FG To Harvest Women's Gold Properties In Exchange For Certificates - Minister - THE DAILY CRUCIBLE

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Sunday, September 27, 2020

FG To Harvest Women's Gold Properties In Exchange For Certificates - Minister

•Gold necklace

From Ayobami Ife, Abeokuta

The Federal Government(FG) has revealed its intention to commence mobilising valuable gold materials - chains, necklaces, others, from Nigerians, particularly women, and lodge same with the Central Bank of Nigeria(CBN) or commercial banks to boost both the nation's foreign and gold reserves.

The FG revealed further that the owners would be issued with certificates upon valuation of the monetary worth of their gold materials.

The Minister for Mines and Steel Development, Arc. Olamilekan Adegbite, who disclosed this in Abeokuta, the Ogun State capital at the weekend, said gold has high liquidity value and could easily be converted to cash.

"Soon, we will mobilise gold in women's wardrobes, take evaluation of them and keep them in safe custody with banks. Gold at home serves no purpose, it even put more pressure on owners as they try to guard it. With the Certificates issued, one can approach discount House and get the money back," Adegbite said.

The Minister who hails from Ogun Central district of the Gateway State, stated this during a media roadshow to intimate journalists on his Ministry's activities, adding that the FG also planned to set up souks(gold markets) in Lagos and Kano for trading in gold and jewelries from indegenous miners and producers.

He said the aim of the project is to diversify the country's economy from oil and gas and steer it towads gold.

Adegbite noted that, President Mohammadu Buhari had given his Ministry the mandate of generating employment, revenue and diversifying the nation's economy from oil and gas.

He said this informed his Ministry to go into gold exploration and mining in Kano State, with the view of boosting the foreign reserve of the country.

He pointed out that Nigeria recorded a huge success in gold exploration and mining in Kano State recently, saying the gold was artisanally mined and processed into a bullion bar which was later sold to the Central Bank of Nigeria (CBN) for N168million.

He expressed the confidence that Nigeria could be one of the leading countries in gold production, stressing that the country is partnering with the German government to train 45 Nigerians in gold mining and processing for nine months.

He said: "About two three months ago, we presented a bar of gold to President Mohammadu Buhari. This is the first time in Nigeria that artisanally mined gold, gold that was mined in Nigeria, sourced in Nigeria is being processed, refined to London Bullion Market Association (LBMA) standard. LBMA is the international word standard for gold and it was done into a bullion bar. 

"And the gold was subsequently purchased by the Central Bank of Nigeria (CBN) for N168million. What this demonstrated is that we can increase Nigerian's foreign reserve not just through oil and gas but also through gold. Gold is valued in dollars and it will be added to the reserve base of Nigeria.

"It is possible for us to use gold to also increase our reserve base. 

"We are encouraging investors to come and invest in gold mining. Gold refined to the London Bullion Market Association (LBMA) standard is sold internationally, it is like currency itself. God is as good as cash. 

"Another aspect of gold that we are working on to fulfil our mandate is to turn into jewelries and ornaments. 

"We are bringing in experts from Germany to train 45 Nigerians on how to turn gold into jewelries and ornaments. We are training the trainers, we have selected 45 people across the country and each State is represented. 

"We are training these 45 people, we will provide equipments for them, training materials and they will be the ones to go back to the States and train people in their States on how to make jewelries.

"These jewelries when they are made will create a local market in Nigeria. 

"We are going to build souks in Kano and Lagos States where people can come from anywhere in the world to buy jewelries.  

"This is creating employment, creating value and at the same time generating revenue for government."

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