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FG begins process to allow CBN buy all golds from local miners 

The FG has begun the process which will make the Central Bank of Nigeria buy all the gold from local miners at an international price.

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Border closure: A boost to our clientele base - Palm Oil producer, FG begins process to allow CBN buy all golds from local miners 

The Federal Government has begun the process that will make the Central Bank of Nigeria (CBN) buy all the gold from local miners at an international price.

This comes some months after the CBN joined forces with Thor Explorations Limited, a Canadian company that sees Nigeria as a new frontier for a gold rush at a period gold miners face the dearth of new discoveries across the globe.

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In a new report, it was disclosed that the Nigerian government was registering artisan miners as the Presidential Artisanal Gold Mining Development Initiative Biometric Exercise commences.

This initiative, which has the backing of the CBN, is expected to integrate artisanal and small-scale gold mining activities in the country and formalize the market.

Mining, FG sets up committee to boost revenue in mining sector, FG begins process to allow CBN buy all golds from local miners 

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The initiative was designed to create support for Nigerian gold miners with Kebbi and Osun states serving as pilot states. The registration for the Presidential Artisanal Gold Mining Development started in Yauri Local Government Area of Kebbi State on February 22.

Why is CBN/FG buying these golds? This exercise will enable the CBN to buy gold produced by Nigerian miners at an international price. The purchase of the gold will prevent the local miners from foreign merchants who exploit them during the transaction.

(READ MORE: U-turn: CBN clarifies order on domiciliary account transfers)

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Also, it was disclosed that the acquisition of all the golds would curb smuggling activities which is a threat to the growth of the sector. Mining made up between 4% and 5% of Nigeria’s gross domestic product in the 1960s and 1970s before foreign operators left the country and oil dominated the government’s agenda for obvious reasons.

Now, metal ores account for less than 0.1% while crude exploration makes up 8% to 10% of GDP and brings in 90% of export earnings. FG has promised to increase mining’s contribution to GDP to 3% by 2025. In order to boost its contribution, Nairametrics had reported that experts urged the government to reform its laws to encourage investors to carry out exploration throughout the country as witnessed in the Democratic Republic of Congo and Zambia in the early 2000s.

In October 2019, Nigeria’s mining sector received a boost after Thor Explorations Limited renewed interest in boosting Nigeria’s efforts to persuade investors that it could become a mining destination for metals in West Africa. Also, Africa Finance Corporation, which is backed by the Central Bank of Nigeria and a group of local banks, is investing in the Thor project through a $78 million debt-equity financing package.

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This means Nigeria could be on the cusp of getting its first industrial-scale gold mine from Thor that is developing a project capable of producing 80,000 ounces per year in Osun State, Nigeria targeting to start operations early 2021.

Patricia

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

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Companies

AXA Mansard Insurance Plc gives notice of Annual General Meeting 

The AGM will be live-streamed to enable shareholders and stakeholders participate.

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Insurance firm, AXA Mansard Insurance Plc., has given notice of its board of its Annual General Meeting (AGM) scheduled for Wednesday, July 29, 2020, at 10:00 a.m.  

The announcement which was disclosed by Nigerian Stock Exchange (NSE) in a corporate disclosure on July 7th, 2020 and signed by Company Secretary, Omowunmi Mabel Adewusi read, “Notice is hereby given that the twenty-eighth annual general meeting of AXA Mansard Insurance Plc. will hold at the Oriental Hotel, no. 3, Lekki Road, Victoria Island, Lagos on Wednesday, July 29, 2020, at 10:00 a.m.” 

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As noted, the purpose of the AGM is to transact the following business: 

  1. To receive the Audited Financial Statements for the year ended December 31, 2019, and the Reports of the Directors, Auditors and Statutory Audit Committee thereon 
  2. To authorise Directors to fix the remuneration of the Auditors 
  3. To elect Directors and 
  4. To elect members of the Statutory Audit Committee.  

In order to ensure that all relevant stakeholders can be a part of the AGM, the company will also be streaming the AGM live. It noted that “This will enable shareholders and other stakeholders who will not be attending physically to follow the proceedings.” 

The link for the live streaming of the Meeting will be made available on the Company’s website at www.axamansard.com. 

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Recall that a few months ago, in March, the company’s Board of Directors announced the appointment of John Dickson as the company’s new Non-Executive Director. A month earlier, it also disclosed its plan to sell its pension management subsidiary (AXA Mansard Pensions Ltd) and some undisclosed real estate investments. 

Its unaudited financials for the period Q1 2020 reveal a growth across revenue and profit lines. Gross written premium grew by 21% from N17.4 billion earned in Q1 2019 to N21 billion in Q1 2020. Profit for the year for the group grew by a commendable 120% from N890 million in Q1 2019 to N1.9 billion in Q1 2020. 

As at Tuesday, the 7th of July when markets closed, the share price of the company was N1.59. The company’s EPS stood at 0.33 while its price to book ratio stood at 0.6082. 

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Coronavirus

Novavax secures $1.6 billion funding for COVID-19 vaccine production

The fund is expected to help Novavax start a final-stage study of its vaccine candidate.

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Novavax secures $1.6 billion funding for covid-19 vaccine production

An American Vaccine Development Firm, Novavax Inc, one of the front runners in the race to develop a vaccine for COVID-19 treatment, will receive $1.6 billion funding from the United State government to support large scale manufacturing of coronavirus vaccine.

This represents the biggest contribution to the ‘Operations Warp Speed Program’, a public-private partnership initiative by the US government, to facilitate and accelerate the development, manufacturing and distribution of COVID-19 vaccines, therapeutics and diagnostics.

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Novavax in a statement said that the funds will allow the biotech firm to conduct advanced human studies and engage in manufacturing to deliver 100 million doses as soon as late 2020.

Novavax is among the companies trying to develop a vaccine against the novel coronavirus that has developed into a pandemic and spreading rapidly in countries like US, India and Mexico. The Operation Warp Speed Program has supported efforts of firms like Pfizer Inc, Johnson & Johnson, Moderna Inc, AstraZeneca Plc and Merck & Co, to get doses of the vaccine as early as possible.

READ MORE: New Covid-19 Cases reach all-time high – WHO

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The fund is expected to help Novavax start a final-stage study of its vaccine candidate before the winter period, with as many as 30,000 people.

Novavax, had earlier secured as much as $388 million in May from the coalition for Epidemic Preparedness Innovations, the single largest contributions from the organization at that time. The biotech company’s vaccine candidate is to provoke the production of antibodies that prevent the spike protein which the coronavirus uses to infect host cells.

According to the World Health Organization (WHO), drug manufacturing firms and university researchers are investigating more than 140 experimental vaccines. Moderna, Pfizer and the University of Oxford, in collaboration with AstraZeneca, are among the companies and institutions that have started studies of their vaccines in healthy patients.

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Patricia
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Hospitality & Travel

Lagos Ferry Company targets 480,000 commuting passengers daily – MD

The administration is seeking ways to decongest the heavy Lagos traffic and using inland water transport.

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The Managing Director of the Lagos Ferry Services Company (LAGFERRY) Mr AbdoulBaq Balogun says the company has a target of transporting 480,000 people daily on the waterways of Lagos State.

He made the comment in an online show called ”Covinspiration”.

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He said, “As at June 30, we had operated for 77 days on inland waterways and moved 60,000 passengers”. Revealing that the company had 14 boats and was making efforts to expand operations with bigger ferries with the involvement of private investors.

Adding that the administration is seeking ways to decongest the heavy Lagos traffic and tapping into the potential of inland water transport.

“With about 1.6 million people moving on Lagos roads every day, we are being tasked with the responsibility of ensuring that we move at least 30 percent of these motorists off the roads through the waterways. 

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“That gives us about 480,000 passengers. So, moving 480,000 passengers is our daily target on the waterways of Lagos State.

“Mr Governor is focusing his energy on ensuring a multi-modal transport system with the abundance of water bodies we have. We are moving people and goods on pleasant experience through the inland waterways,” he said.

READ MORE: FG to shut Third Mainland Bridge for 6 months

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He said the company operates in all the 40 inland waterway routes, and expanded operations will decongest traffic from in the on Lekki Epe Expressway, Ikorodu road,  the Third Mainland Bridge and Lagos-Badagry Expressway

The managing director said that traffic congestion on Lekki Epe Expressway, Ikorodu road, the Third Mainland Bridge, Lagos-Badagry Expressway would be minimized with LAGFERRY operations in those six routes.

“We are just coming on board, we are still testing the water, passengers are just coming to know us and we are still creating awareness. 

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“We have not reached our peak and we are yet to get to the optimum operational level. We want to expand the services of LAGFERRY to other routes and enhance productivity,” he said.

 

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Patricia
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