Dukia Gold Precious Metals Refining Conglomerate launches operations in Nigeria

Nigeria’s first Gold and Precious Metals Refining conglomerate has opened for business its Managing Director, Bosede Owolabi has said.

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

Confirming this development in a statement on Monday, Owolabi said Vice President, Professor Yemi Osinbajo ; Minister of Mines and Steel Development, Olamilekan Adegbite ; Chairman of Nigerian Governors Forum and Ekiti Governor – Kayode Fayemi join players in the solid minerals and financial sectors and multi lateral organizations on Tuesday, June 9, 2020 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 Dukia Gold , Owolabi said is 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 view from Afrexim Bank.

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The virtual launch, Owolayoubi said 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 “.

Listing Director & Global Head, Advisory and Capital Markets , Afreixim Bank, Ibrahim Sagna ; Managing Director, Heritage Bank , Ifie Sekibo ; Managing Director, Lagos Commodities & Future Exchange (LCFE) , Akin Akeredolu – Ale ; Managing Director, PAC Capital , Humphrey Oriakhi and Managing Director , NewWaves Ecosystems Limited ,Femi Williams as speakers, Mrs Owolabi said opportunities in the mining sector remains largely untapped because of scale of capital investment required to activate required infrastructure, in attention to required policy framework , distractions of fossil fuels’ dependencies and other reasons.

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

The partnership with Heritage Bank Plc , she said will cover sourcing and aggregation of Gold and other precious metals in line with OECD guidelines.

She said : ” 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 continued sets out to be Nigeria’s first London Bullion Market Association (LBMA) accredited gold bullion bar refiner , goods delivery list precious bar 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, the company’s mission is to fulfill 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.

She went on :” 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 centre will be open to the public on August 1,2020 affirming that the phased refinery has begun with essential equipment on order from pre- qualified world leading manufacturers set to achieve full implementation within 24 months.

She said :” Deploying a unique Integrated information communication technology driven solutions provided by international and local partners, the statutorily~regulated Buying Centres will operate as outlets operated by Dukia Gold out of designated Heritage Bank Plc branches in Nigeria.

“At these outlets intending purveyors and sellers of recyclable gold and precious metals including jewelry and gold extracts , native gold and gold dores , 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.

Owolabi said the conglomerate is a timely response to the search by theFederal Ministry of Mines & Steel Development over the years to make the sector attractive to Investors.

The conglomerate- Dukia Gold & Precious Metals Refining Company Limited , she said is at the heart of delivery of the Dukia Gold Project primed to fulfill 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.

Describing Dukia Gold as conceptually wholly Nigerian initiative, Owolabi said it was 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.

She said :” It comprises solutions geared towards facilitating and stimulating necessary developments in the Gold & Precious Metals’ subsector of the Solid Minerals sector of the Nigerian economy

“The Dukia Gold Project addresses and delivers critical solutions by which to 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 originating and produced in Nigeria.

“Through a process of Juridification, the 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.”