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Nigeria’s Gold Market Worth £4bn — Sekibo

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Nigeria’s gold market is worth £4 billion with high prospects of profitability for all players in the subsector, the Managing Director of Heritage Bank, Ifie Sekibo, has said.

Sekibo, who stated this in Abuja at the Nigeria-Canada Investment Summit over the weekend, said the enormous potential of the industry was one of the reasons why Heritage Bank delved into the mining sector despite enormous risks. He said the bank has Dukia Gold as its partner that would facilitate access to local miners and artisans to get value for their commodity at international market price.

Sekibo, who was represented by the Team Lead, Agric Finance and Export, Adelana Ogunjirin, said that prior to now, local miners of Gold found it difficult to trade their commodities favourably but with the involvement of Dukia and its partner, Heritage Bank, a Quality-and-Quantity test will be conducted based on the arrangement they made with Dukia Gold and that will lead to additional value to the small holder miners. He explained that this will leverage the small miners the opportunity to also trade their commodities at international market price.

He further stated that a metric tonne of Gold is currently valued at $30million adding that it is worth investing in the industry, especially as gold is a kind of commodity that does not easily lose its value.

He said: “Mining sector is an area which has not been fully tapped in terms of the potentials around it, as there are quite a lot of opportunities around that sector. Recently we secured $1 billion funding line with our funding partner AfreximBank, which also is to support areas like solid minerals.

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“Now with respect to this we have looked at the value chain of this space and we have looked at the opportunities that are there. A lot of fund providers have not really delved into this and it is because of the lack of understanding of the market.

“In terms of value, gold is an area where you can enhance the value. You hardly see Gold losing value and you see that in different exchanges you even trade those commodities.

“Looking at it in terms of trend, you see that gold is something that will appreciate definitely. So in terms of the profitability of this business, we have looked at it, the crunch, the numbers we see that is a space that the Bank will definitely earn a lot of income.”

He also expressed optimism that other banks would like to come into the Nigerian mining sector, but may be studying to understand the sector properly.

“Definitely other banks will come into the sector. For us we are leading, but the truth is they need to play in an area and space that they understand, as not everybody would be able to play in that space.

“Heritage Bank has already carved a niche for itself in agribusiness space, just like the Gold commodity, this would be exported. So, in terms of export proceeds too, there are opportunities to be explored. Generally, looking at the Nigerian outlook, on the long run, this will also enhance the country’s external reserves. There are multiplier effects of what we are doing today and that is why we are also moving in this direction,” the MD noted.

Also , Managing Director, Nigeria Export-Import Bank, NEXIM, Abba Bello, revealed that the bank had gone into high level discussions with heavy equipment manufacturers and suppliers that would lease equipment to miners for exploration and processing, adding that this was expected to make the equipment accessible and affordable.

Bello said, “For equipment supplier or outright purchase of equipment, we have gone into discussions with Bluecare and now Mantrac for the supply of heavy equipment for gold processing or exploration on lease basis and, it is something that does not exist currently within the industry.

“Barrick Gold and Bullion Mart is something that happen in the mining world. You don’t have to own the equipment, but there are vendors who supply the equipment for explorers to hire.

“Discussions have gone very far with the equipment suppliers and very soon we will announce the programme.”

Meanwhile, the Country Manager, ITM, Nigeria, Habibah Waziri, raised concerns on human resources development that would sustain the sector.

Waziri also said there is need to formalize the sector and also invest in human capital in the sector for growth and development.

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Peace Mass Transit Launches 50 Brand New Buses [PHOTOS]

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Peace Mass Transit (PMT) Limited, the leading mini-bus transport company in the country, has readied a total of 50 brand new buses for injection into its fleet.

The buses are all products of newly established PMT Vehicle Assembly Plant, located within the Emene Industrial Layout headquarters of the company.

PMT Executive Director in charge of operations, Enete Ifeanyi Henry Clinton disclosed that the new buses would be assigned to drivers and has already being deployed to all the PMT depots across the country.

Peace Mass Transit has an active fleet of 4,000 buses with at least 2,000 on the road daily. It regularly freshens up the fleet to meet customer expectations and also maintain its market leadership.

PMT Founder and Chief Executive Officer, Chief Samuel Maduka Onyishi, maintains he runs the company as a “ministry” and not strictly as a business, and would, always do what it takes to keep the company as an industry leader, at all times.

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“The brand new buses we are injecting cost almost N 17 million per unit, but I have a pact with both God and our huge clientele to offer the best possible services at all, times,” he stated after inspecting the newly assembled buses on Monday.

Customers are encouraged to book online through www.pmt.ng, or visit our website –peacegroup.ng

Chief Onyishi, Member of the Order of the Niger (MON) expressed gratitude to God and also to Nigerians who have trusted the brand (PMT) for over 20years. He urged them to keep their faith in the company and promised to always deliver beyond their expectations.

“Our customers deserve even more and no less,” he added. “We will never take their patronage for granted because they have brought us this far.”

He reiterated that the introduction of the new buses was a “strategic fleet rejig” and in no way signified or suggested older vehicles had any maintenance issues or were about to be discarded.

“Our maintenance culture is top-notch and the team is manned by technicians and engineers some of whom were trained abroad.

All PMT vehicle plying the highway, are regularly checked for maintenance, to avoid breakdown. All our vehicles run on strong quality tires which are replaced upon attainment of a certain mileage.’’

He reiterated that the introduction of the new buses was a “strategic fleet rejig” and in no way signified or suggested older vehicles had any maintenance issues or were about to be discarded the chairman concluded.

Special, distinguishing features of the new buses include, but not limited to EBS/ABS brake system combined, digital dashboard, factory-fitted speed limiter, on-board TV, and DVC player for customers’ non-stop pleasure.

According to the Executive Director, Ifeanyi, ‘’Multiple charging points and luggage controls are being provided, with all the buses fully air-conditioned, which includes protective seat belts for all passengers.

Free Wi-Fi services for passengers are still in the works.

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‘I Didn’t Inherit Any Money From My Father, I Built Everything From Scratch’ — Dangote

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Africa’s richest man, Aliko Dangote has revealed that he didn’t inherit any money from his father.

He stated that he built his empire from nothing.

It is widely believed that the Billionaire inherited his wealth from his late father, Mohammed Dangote.

Speaking in a new interview, Dangote however confirmed that his father who died when he was only 8 years old was actually wealthy but he (Dangote) gave out the things that his late father willed to him to charity, and started his own life.

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Aliko Dangote is now valued at $14bn by Forbes and this makes him the 95th richest person in the world.

He has the largest cement company in Africa and his refinery in Ibeju-Lekki when completed is set to be one of the largest in the world.

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Dangote Shuns Innoson Motors, Orders 10,000 Trucks From Indonesia

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Dangote Group has concluded plans to purchase 10,000 light pickup trucks.

But the company appears to have shunned Nigerian carmaker, Innoson Vehicle Manufacturing, IVM, as the trucks are coming in from Indonesia.

Putu Juli Ardika, the Indonesian Director of Maritime Industry, Transportation Equipment and Defense Equipment, said the vehicles would be purchased by Aliko Dangote through his company, Dangote Group.

Ardika explained that the trucks would be imported into Nigeria to serve as means of transportation to rural communities.

He said the vehicles would be used by farmers and others in Nigeria’s agricultural value chain, to transport water, cassava, and seed processors.

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“Dangote’s team will check three units as a sample to be brought to Africa at the end of January.

“The trucks are set to be exported over five years, with 1,000 units to be exported this year and next year,” Putu said.

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