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FG Launches Bold Gold Initiative To Boost Foreign Reserves Without Dollars.
The Federal Government has reiterated its commitment to strengthening Nigeria’s foreign reserves through an innovative gold acquisition initiative aimed at reducing dependence on the U.S. dollar.....KINDLY READ THE FULL STORY HERE▶
Speaking at the 10th Nigeria Mining Week in Abuja on Wednesday, the Minister of Solid Minerals Development, Dr. Dele Alake, said the initiative, driven by the Solid Minerals Development Fund (SMDF), involves purchasing gold sourced from local miners using the naira. According to Nivo News, the programme—launched in August—is part of government efforts to stabilise the naira and ease pressure on foreign currency demand.
Dr. Alake explained that once the gold is purchased, it is directly added to the Central Bank of Nigeria’s (CBN) foreign reserves, describing the approach as one of the quickest means of boosting the nation’s reserves. He emphasized that by acquiring gold mined within the country, Nigeria saves scarce foreign exchange while simultaneously addressing multiple economic challenges.
Highlighting the economic impact of the scheme, Alake noted that it promotes local employment and supports community-based economies, as miners and workers are paid in naira. He revealed that additional funding has been earmarked for the programme in 2025, with President Bola Ahmed Tinubu showing strong confidence in its potential by approving increased budgetary support.
The Minister reaffirmed that President Tinubu’s administration is determined to advance the gold initiative “with vigour and diligence,” adding that it remains a key strategy for enhancing Nigeria’s economic stability.
Also speaking at the event, the Executive Secretary of the SMDF, Mrs. Fatima Shinkafi, urged stakeholders to adopt a more strategic and long-term approach to mining, stressing that the industry requires serious planning, science, and sustained investment. She observed that many investors underestimate the complexities of the sector, often treating mining as a quick-profit venture.
Shinkafi expressed optimism about Nigeria’s mining prospects, noting that exploration funding in the country continues to rise despite global declines. She highlighted the growing global appeal of gold amid international tensions, revealing that the commodity’s value recently reached $4,200 per ounce, with major financial institutions forecasting an increase to $5,000.
She called on participants to support the government’s vision of positioning Nigeria as a prime destination for junior miners and exploration investments, while commending Dr. Alake for his pivotal leadership and reforms in the sector.
Meanwhile, the National Publicity Secretary of the Miners Association of Nigeria (MAN), Fatai Jimoh, raised concerns over rising service fees in the industry, noting that the sharp increase over the past year has made it difficult for indigenous miners to sustain operations. He urged the government to provide more support to help local miners thrive and unlock the sector’s full potential.
A group of Nigerians has staged a protest at the United Kingdom Parliament, calling for the removal of the Chairman of the Independent National Electoral Commission (INEC) ahead of the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶
The demonstrators reportedly gathered outside the parliamentary complex, expressing dissatisfaction with the leadership of the electoral body in Nigeria and demanding immediate action.
They insisted that the INEC chairman should be removed, alleging concerns over credibility and trust in the electoral process as the country prepares for the next election cycle.
The protest drew attention from passersby and security personnel, as the group maintained their position that electoral reforms and leadership changes were necessary to restore public confidence.
Sir Uyi has responded strongly to critics of his involvement in nightclub businesses, insisting that such ventures represent only a small part of his wider activities.....KINDLY READ THE FULL STORY HERE▶
In a firm reaction to recent criticism linked to Vaniti, he stated that people are focusing too much on his nightlife businesses while ignoring other aspects of his work and achievements.
He stressed that his nightclub operations do not define his entire identity or professional portfolio, adding that he is involved in several other ventures beyond entertainment and hospitality.
According to him, the criticism reflects a narrow perception of what he does, and he believes his broader contributions are being overlooked.
Sir Uyi maintained that he remains focused on his various commitments despite public scrutiny surrounding his nightlife business interests.
The Benue State Police Command has confirmed the arrest of seven suspected militia herdsmen in connection with the abduction of passengers travelling in an 18-seater Benue Links bus along the Makurdi–Otukpo road last Wednesday.....KINDLY READ THE FULL STORY HERE▶
The victims, which included candidates of the Joint Admissions and Matriculation Board (JAMB) heading to Otukpo for their examinations, have all been successfully rescued.
Speaking while briefing Governor Hyacinth Alia in Makurdi during the presentation of the freed victims, the Commissioner of Police, Ifeanyi Emenari, said the rescue operation was achieved through coordinated efforts of multiple security agencies.
He explained that five of the abducted passengers were first released, while the remaining 13 were rescued on Sunday morning without injuries.
According to him, the combined pressure from security forces, supported by the state government and the Inspector-General of Police, led to the successful outcome of the operation.
Emenari further disclosed that eight suspects are currently in custody, adding that seven of them are strongly linked to the kidnapping incident, with some victims already identifying them.
He also noted that clearance operations have begun across forest areas in the state to flush out criminal groups, in line with directives from security authorities.
Governor Hyacinth Alia, while receiving the rescued passengers, expressed concern over rising cases of kidnapping in the state but welcomed the safe return of all 18 victims.
He confirmed that among those rescued were eight candidates on their way to write examinations, and called on the Joint Admissions and Matriculation Board (JAMB) to reschedule the affected exams for them.
The governor assured that the state government remains committed to supporting the victims and strengthening security across Benue State, while also urging residents to provide credible information to security agencies.
He further directed the state health authorities to conduct medical evaluations for all rescued persons and promised government support for those affected.
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