Barring unforeseen circumstances, there are strong indications that a premier Gold Company, Dukia Gold and Precious Metals Refining Company may be listed on the Lagos Commodities and Futures Exchange (LCFE), as the first Solid Mineral Company to be listed on any Exchange in West Africa.
The Nigeria’s Vice President, Professor Yemi Osinbajo, yesterday launched Dukia-Heritage Bank Raw Material Purchasing Centre by virtual model and announced the Federal Government’s plan to expand revenue in the non-oil sector through diversification, by stimulating growth in Solid Minerals in line with the objectives of Economic Recovery and Growth Plan (ERGP).
In his presentation at the virtual launch ceremony, the Managing Director and Chief Executive Officer, LCFE, Mr Akin Akeredolu-Ale, explained that The Exchange had been establishing relationships with stakeholders that are making notable steps in the development of various commodities sectors in Nigeria.
According to him, listing of Dukia Gold and Precious Metals on the LCFE shall enhance the company’s credibility rating and put Nigeria on the global map “We are looking forward to listing Dukia Gold and Precious Metals on our Commodities Exchange. As the first Mineral Exchange in Nigeria, we shall be proud to have Dukia emerge the first solid mineral listing on any Exchange in West Africa.
“LCFE is not just listing the Gold procured at the buying centres, but the refined products as well. This will put Nigeria on the global map with regards to standardised gold tracing, sourcing procurement and trading it. This will instil confidence in the global market, thus generating increased demand for our Gold and other solid minerals and lead to increased revenue for the Nigerian Economy.
“Nigeria’s International Trade in Solid Minerals and Commodities is behind par and the absence of a listed gold investible instrument on a commodities exchange. This limits export potential for the exploration of solid minerals in Nigeria, particularly Gold.”, Akeredolu-Ale said.
Osinbajo, who commissioned the Raw Materials Purchasing Centre, noted that it was a landmark opportunity for Nigeria to revive the mining sector by standardizing the business and making it easy for the operators to create jobs and contribute to Nigeria’s Gross Domestic Product (GDP).
He commended the promoters of Dukia Gold and Precious Metal Refining Company for the great initiative while he also applauded the project’s financier, Heritage Bank Plc, for supporting the Programme.
“The Programme is a landmark opportunity for Nigeria and Africa. It will create employment for the entire operators in the value chain at post COVID-19. We shall through our policies encourage emergence of small artisans in the mining business to boost job opportunities and foreign exchange earnings for Nigeria.”, said Osinbajo.
In her presentation, the Managing Director and Chief Executive Officer, Dukia Gold and Precious Metals Refining Company, Mrs Bose Owolabi thanked the Federal Government for its support and pledged to ensure that the Programme becomes operational immediately.
Mrs Owolabi, explained that the company’s initiative was predicated on the need for the private sector operators to support the government in fulfilling its objective of establishing gold refineries in Nigeria.
Corroborating her, the Managing Director and Chief Executive Officer, Heritage Bank, Mr Ifie Sekibo, noted that there had not been formal platform for artisans in Nigeria’s mining sector and the Raw Materials Purchasing Programme would enable both artisans, aggregators and others in the value chain to operate optimally.
The top government officials that participated at the virtual meeting were Ekiti State Governor, Dr Kayode Fayemi, Minister of Mines and Steel Development, Mr Olamilekan Adegbite, Minister of State for Mines and Steel Development, Mr Okechukwu Ogah and Hajia Fatima Shinkafi, Executive Head, Solid Minerals Development Fund (SMDF).