Osinbajo, Fayemi, Adegbite to launch Dukia Gold Tuesday

Nigeria’s Vice President, Professor Yemi Osinbajo, Minister of Mines and Steel Development, Architect Olamilekan Adegbite, Chairman of Nigerian Governors’ Forum and Ekiti State Governor, Dr Kayode Fayemi will on Tuesday, June 9th, 2020 be leading players in the solid minerals and financial sectors and multilateral organisations to officially launch the commencement of the Dukia Gold & Precious Metals Raw Materials Buying Programme of Nigeria’s first gold and precious metals refining company.

The launch ceremony scheduled online via the ‘Zoom – Meet and Chat ‘ Platform will coincide with the launch of Precious Metals Buying Centre and the proprietary Dukia Gold & Precious Metals Trading Platform.

According to the Managing Director of the company, Mrs Bosede Owolabi, Dukia Gold was financed by a blend of equity and loans from financial institutions led by Heritage Bank Plc with support by PAC Capital as Financial Advisers and Fund Arrangers with assistance in the view from Afrexim Bank.

At the virtual launch, Owolabi said: “It will take place after state governors, ministers, heads of parastatals, private sector participants, mining stakeholders local and international partners will meet in a seminar session to examine the theme: “The Future of Gold and Precious Metals in Africa.”

This is just as the promoters of the firm have concluded plans for the launch of its raw materials purchasing programme in response to Nigeria’s enormous deposits of gold and precious metals.

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Among the speakers are: Director & Global Head, Advisory and Capital Markets, Afreixim Bank, Ibrahim Sagna; Managing Director, Heritage Bank, Mr Ifie Sekibo; Managing Director, Lagos Commodities & Future Exchange (LCFE),

Mr Akin Akeredolu Ale; Managing Director, PAC Capital, Humphrey Oriakhi and Managing Director and NewWaves Ecosystems Limited, Mr Femi Williams.

Owolabi said opportunities in the mining sector remained largely untapped because of the scale of capital investment required to activate required infrastructure, inattention to the required policy framework, distractions of fossil fuels’ dependencies and other reasons.

Towards this end, Owolabi said the conglomerate had entered into an agreement with Heritage Bank to power the Dukia–Heritage Bank Buying Centres pre~installed with the multi~integrated Dukia Trading Platform.

While saying the partnership with Heritage Bank Plc will cover sourcing and aggregation of Gold and other precious metals in line with OECD guidelines, Owolabi declared: “We set out to be foremost indigenous gold and other precious metals refining and trading company. As we commence operations nationwide, we are focussing on adding value to the gold and precious metals industry in Nigeria and West Africa in delivering a major source of alternative foreign exchange revenues.

“When our refinery becomes fully operational it will be the first of its kind in West Africa, and it will open opportunities for artisanal miners, gold and precious metals owners and allied enterprise to obtain appropriate financial value for their products amongst other benefits. The company will also work with miners who register on its platform to ensure that they get access to appropriate plant, machinery, equipment, tools, kits and support required by them so as to improve their productivity and ensure better health, safety and environmental conditions.”

Dukia Gold & Precious Metals Refining Company Limited, she said sets out to be Nigeria’s first London Bullion Market Association (LBMA) accredited gold bullion bar refiner, goods delivery list precious bar and precious metals clearing house, smelters and assayers of goods delivery golds bar and ISO 9001 certified gold and precious metals refinery
Besides deepening participation in the mining sector, among the company’s mission is to fulfil government’s objective of ensuring that a gold refinery is established in the country as part of the solid minerals road map and beyond oil diversification Economic Recovery and Growth Plan (ERGP) Policy.

“Dukia Gold will, therefore, market off-taker opportunities for gold mined in Africa and minted in Nigeria to the Central Bank, the Lagos Commodities & Futures Exchange (“LCFE”), thus-providing private individuals and corporate entities with access to bullion gold bars, coins and medallions and other products as a stabilized safe harbour investment asset class.”

Confirming the commencement of the good buying programme, Owolabi said accredited centres will be open to the public on August 1, 2020, even as she affirmed that the phased refinery had begun with essential equipment on order from pre-qualified world-leading manufacturers set to achieve full implementation within 24 months.

“At these outlets, intending purveyors and sellers of recyclable gold and precious metals including jewellery and gold extracts, native gold and gold doors, gold bars and other precious metals can walk in and have their products assessed, assayed, valued, sold and paid for instantly on a transparent basis, subject to know your customer procedure.”

The conglomerate- Dukia Gold & Precious Metals Refining Company Limited, she said was at the heart of the delivery of the Dukia Gold Project primed to fulfil a substantial gap in infrastructure required to achieve the full value chain of operations from mines and recyclable gold to mint as well as from mint to market.

NIGERIAN TRIBUNE