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Gold programme: Major milestone in Renewed Hope Agenda – Tinubu

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President Bola Tinubu has commended the Ministry of Solid Minerals Development over the first commercial transaction under the National Gold Purchase Programme (NGPP).

The President said this when he received gold bars sourced from artisanal and small gold miners from Dr Dele Alake, Minister of Solid Minerals Development, on Sunday in Abuja.

The News Agency of Nigeria (NAN) reports that the gold was refined by the Solid Minerals Development Fund, an agency of the Ministry.

The programme has delivered 5 million dollars into Nigeria’s foreign reserves and injected about N6 billion into the rural economy.

Tinubu said that the ministry had achieved a major milestone in the administration’s drive to diversify the economy.

“This is another concrete step towards the diversification process under the Renewed Hope Agenda,” the President said.

Alake, who presented a symbolic gold bar to Tinubu, said the NGPP would increase the country’s foreign reserves and boost the value of the Naira.

The minister also commended the President for supporting reforms in the solid minerals sector.

“The successful completion of the first commercial transaction clearly demonstrates the National Gold Purchase Programme’s effectiveness.

“It has increased the nation’s foreign reserves assets and shown that using the Nigerian Naira to purchase a liquid asset traded in dollars, such as gold, is a viable strategy.

“This transaction has also underscored the potential of the National Gold Purchase Programme to enhance fiscal and monetary stability.”

Alake said that the over 70 kilograms of gold sold to the London Bullion Market Good Delivery Standard marked a successful aggregation of locally mined gold.

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In her presentation, the Executive Secretary of the Solid Minerals Development Fund, Hajiya Fatimah Shinkafi, said that the gold has met the global trade standard.

She said it met the London Bullion Market Good Delivery Standard that is the globally recognised and trusted standard in the global trade in gold and silver bars.

“Only gold and silver bars that meet our Good Delivery standards are acceptable in the settlement of a Loco London contract – where the bullion trade is physically held in London,” she said.

Shinkafi said, through the NGPP, Nigeria had joined countries bolstering their gold reserves by purchasing gold in local currency.

She said this would foster economic confidence, enhance currency stability, and create a more attractive environment for foreign investment. (NAN

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National

Senate Asks INEC To Restore Aniocha North II Constituency

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The senate has asked the Independent National Electoral Commission (INEC) to restore the Aniocha north II state constituency in Delta state in compliance with the supreme court’s judgment in suit no. SC/129/2019.

The upper legislative arm also directed the electoral commission to conduct an election into the Aniocha north II state constituency in the next state house of assembly poll in Delta state.

The senate’s approval followed a motion sponsored by Ned Nwoko, the senator representing Delta north.

Speaking with journalists after the senate’s plenary on Tuesday, Nwoko said the constituency, comprising towns such as Idumuje-Unor, Idumuje-Ugboko, and others in Aniocha north LGA, was initially created in 1991 but was later delineated.

He said residents initiated legal action in 2014 to restore the constituency but was dismissed by the federal high court.

The senator noted that the suit was upheld in 2017 by the court of appeal and affirmed by the supreme court.

“I am glad that we have managed to pull it through because it was not as straightforward as people might think,” Nwoko said.

“But the fact remains that this was a supreme court judgment and we all respect supreme court judgments.

“On this particular matter, it has taken several stages from the court of appeal and then supreme court.

“INEC also wrote to us seeking our consent to implement the supreme court judgment. I don’t know why INEC should seek our consent, but that is exactly what happened.

“They sought our consent at the senate and house of reps to implement the supreme court judgement.

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“I am happy that we got it right. There are so many of such matters across the country and I am sure they will take cue from this particular matter today.”

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Business

Fluctuating Petrol Prices Threatening Our Businesses, Oil Marketers Lament

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By Abubakar Yunusa
Oil marketers have cried out about the negative impacts of unstable prices of Premium Motor Spirit or petrol in the country on their businesses.

President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gilly-Harris raised concern during Channels Television’s Business Morning on Tuesday.

According to him, fluctuating petrol prices in the last few weeks are constituting potential threats to the survival of businesses of its members.

Gilly-Harris’ concern comes on the heels of ongoign price war between the Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL).

Following the announcement of a price cut by the Dangote Refinery by N65 at the ex-depot price, the retail price at filling stations affiliated with Dangote dropped from N925-N930 to N860.

No sooner after, the NNPCL also reduced its price at its retail stations, further deepening rivalry between the two dominant players.

Billy-Harris said “In our consistently weekly reviews, we discovered that the size of loss, and the possibility of most of us getting out of business is glaring at us in the face. Because in today’s Nigeria, we have collaborative efforts being made between all the stakeholders, and we reach out to one another to know how the businesses are doing.

“As much as we are making efforts to make sure that Nigerians have product affordability from our end as the last mile in the industry, we also want to stay afloat and liquid.

“The challenge we have is that we buy products at a price today, and before the close of business, the price has reduced. We thought there should be a mechanism by which prices are analysed and ensure it doesn’t impact negatively on the industry.

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“I have always said that every business can only survive by making some minimal profits that are commensurate to the price of paying the cost of doing business.

“We are fully aware that the international prices of crude oil and other related expenses are also being reduced. But when we invest to buy products at say N880, we are not going to sell at that price. And if such products become reduced to N840, N850, N860 or even N870 per litre, it becomes challenging how we will be able to recover our costs.”

Commenting on price monopoly in the downstream sector, Gilly-Harris said its members can either import products or buy from local refineries, however, it would not sell products at the expense of the survival of PETROAN members’ businesses.

He said “Yes, we have been in the forefront of always implementing what stakeholders agree. We have the capacity to import our products. We also have the capacity to buy locally refined products. But we see that prices consistently shift up or down, and there is no clear business consultation on how this should be done. That is why we said the NMDPRA and the consumer protection agency should swing into action and be able to work together with other stakeholders so that we can be able to have a stable market and a stable price.”

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NGOs Donate N300m To Support Conjoined Twins, Others

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A non-governmental organisation, the Global Initiative for Peace, Love, and Care (GIPLC), in collaboration with the Dickens Sanomi Foundation, has donated ₦200 million to fund medical treatment for conjoined twins Hassan and Hussaina, along with 11 other children requiring urgent medical attention.

At a cheque presentation ceremony in Abuja on Tuesday, GIPLC Director-General Nuhu Kwajafa emphasised the importance of providing timely assistance to children facing severe medical conditions.

“When you have children in this kind of condition, you need to bring them out so they can get help,” Kwajafa said.

“This is not the first time we’ve supported a set of conjoined twins. About a year and a half ago, we assisted another pair. Two years ago, a different set of conjoined twins had been in a government hospital for over a year before the King Salman Foundation of Saudi Arabia sent an air ambulance to evacuate them for treatment.”

Hassan and Hussaina, however, were not able to secure international support, prompting GIPLC and its partners to take immediate action.

“We launched a fundraiser, and within a day, we raised $100 million for the twins. The following day, another ₦100 million was raised for 11 other children in need,” Kwajafa explained.

The grand patron of GIPLC, Igho Charles Sanomi, reiterated the foundation’s commitment to ensuring vulnerable children receive the support they need.

“Our ultimate goal is to provide children with a platform where they can compete and build a future for themselves,” said Sanomi, who was represented by Goodluck Hayi, the Chief Operating Officer of the Dickens Sanomi Foundation.

“There are many challenges, but we must come together and support trustworthy organisations that are making a difference.”

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Hayi urged private individuals and organisations to contribute to such initiatives, noting that government resources are often stretched.

“The government has many responsibilities, but private individuals can step in and support platforms that are transparent and accountable. This way, we can reach more children who are physically challenged or in need of urgent care,” he said.

He added that the foundation partners only with verifiable and trustworthy organisations.

“Our chairman, the grand patron of GIPLC, was raised by a father who valued love and care. This initiative is our way of giving back to society in his honour.”

The father of the conjoined twins, Muhammad Halilu from Kebbi State, expressed gratitude to the foundation, revealing the hardships his family has endured.

“The twins will be five years old by may ,” he said. “I lost my job because I had to stay home to support their mother. She could not take care of them alone. Eventually, we even lost our home.”

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