Gold Is The Most Smuggled Mineral Out Of Nigeria – Minister

 

The Minister of Mines and Steel, Olamilekan Adegbite, has disclosed that gold is the most struggled mineral out of the country.

He said because gold has immediate value, most people have ventured into smuggling it.

The Minister revealed this on Monday during his appearance on Channels Television’s Breakfast Programme, Sunrise Daily.

“The people who smuggle these minerals out of Nigeria, take it through our borders, so part of our proposals is to strengthen the relationship between our ministry and the Ministry of Finance who supervises the Nigerian Customs Service.

“We have caught a few people trying to smuggle out gold because of its immediate value, it is the most smuggled mineral out of Nigeria”.

The minister, who linked part of the illegal mining and smuggling to Chinese personnel who come into the country as construction workers, emphasised the need for synergy between security agencies, especially from the Immigration Service and Customs.

“We are working also with the Ministry of Interior because most of these Chinese people that do illegal mining come into Nigeria through immigration. They have some sort of stay or work permit.

 

“They come in another guise and they find themselves in mining. So we are working with the Ministry of Interior, Immigration to make sure that there is a monitoring mechanism in place,” he stressed.

He further noted that his ministry is taking a multisectoral approach which has been approved by the ministry’s council.

“We are forming synergy with all these agencies so that we minimise all the loss from illegal smuggling,” he said.

Minister of Mines and Steel, Olamilekan Adegbite

 

The minister noted the importance of collaboration with these agencies to curb smuggling.

On the issue of Ajaokuta producing 2.2 million tonnes of liquid steel per annum, the minister said that the project is yet to commence.

He explained that President Muhammadu Buhari had earlier met with the Russian Government at the Russian African Summit where he appealed for some expatriates to come and help with the project.

 

 

 

 

 

 

Gold Above $1,800 An Ounce, First Time Since 2011

(FILES) In this file photo taken on January 09, 2004 gold bullion is displayed at Shinhan Bank in Seoul  . - A judge in London said Thursday the British government had "unequivocally recognised" opposition leader Juan Guaido as Venezuela's president, in a battle over gold bullion held at the Bank of England. (Photo by Jung Yeon-je / AFP FILES / AFP)
(FILES) In this file photo taken on January 09, 2004 gold bullion is displayed at Shinhan Bank in Seoul . – A judge in London said Thursday the British government had “unequivocally recognised” opposition leader Juan Guaido as Venezuela’s president, in a battle over gold bullion held at the Bank of England. (Photo by Jung Yeon-je / AFP FILES / AFP)

 

 

Gold reached above $1,800 an ounce Wednesday for the first time since 2011, with the precious metal benefitting from its haven status as the coronavirus outbreak triggers global economy fears.

Gold hit $1,800.86 an ounce around 0830 GMT on the London Bullion Market, the highest level in 8.5 years, as a weaker dollar also makes the metal priced in the US unit attractive to investors.

“It is little surprise that the original safe haven is continuing its rally,” said Carlo Alberto De Casa, chief analyst at ActivTrades.

“Investors are still buying stocks but it seems they want to be covered in case of any market correction.”

Neil Wilson, chief market analyst for Markets.com, said gold was winning support also thanks to fears of high inflation caused by central bank stimulus to prop up the global economy.

“The gold bull thesis rests not only on the requirement for safe assets given the economic uncertainty, but also longer term on fears of a surge in inflation caused by the massive increase in the money supply,” he said in a client note.

Gold’s record-high stands at $1,921.18 an ounce.

 

 

-AFP

Vietnam Opens World’s ‘First’ Gold-Plated Hotel

Staff wait to welcome guests in the lobby of the newly-inaugurated Dolce Hanoi Golden Lake hotel, the world's first gold-plated hotel, in Hanoi on July 2, 2020. (Photo by Manan VATSYAYANA / AFP)
Staff wait to welcome guests in the lobby of the newly-inaugurated Dolce Hanoi Golden Lake hotel, the world’s first gold-plated hotel, in Hanoi on July 2, 2020. (Photo by Manan VATSYAYANA / AFP)

 

 

For guests at the “Dolce Hanoi Golden Lake” coffee comes in a gold cup and bath time is taken in gilded splendour.

The world’s first self-proclaimed gold-plated hotel is open for business — and the Vietnamese owners insist they have the Midas touch despite the cramping of global travel during the coronavirus pandemic.

The hotel cost $200 million to construct with a 24-carat plating across lobbies, an infinity pool and rooms with even cutlery, cups, shower heads and toilet seats receiving the golden treatment.

 

The sink and toilet bowl are seen in one of the rooms of the newly-inaugurated Dolce Hanoi Golden Lake hotel, the world’s first gold-plated hotel, in Hanoi on July 2, 2020. (Photo by Manan VATSYAYANA / AFP)

 

While expensive for Vietnam, at $250 a night it is not prohibitive for wealthy locals craving a few nights living like Donald Trump, the US President renowned for his love of all things that glitter.

The hotel wants “ordinary people to the super rich… to check-in” both physically and on social media, said Nguyen Huu Duong, chairman of Hoa Binh group that owns the hotel.

A gold-plated infinity pool overlooks the city, while meals at the 25-storey hotel in downtown Hanoi may be mixed with a mysterious “gold substance”, according to the owners.

So far, the smattering of customers appear to be delighted with Hanoi’s flashiest new digs.

Staff wait to welcome guests in the lobby of the newly-inaugurated Dolce Hanoi Golden Lake hotel, the world's first gold-plated hotel, in Hanoi on July 2, 2020. (Photo by Manan VATSYAYANA / AFP)
Staff wait to welcome guests in the lobby of the newly-inaugurated Dolce Hanoi Golden Lake hotel, the world’s first gold-plated hotel, in Hanoi on July 2, 2020. (Photo by Manan VATSYAYANA / AFP)

 

“When I arrived here… I felt like a king, you know, the Pharaoh… the king of Egypt,” joked Phillip Park, a South Korean guest.

“I really enjoyed the luxury atmosphere,” added Vietnamese guest Luong Van Thuan, saying he felt his status had automatically been “raised”.

The relatively modest construction price tag was achieved by sourcing the gold plating locally — significantly reducing costs.

“Our group has a factory that can do gold-plated stuff, so the cost for our equipment and furniture here is quite cheap,” Duong said.

A staff member poses for a photograph inside the 1,000 USD per night executive two bedroom suite of the newly-inaugurated Dolce Hanoi Golden Lake hotel, the world's first gold-plated hotel, in Hanoi on July 2, 2020. (Photo by Manan VATSYAYANA / AFP)
A staff member poses for a photograph inside the 1,000 USD per night executive two bedroom suite of the newly-inaugurated Dolce Hanoi Golden Lake hotel, the world’s first gold-plated hotel, in Hanoi on July 2, 2020. (Photo by Manan VATSYAYANA / AFP)

 

 

And the pandemic which has strafed global tourism has not put him off opening, with Vietnam winning praise for its swift lockdown which has contained the coronavirus spread.

“For sure next year, we will make money,” he added.

 

 

 

-AFP

30 Killed In Clashes In Chad’s Gold-Rush Region

Chad

 

More than 30 people have died in northern Chad after Arab fighters, crossing from neighbouring Libya, attacked miners in a region in the grip of a gold rush, rights activists said Sunday.

The clashes broke out on Thursday in the Kouri Bougoudi area of the Tibesti border region, the Chadian Convention for the Defence of Human Rights (CTDDH) said in a statement.

At least 30 gold miners were killed and more than 200 wounded, it said.

Abdul Aziz Youssouf Mustapha, a Chadian with the International Federation of Human Rights (FIDH), said the fighters attacked all “non-Arabs” who had come to Kouri Bougoudi in search of gold.

All miners were forced off the gold-mining area on Saturday, he said.

A military source confirmed that there had been fighting but did not give further details.

Many of the miners hailed from the Ouaddai region in central-eastern Chad. Sources among the Ouaddai community also confirmed there had been clashes in Kouri Bougoudi.

Kouri Bougoudi has been a theatre of violence since discoveries of gold were made there in 2012 and 2013.

Miners have rushed in from around Chad and abroad, leading to friction over access to lucrative sites.

The CTDDH accuses the government of orchestrating a takeover of the area by using Arab fighters.

The government has given authorisation to several mining companies to exploit the deposits.

In August, it carried out a military operation in the far north aimed at “clearing out” illegal miners and stopping cross-border incursions from Chadian rebels holed up in Libya.

AFP

Indian Officials Arrest Smugglers With Gold Hidden In Their Rectums

This file photo taken on August 24, 2017 shows the Indian Supreme Court building in New Delhi. PHOTO: SAJJAD HUSSAIN / AFP

Gold smugglers are resorting to increasingly desperate measures to get the metal past customs, Indian officials say, after nearly a dozen people were caught with bullion stashed in their rectums.

India is the world’s second-largest consumer of gold and smuggling has been increasing since duties were raised on the precious metal, an essential part of religious festivals and weddings.

Customs officials acting on a tip-off Sunday detained a group of crafty gold mules as their plane from Sri Lanka touched down in the southern city of Madurai.

“Eleven passengers had concealed some 32 to 50 grams (1.1 to 1.8 ounces) each in their rectums. Another 17 had hidden gold in their luggage,” a senior Directorate of Revenue Intelligence official told AFP on condition of anonymity.

The value of the haul was more than 30 million rupees ($500,000), he added.

Demand for gold peaks in the final months of the year as the wedding season gets going and preparations are made for the major Hindu festivals of Diwali and Dussehra.

There has been a rise in smuggling since duties on gold were raised in 2013. But secreting the valuable metal inside a body cavity has really only caught on recently, officials say.

“It seems to be a new trend that has caught up in the last 7-8 months. Since the amounts of gold are not huge, it is easier for them to escape detection,” the customs official said.

The bars are usually wrapped in plastic and shaped like a battery to ease insertion and removal, he said.

“They stuff it in on boarding and then take it out so it is not uncomfortable during the flight. Just before disembarking the plane, they put it back there again,” he said.

“All this is done meticulously so as not to cause any bruise or injury.”

The World Gold Council estimates smuggling networks imported up to 120 tonnes of gold into India in 2016.

Bangladesh has emerged as a major route for smuggled bullion into neighbouring India, with authorities seizing a record 1.5 tonnes at airports in the past three years and arresting more than 100 people.

Smugglers have become more creative as their schemes have been uncovered, with authorities discovering gold bars sewn in clothes or hidden inside traffickers’ bodies and some using wheelchairs to conceal their illicit cargo.

AFP

Rio Olympics: Nadal And Lopez Win Gold For Spain

Roland Garros, Rafael Nadal, French OpenSpanish tennis players, Rafa Nadal and Marc Lopez won the Olympic men’s doubles tennis title on Friday, after beating Romania’s Florin Mergea and Horia Tecau to win gold for their country.

The Spanish duo beat Mergea and Tecau 6-2 3-6 6-4 to secure their country’s third gold medal of the Rio de Janeiro Games.

Meanwhile, American duo Steve Johnson and Jack Sock beat Canada’s Daniel Nestor and Vasek Pospisil 6-2 6-4 to clinch bronze.

Rio Olympics 2016: Phelps Wins 21st Gold Medal

Michael PhelpsOlympic legendary swimmer, Michael Phelps, on Tuesday, added his 20th and 21st Gold to his tally of Olympic Gold medals.

The American won Gold as he triumphed in the 200m butterfly and the 4x200m freestyle relay.

According to reports, the 31-year-old powered home to win the 200m butterfly in a time of 1:53.36 to avenge his London defeat rival, Chad le Clos while USA took gold in the 4x200m freestyle relay.

FG Seeks Partnership To Harness Solid Minerals

Solid Minerals-Kayode FayemiThe Minister of Solid Minerals Development, Dr. Kayode Fayemi, says Nigeria can generate five trillion Naira annually ‎from mining and exporting of its vast solid mineral deposits.

Dr. Fayemi made the observation while in a meeting with other experts on Friday at the third Dr. John Agboola Odeyemi Lecture held at the Obafemi Awolowo University (OAU) in Ile-Ife, Osun State.

He expressed hope that the development would be accompanied with several multiplier effects on job creation and social infrastructure in various states across Nigeria.

The Minister added that Nigeria’s potentially most beneficial solid minerals such as: limestone, coal, diatomite, gold and silver among others were spread around the country.

He said it was necessary for the Federal, State and Local governments to partner with private investors, to harness the resources and turn it to a win-win situation for the nation.

In his speech at the event, Dr. Agboola, who was marking his 77th birthday, could not agree less with the Minister.

Other speakers at the event tagged ‘Harnessing Our Natural and Cultural Heritage for National Development’, were ‎the Ooni of Ife, Oba Adeyeye Ogunwusi, the Chairman of the occasion, Professor John Alo and a representative of the Vice Chancellor of OAU, Professor Omolayo Ajayi.

YBNL Star, Adekunle Gold Reveals Title Of Debut Album

Adekunle GoldUrban Highlife singer, Adekunle Gold has revealed the title of the full body of work – GOLD.

In a telephone chat with Channels TV’s Entertainment News presenter, Mayowa Ogundele, the ‘Orente’ crooner said that although he’s keeping details of guest features close to his chest, the album will be released sometime between May and June and it will contain many surprises.

“It’s in the works. If I’m featuring anybody or not, I am not ready to say yet, but, definitely there are surprises on the album’.

He described the album as ‘a piece of a mind’ as he tells different stories about his life experiences as well as the stories of other people.

“I’ve been working round the clock to make sure it’s an amazing one”, he said, adding that Pheelz, Oscar and Seyi Keys are some of the producers working on the album.

According to him, the album will be one big ‘gist’, an avenue for him to tell stories he didn’t get a chance to tell. “I’m just to gist about everything”, he said.

Adekunle Gold took Nigeria’s music industry by storm with the release of his debut song as a solo artiste, Sade, a story about his reluctant love interest, which has been followed by two more hits – Orente, Pick Up and now a new track he calls Ready.

His unique sound, a rhythmic story-telling delivery have seen him win top awards – All Africa Music Awards, Headies – within a short time of making his entry into the industry.

With the release of ‘Ready’, a song in which he professes his readiness to be in love, the YBNL star is, perhaps, telling the world that his debut album is READY.

 

Miners Urges Buhari To Revive Solid Mineral Sector

Mining-of-solid-mineralWhile Nigerians await a new federal cabinet, miners under the Progressive Miners Empowerment Association have asked President Muhammadu Buhari to take urgent steps to revive the solid minerals sector.

At a media briefing in Abuja on Saturday, the National President of the association, Mr Sunday Ekozien, said a group of miners had taken hold of the sector to the detriment of the nation’s economy.

Mr Ekozien, who is a former National Chairman of the Mining Association of Nigeria, urged the Federal Government to unravel and remove the cartel which he said had roots in the ministry.precious-Stone

Nigeria has paid little attention to the solid mineral sector since it generates its revenue mainly from sales of crude oil.

Solid minerals

Nigeria is richly endowed with a variety of solid minerals of various categories ranging from precious metals to various stones and also industrial minerals such as barytes ,gypsum, kaolin and marble.

Much of these are yet to be exploited.

Madagascar Names New Minister

madagascar
Hery Rajaonarimampianina says government is ready to alleviate poverty

Madagascar President, Hery Rajaonarimampianina, on Sunday announced the replacement of eight ministers, including a new finance minister, after dissolving the government earlier this month amid mounting public frustration over power and other issues.

Air force commander and businessman, Jean Ravelonarivo, was sworn in as the new premier.

There were innovations in the Ministries of health, culture, trade among others. While 22 other ministers maintained their jobs.

Maurice Gervais Rakotoarimanana, an accountant who has worked with the World Bank, would be the next Minister of Finance and budget.

The president said in a press conference that special attention would be given to building the energy sector saying, “This government is ready to fight. Ready to fight against poverty, ready to fight for the development of infrastructure, for education, for health”.

The mineral-rich island nation has been struggling to rebuild its economy which was crippled after a coup in 2009 that drove away donors and investors.

A peaceful election in 2013 has redeemed the nation a bit, but it is still struggling to impose stable government and economic. Challenges remain such as weaning the nation off fuel and electricity subsidies.

According to analysis by the International Monetary Fund released last week, Madagascar’s economy boosted about 3 percent in 2014, and could also increase by 5 percent this year if it can increase tax revenue and improve the business climate.

Madagascar is one of the world’s poorest countries, despite its reserves of nickel, cobalt, gold, uranium and other minerals.