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Business

Nigerian-Canadian company to start gold export from Nigeria in June 2021

The Nigerian-Canadian company looks set to commence the exportation of gold in June this year.

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FG liberalize mining sector, grants 5 years tax concession to miners and other perks

The Nigerian-Canadian company, mining gold in Nigeria’s Osun State looks set to commence the exportation of gold in June this year.

This is seen as part of the government’s effort towards the diversification of Nigeria’s economy to create employment and earn more foreign exchange in addition to exploiting the country’s potential in the mining sector.

This disclosure was made by the Minister of Mines and Steel Development, Olamilekan Adegbite, in Abuja on Sunday, while speaking at a forum of the News Agency of Nigeria (NAN), in which he described the Segilola Gold Project as a strategic investment for Nigeria’s economic diversification.

READ: Mining to contribute 3.0% to GDP by 2025

The minister described the company as a poster child and the first foreign investor that was doing genuine and serious business in Nigeria.

Adegbite revealed that the firm was supposed to have started gold exportation in the first quarter of 2021 but that the date was shifted, due to the outbreak of the Covid-19 pandemic.

What the Minister of Mines and Steel is saying

Adegbite stated, “The company will start exporting gold from Nigeria in June.’’

He said that the project is being executed by Segilola Resource Operating Ltd., a licensed operator and Canadian company, located in Iperindo in Osun.

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He disclosed that the company which was listed and quoted on the Toronto Stock Exchange in Canada, the eighth largest exchange in the world by market capitalisation, commanding some 3.1 trillion dollars, is trying to ensure compliance with the economic diversification agenda of the Federal Government.

READ: FG to launch policy to prevent smuggling of mineral resources

The minister said, “Mining is a bit capital intensive. So, we need to attract serious players, people who can put in the money and then, of course, begin to make money after some investment because it has a gestation period.

“Mining is not like trading where you put in your money today and then realise profit tomorrow. When you do exploration, it can take a year to three years, then you discover the mineral and then start the exploitation before money begins to roll in.

What you should know

  • It can be recalled that in August 2020, Adegbite had announced that Nigeria was set to commence gold production with the launch of the Segilola Gold Project in Osun State.
  • The take-off of the project would make Nigeria a major gold producing country and hasten the diversification of the economy and reduction of unemployment.
  • This is also coming after President Muhammadu Buhari unveiled the first batch of the Presidential Artisanal Gold Mining Development Initiative gold, which is expected to be part of Nigeria’s external reserve after being purchased by the Central Bank of Nigeria.
  • According to proven surveys, Nigeria has discovered large quantities of gold in Zamfara, Kebbi, Niger, Kaduna, Osun, Kwara, and the FCT.

Stanbic 728 x 90

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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    Business

    JAMB: How to register for the 2021 UTME examinations

    JAMB stated that the registration for the examinations has now commenced in full swing as all the issues have been resolved.

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    The Joint Admissions and Matriculation Board (JAMB) had about 3 weeks ago announced the commencement of the 2021 Unified Tertiary Matriculation Examination and Direct Entry registration exercise on April 8, 2021, to May 15, 2021, with National Identification Number (NIN) made mandatory at the point of registration.

    This was put on hold due to the exam body’s effort to ensure that candidates have access to its registration app for the 2021 UTME/DE and also finalise work on its pin vending process before the take-off of the exercise.

    However, in a new statement, the spokesperson for JAMB, Dr Fabian Benjamin, said the registration for the examinations has now commenced in full swings as all the issues have been resolved.

    JAMB in its public communications gave a guide on how to register for the UTME.

    READ: How to link your National Identity Number with your phone number

    How to register for the 2021 UTME

    • VALID, FUNCTIONAL E-MAIL, PHONE NUMBER: The applicants must have a valid and functional e-mail account in addition to an active phone number. This is relevant for registration and sending and receipt of information from JAMB.
    • NATIONAL IDENTIFICATION NUMBER (NIN): JAMB has made it mandatory for applicants or potential candidates to provide their NIN at the point of registration or enrolment.
    • VISIT JAMB WEBSITE: After having your email address and NIN, the applicant can proceed to the examination body’s website, where he/she can create a JAMB profile, preferably before buying the form.
    • CHECK JAMB iBass: After creating a profile, you are advised to check JAMB iBass to be sure of your eligibility to take this year’s examination. The information is provided on the official website of the exam body.
    • JAMB e-pin: After confirming your eligibility, you can go ahead to buy your 2021 JAMB e-pin registration from banks and other accredited outlets.
    • CBT CENTRE: Then, proceed to any accredited 700 computer-based test (CBT) centre with your personal details and your profile code.

    READ: JAMB sets date for 2021 UTME registration and examination, makes NIN mandatory

    What you should know

    JAMB a few days ago confirmed the commencement of registration for the 2021 UTME/DE examinations after the initial hiccup.

    It stated that applicants must provide NIN at the point of registration with the registration by Direct Entry candidates to run concurrently with that of UTME candidates.

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    JAMB also said that the mock examination is expected to hold on Friday, April 30, 2021, for those who indicate interest and are registered before April 24, 2021, with the registration fee for the application still N3,500 and N500 for recommended Reading Text.

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    Business

    Customs Apapa Command generates N159.58 billion revenue in Q1 2021

    Most revenues came through customs duty and charges.

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    Here's how much Lagos-Apapa Customs Command generated in 5 months

    The Nigeria Customs Service (NCS) Apapa Command stated that it has generated a revenue of N159.58 billion in the first quarter of 2021.

    This was disclosed by Ibrahim Yusuf, the Area Controller at Apapa Customs Command, in an interview with newsmen on Monday.

    He added that most revenues came through customs duty and charges, citing a 44.8% revenue increase on duty collection compared to the N110 billion generated in the same period in 2020.

    READ: Vitafoam declares N1.11 billion as profit in the first quarter of its financial year 2020/21

    “The difference recorded was made possible because of robust stakeholders engagement, officers’ resolve in discharging their duties and increased level of compliance in the trade zone,” he said.

    He added that the total seizure for the first quarter stood at 28 containers of goods with DPV (Duty Paid value) of N1.87 billion.

    “The containers had rice, wheat declared as supermarket items, medical soap declared as baking powder, tramadol and others.

    “These are all importations in breach of sections 46, 47 and 161 of the Customs and Excise Management Act CAP C45 LFN 2004 and Schedules 4 and 6 of the Common External Tariff (CET).

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    READ: Customs revenue rises by N200 billion to hit N1.5 trillion in 2020

    “These cases are at various stages of investigation and in due time will be revealed,” he disclosed.

    The Customs boss also revealed that exported goods from Apapa were valued at N41.55 billion in Q1 2021, including manufactured goods such as soaps, textiles, noodles, and agricultural products such as cashew nuts, hibiscus, sesame seeds and other mineral resources.

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