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Gold, Philoro Sign Agreement To Deepen Precious Metals Value Chain 

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Dukia Gold & Precious Metals Refining Co Ltd Nigeria and Philoro Global Trading AG Switzerland, have signed a Working Together Agreement on the sidelines of the Investing in African Mining Indaba taking place in Capetown,   to collaborate in the development of the Precious Metals small  scale and artisanal gold mining value chain.The agreement which was endorsed by the Ministry of Mines and Steel Development will deepen participation in the extractive industry as well as consolidate strategies in the development of programmes needed to exploit the expected benefits in the sector.

Speaking at the event, Chief Operating Officer( COO) and Executive Director Dukia Gold , Paul Beesley said  the objective of the ” Working Together Agreement “,  is to bring about the establishment of a Precious Metals Trading program centered in Nigeria to service and support the Nigerian market and potentially use  it as a basis to offer similar products to other African Markets. Besides, he said the partnership would assist in developing finance and technical support solutions to unlock Dukia Golds responsible sourcing of Dore’ strategies, including evaluation and development of new projects and supporting Small scale and Artisanal mining programmes.The partnership, he said will  strengthen and expand the Dukia Gold Precious Metals Refinery in support of the goal of being able to aggregate gold doré from third-party sources in Nigeria and across West Africa. He said the  ultimate target is  to produce world class Good Delivery Bars and Coins.He said :” Our commitment to work together with Dukia Gold will further promote and develop other important and relevant opportunities in the Precious Metals value chain in Nigeria and West Africa, through skills and knowledge transfer, capacity and capability building and the institution of  beneficial engagements with host communities. ” These are challenging objectives, but we are confident that with the right relationships and working within the right enabling environment we can achieve these and more.“Together with Philoro Global Trading AG, Switzerland, we are embarking on a long-term relationship and will use our combined successes to build and showcase what is possible. These incremental victories then will form the basis for encouraging further expansion of the vision through definitive commitments with other global entities whose capabilities will further add to a more sustainable Precious Metals Mining, Refining & Trading supply chain in Nigeria.”Dukia Gold is listed on the Lagos Commodities and Futures Exchange (LCFE)  and licencsed to trade Good Delivery Gold products on the LCFE, thus making gold available for purchase and investment by Nigerians on the floor of the Exchange, while Heritage bank is the main-driver and settlement of the gold eco-system in Nigeria.Also speaking at the event, Mr Rudolf Brenner the President of Philoro said the company was delighted to expand its presence and global vision in Africa through its partnership with the Nigerian company Dukia Gold.Mr Brenner said:” We at Philoro are thus delighted to expand our presence and actualisation of our global vision and objectives in Africa and particularly Nigeria through this Working Together Agreement with Dukia Gold and other identified stakeholders in the “Mines to Market” initiative. The support which Dukia Gold has received from, and the commitment of the Minister and the top echelon of the Ministry of Mines and Steel Development  to the development of the mining sector in Nigeria are even more reassuring to our further engagements into the African continent. “Today’s signing is a milestone, but we believe is only a first step in a long relationship between the parties. The presence of the  Minister and indeed the ambiance of this gathering sends a positive message, that Nigeria is a mining investment destination.“This is important for what this represents to all concerned. The collaboration between the two companies shows what is possible when you bring together open minds in an enabling environment. The teams have been working between Lagos, Abuja, London, Zurich, Vienna and Johannesburg to develop solutions that will benefit Nigeria, Nigerians, Dukia Gold and philoro Global. It is a true success story in the making about the value of diversity. “We have 18 offices across Europe that together with corporate clients, represents sales of roughly 20 tonnes of gold, generating approximately 1.7 bn Euros in revenue per annum. Our mission is to provide our customers with a wide range of investment grade precious metals products that will ensure their prosperity.”In a general remarks on the signing of the agreement, Minister of Mines and Steel Development, Architect Olamilekan Adegbite thanked everyone and commented that we just witnessed the signing Ceremony of a Working Together Agreement, the signature is quite a simple affair but its significance goes beyond this room.The Minister said: “this is a fundamental major step towards trading of gold and gold products in Nigeria. Dukia Gold has been a frontier company blazing trails where other people have not been. They have done so much to try and bring the value chain in the gold business, gold assets to ordinary Nigerians. This will further deepen that with Philoro and its experience in this industry, Nigeria will have access to gold assets for investment”.“In this day of instability in currencies and volatilty all over the world, gold being a safe haven does not have to be the exclusive of the wealthy, rich. Nigerians can buy gold coins which they can keep and invest on and trade. We are all part of this epoch-making event and I’m happy that we are all here today to witness this  symbolic signing ceremony, I hope to see them grow as this business grows and we can all look back some 10 years later and see how far we have come from this simple ceremony”, he added.According to the Minister: “This strategic business relationship between Philoro and Dukia (“Friend of Gold Assets”) will lead to the Definitive Actualisation of Critical Precious Metals Value Chain opportunities and projects in Nigeria and across West African countries. “Dukia Gold and Philoro are both driven by highly motivated pioneers who have taken up the risks of giving investment in Gold in Nigeria the seriousness it deserves.Send   

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Dangote Assures Block Moulders Of Availability Of Variant For Block Moulding

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The management of Dangote Cement Plc has assured block moulders across the country of the availability of the blockmaster brand of the its product saying efforts have been put in place to produce more of the variant to make it readily available.

The assurance came in the wake of complaints by block moulders from South-West under the banner of members of the National Association of Block Moulding of Nigeria (NAMBON) that its members were finding it difficult to get the brand in the market and thus subjecting its members to untold hardship in getting the right cement for block making.

The Block and Concrete moulders who were on a tour of the Dangote Cement, Ibese plant lamented that they were finding it increasingly difficult to get block master brand of Dangote Cement which was specifically launched for the block makers.National President of the Association, Prince Adesegun Banjoko who led the South-West branch of the association to the plant said its members were at a loss over why major distributors of the Dangote Cement were reluctant to take block master and urged the management to reverse the trend.As a solution to the problem, the NAMBON President suggested the creation of satellite depots for distribution of the Dangote variant so that the block and concrete moulders would have access to the products easily.In his response, the Ibese Plant Director of Dangote Cement, Mr. Azard Nawabuddin said the product would be made available at any time and assured that the management would look into the problem of scarcity in the market.He said that Dangote has thousands of tonnes of the product in its silos in the plant and wondered why the block moulders would be complaining of not getting it in the market.Nawabuddin urged the block moulders to give the company time to dissect the situation and come to an acceptable solution to the issue saying “we are in the business to sell cement, we cat be producing a brand for you and will be hiding it from you to purchase. Take it from me you will beging to get block masters as soon as possible. Take it from me.”In his comment, the National Artisan Coordinator, Dangote Cement, Mr. Johnson Olaniyi told the blockmakers to exercise patience while the solution was being worked out noting that the NAMBON members are important stakeholders who could not be toyed with.He said the company would roll out the machinery to ensure that the product is readily available in the market, “though it does nt come cheap, as the blockmaster was specifically produced for them for better quality and more yield.”Olaniyi explained that Dangote Cement has always being in the forefront of quality product and that is the reason there has not been any equivalent of Blockmaster variant in the market because it is expensive to produce.He assured the block makers that Dangote Cement would look into their complaints and come up with practically solution and ensure it’s a win-win situation for all parties.Send   

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How Fidelity Bank Became “Best SME Bank In Nigeria” – Global Banking & Finance Review

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Fidelity Bank Plc, one of Nigeria’s foremost financial institutions, has added yet another accolade to its burgeoning collection of awards with the award as the ‘Best SME Bank in Nigeria’ by the Global Finance Banking & Finance Awards 2022.

According to the organizers, Global Banking and Finance Review, the bank was presented the award after a comprehensive review and assessment of its intervention and provision of long-term financing support for small businesses across Nigeria.

Dedicating the award to customers and staff of the bank, Managing Director/ Chief Executive officer of Fidelity Bank, Mrs. Nneka Onyeali-Ikpe said, “Our long-running support for the growth and development of small businesses stems from our recognition of SMEs as critical agents of economic transformation in Nigeria.That is why we constantly innovate new ways of helping them meet their objectives. I thank our customers for keeping faith with us and our staff for going the extra mile in delighting our customers”.According to Mrs. Onyeali-Ikpe, over the years, Fidelity Bank has developed a strong multifaceted SME banking franchise, driven by tailored products and services. She also noted that the bank has attractive offerings backed by the requisite one-on-one and cluster-focused advisory services and hand-holding support for SME customers.The Global Finance Banking Awards are recognized globally and justly regarded as the industry standard for premier banking and financial services excellence with key sources of data and intelligence on the global banking and finance industry.The yearly awards recognize deserving financial institutions and corporate organizations, that drive innovation in the global financing community. They reflect on the achievement, strategy, progressive and inspirational changes taking place within the financial sector.Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 6.5 million customers serviced across its 250 business offices and digital banking channels.The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.Send   

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FirstBank – Reaping From Solid Legacy – Financial Derivatives

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Financial Derivatives, a leading financial analysis company in the country has given a positive assessment of the recently released financial reports of FirstBank for the year, 2021.

According to the analysis of Financial Derivatives on the Firstbank latest report:

FirstBank delighted investors with a pleasant surprise when it announced stellar results confirming that its turnaround strategy pinned on the pillars of innovation, resilience and digging deep is working.Its profit after tax spiked 108% to N32.4billion on the back of massive loan recoveries and a sharply lower level of non-performing loans (6.1%). Its capital adequacy ratio (CAR) increased to 17.4%, giving it the much-needed buffers required to withstand financial shocks and turbulent headwinds in the coming quarters.FirstBank, one of a handful of banks that adopted the holding company structure, has been proven right as almost all the other tier one competitors have emulated the model. As far as competition is concerned, FirstBank is fighting hard to recover lost grounds to the nimble fintechs, the highly capitalised and efficient telcos and their payment savings bank subsidiaries.Indeed, FirstBank is well equipped to fight amongst the sharks in this blood-soaked ocean. We expect to see FBN stock rise in the months ahead due to its massive undervaluation and its evident potential upside. We recommend the stock as a BUY,” Financial Derivatives said in its assessment of the FirstBank annual report.–  Financial DerivativesSend   

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