Nigeria Announces First Commercial Gold Transaction, Injects Over $5Million Into Economy
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Minister of Solid Minerals Development, Dele Alake, has announced Nigeria’s first gold commercial transaction under the National Gold Purchase Program (NGPP).
It is a centralised offtake scheme supported by a decentralised aggregation and production network of artisanal and small-scale miners and cooperatives, Alake said in a post on his X account on Sunday.
The minister expressed gratitude to President Bola Tinubu for endorsing critical reforms in Nigeria's solid minerals sector.
Alake emphasised that Tinubu's support has been instrumental in advancing initiatives such as the National Gold Purchase Programme (NGPP), aimed at boosting the country’s reserves and strengthening the naira.
Speaking during the presentation of the latest gold bar refined by the Solid Minerals Development Fund, Alake highlighted the strategic significance of the gold transaction, which involved artisanal and small-scale miners.
He noted that the refined gold would be sold to the Central Bank of Nigeria (CBN), thereby enhancing foreign reserves.
He said, “Furthermore, I am proud to announce that this first commercial transaction has resulted in a substantial increase of over US$5 million in Nigeria's foreign reserves assets, the refinement of over 70 kilograms of gold to the London Bullion Market Good Delivery Standard, and the successful aggregation of locally mined gold, injecting around NGN6 billion into the rural economy.”
Alake underscored the success of the NGPP's inaugural commercial transaction, which demonstrated its effectiveness in increasing foreign reserves and stabilising the Nigerian economy.
He noted that President Tinubu commended the ministry's achievement, viewing it as a major milestone in diversifying Nigeria's economy under the Renewed Hope Agenda.
He highlighted the economic benefits of the NGPP, which includes injecting approximately N6 billion into the rural economy through the aggregation of locally mined gold.
Executive Secretary of the Solid Minerals Development Fund, Fatimah Shinkafi, explained the global standards adhered to in refining the gold, emphasising its role in global trade.
Oyebanji condemns killings in Ado Ekiti
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Ekiti State Governor, Mr Biodun Oyebanji has assured residents of the State and investors that Ekiti remains one of the safest states in the country, stressing that recent killings in parts of the state capital are being tackled by the security agencies.
Governor Oyebanji, who spoke with Journalists at the official commissioning of a facility in Ado- Ekiti on Thursday, said the killings were perpetrated by some unscrupulous elements in the state.
He noted that security agencies have swung into action and would bring the masterminds of the killings to justice.
“What happened in the last few days is so unfortunate. We don’t have that history in Ekiti State. This is a new development, we are on top of it and we are monitoring the situation and we have the intelligence of those responsible. I have instructed the security agencies to go after them. They cannot turn Ekiti state into a haven of cult activities.
“I commiserate with the families of those who lost their loved ones. I also advise our young ones to desist from these nefarious activities.
“The state is one of the most secured states in the country, even in the most secure countries in the world, we have pockets of criminalities. We have to be on top of the situation. And I can assure you our Government is on top of the situation.
I want to continue acting till 90 — Kanayo
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Nollywood veteran Kanayo O Kanayo has revealed his ambition to remain active in the film industry until he reaches the age of 90.
The 62-year-old actor shared his aspirations in a preview of an upcoming episode of the Honest Bunch podcast
Kanayo also voiced concerns about what he sees as the “influx of untalented women” into Nollywood.
The actor and producer did not shy away from addressing other issues plaguing the industry, including drug abuse and homosexuality.
“Many girls are desperate to act. You don’t come to Nollywood to learn how to act. Acting is natural. If it’s not in you, go and sell crayfish,” Kanayo asserted.
He also highlighted the presence of drug use among actors and what he referred to as “unnatural” behaviors, specifically referring to homosexuality.
“For men who have unnatural… When I say unnatural in law, you should understand it to be when man dey sleep with man and all those things. (E dey happen for the industry?) Of course,” Kanayo remarked.
“Are you aware most artistes are on drugs?” he added, calling for a purge of certain elements from the industry. “I want a situation where at 70, 75, 80, 90, I will still be acting.”
This is not the first time Kanayo has spoken out about the challenges within Nollywood.
Recall last year, he claimed some individuals joined the industry to “sell sex” and warned against the movie industry becoming a platform for those involved in the sex trade and homosexuality.
‘Creation of new emirates an assault on our culture’, Sanusi defends Kano unity
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The Emir of Kano, Muhammadu Sanusi II, delved into the controversies surrounding his removal by the previous government and his subsequent reinstatement by the current administration on Saturday.
This is as he attributed it to the current administration’s recognition of the importance of traditional institutions in governance.
He reaffirmed his commitment to continuing his work on social reforms and supporting the welfare of Kano people.
However, he maintained that he was not afraid of being removed again and that he only wished that the Emirate should remain one.
When asked how he intended to manage the post-reinstatement crises, Sanusi said, “You ask about managing the fallout. You see, this was something created and manufactured by the previous government. The people of Kano never asked to be divided. In parts of this country, you have had emirates and kingdoms created, and you can understand that.
He said, “If you go to Kaduna State, at one time, you had everything under Zaria. But you had huge Christian minorities, different ethnic groups, and chiefdoms were created for them. It makes sense if they felt that they did not want to be under the emirate system or under what they saw as a self-denial system.
“But Kano is a largely homogeneous society. If you see the Christians in Kano, they are part of us. They don’t say they want to leave us. They’re not asking for a different system. Nobody. If you go to Tudun Wada, we have Christians. You go to Rano; we have Christians. We had an issue in Rogo. You may remember that there was an issue. People went and burnt the church. I went there, took out my own personal money, and rebuilt the church.
“So, we are one people. Nobody asked for new emirates. So, what we are dealing with is a situation where somebody divides us. And actually, when you create these things, some people get some privileges. They didn’t ask for it, but they’ve enjoyed it for four years.”
Sanusi asked how the people who have enjoyed what they do not deserve for years now will react.
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