings from the report indicate that the total debt owed by the country’s 11 DisCos rose from N1 trillion in December 2024 to N1.3 trillion as of September 2025, covering both principal and accrued interest.

According to data from the Nigerian Bulk Electricity Trading Company (NBET), Abuja DisCo owes N275.16 billion, Kaduna DisCo N303.8 billion, and Jos DisCo N104.37 billion. Kano DisCo’s debt stands at N96.62 billion, while Ikeja DisCo owes N47.63 billion.

The committee said its investigation was designed to verify the Auditor-General’s claims, determine the current debt profile of the DisCos, and uncover reasons for persistent defaults in payment obligations.

During the review, Jos, Ikeja and Kano DisCos challenged the imposition of interest charges, arguing that existing Market Rules did not expressly provide for such penalties. This prompted regulatory clarification from the Nigerian Electricity Regulatory Commission (NERC).

In a directive issued in January 2026, NERC instructed NBET not to charge interest on outstanding invoices between 2015 and 2020, but permitted interest charges on debts from 2021 onward.

The regulator also ordered that interest linked to delays associated with Meristem be disregarded, directing NBET to recompute liabilities, including the N128 billion interest attributed to the three DisCos.

As part of the resolution, the committee recommended that the affected DisCos restructure their N120.06 billion historical debts over a period not exceeding 10 years.

It further directed that N13.39 billion in liabilities incurred by Kano DisCo during its period under government receivership be transferred to the Nigerian Electricity Liability Management Company (NELMCO), in line with established sector precedents.

The committee also called on NERC to mandate NBET to waive N128.57 billion in interest accrued between 2015 and September 2025, citing the escrow arrangement under which DisCos do not have direct access to their revenue collections.

Chairman of the Committee, Mr Bamidele Salam, urged all electricity distribution companies to meet their market obligations going forward, warning that failure to implement urgent financial and regulatory reforms could further threaten the sustainability of the sector.