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LCFE presents Eko Gold Coin to Finance Minister 

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In pursuit of its goal to enlist government support for the Nigerian commodities ecosystem, Lagos Commodities and Futures Exchange (LCFE), has presented the Eko Gold Coin to the Minister of Finance, Budget and Planning, Mrs Zainab Ahmed in Abuja, the Federal Capital Territory (FCT) recently.

Electronic Receipts of the Eko Gold Coin was admitted for trading on LCFE in July last year when the Exchange was inaugurated by the Lagos State  Governor, Babajide Sanwo-Olu. The visit to Ahmed, part of the scheduled sensitization efforts of LCFE in collaboration with Securities and Exchange Commission (SEC), to showcase how the Federal Government can deploy commodities to grow the Nigerian economy.

Speaking during the presentation of the Eko Gold Coin, LCFE’s Managing Director, Mr Akin Akeredolu-Ale, explained that Nigeria was richly blessed with over 40 different minerals types spread in more than 450 deposits across the country.

According to him, LCFE was created to ensure that the Nigerian economy could access and harness the opportunities in the solid minerals and other asset classes in the commodities ecosystem to grow the economy.

He expressed appreciation to the Director General, SEC, Mr Lamido Yuguda for the Commission’s continued support to the Exchange and the growth of the Gold Sector, including approval of investible and fungible financial instruments for trading on the market.
” Nigeria is a commodities country but has a large potential that is untapped so far. We solicit for support of the National Assembly in passing the Investments and Securities Bill which will bring about development in the sector.. I thank SEC for pushing the Investments and Securities Bill because that is the legal and regulatory framework that is supposed to support the capital market and by default the commodities trading ecosystem.

“We are hoping that the Bill shall be approved so that we are able to have a hold on the commodities space and the revenues that are slipping out of Nigeria. We need that Bill  passed to be able to function more effectively” he added. “, said Akeredolu-Ale.
The SEC’s Director General, Mr Yuguda,  commended the Minister and the Federal Government on their determination to bequeath a vibrant commodities sector.

He stated that “LCFE has approval for the trading of a number of commodities and Gold is just one of them. He Commended the Exchange on the hard work done so far in the gold sector. “This gold is 100 per cent Nigerian gold, mined and refined in Nigeria and I am happy that we have your support in this. Thank you very much for making this possible, we appreciate all the guidance and support you have provided so far”.  Yuguda said.

In response the Minister of Finance, Budget and National Planning, Mrs Ahmed expressed the commitment of the federal government to continue to improve the diversification of the economy by steadily growing other sectors, particularly the commodities trading ecosystem.

She noted the Eko Gold Coins, was one of the results of the Federal Government’s commitment towards diversification of the economy.
“This is really very pleasing for me because we have been trying to improve the diversification of the Nigerian economy. People say we need to diversify the economy, but the Nigerian economy is truly diversified. Our GDP today has 6.4 per cent contribution from the oil and gas sector, so 94.6 per cent of the Nigerian economy is from other sectors. One of the sectors that we have been trying to activate the full potentials is the mining sector.”, said Ahmed.

Picture:

L-R: Director, Lagos Commodities and Futures Exchange (LCFE), Sam Onukwue,
Director General, Securities and Exchange Commission (SEC), Lamido Yuguda,
Minister of Finance, Budget and Planning,
Zainab Ahmed, LCFE’s Managing Director and Chief Executive Officer, Akin Akeredolu-Ale and Founder and Chief Executive Officer, IAC Global Investment Limited, Ibrahim Atta, during presentation of Eko Gold Coin to Ahmed by LCFE in Abuja at the weeken

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Shettima departs for 2024 US-Africa Business Summit in Dallas

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Vice-President Kashim Shettima is expected to depart Abuja for Dallas, United States of America, to represent President Bola Tinubu at the 2024 US-Africa Business Summit.

The summit is organised by the Corporate Council on Africa.

Mr Stanley Nkwocha, the Senior Special Assistant to the President on Media and Communications, Office of The Vice-President, said this in a statement on Sunday in Abuja.

Nkwocha said Shettima would join other political and business leaders across Africa, the USA and beyond for the summit.

According to him, the summit will feature high-level dialogues, networking business sessions and the plenary, all scheduled for the Kay Bailey Hutchison Convention Center in Dallas, Texas.

He said that the African leaders expected at the summit include, the President, Republic of Liberia; Joseph Boakai, President, Republic of Malawi; Lazarus Chakwera and the President, Republic of Angola, Joao Lourenço.

Nkwocha said other African leaders that would grace the summit are the President, Republic of Botswana, Mokgweetsi E. K. Masisi, President, Republic of Cabo Verde, José Maria Neves, and the Deputy Prime Minister, Kingdom of Lesotho, Nthomeng Majara.

He said besides the summit’s plenary, Shettima would speak at the Roundtable on African Infrastructure Investment with a focus on impact and returns.

” He (Shettima) is also scheduled to speak on a high-level panel on agribusiness, focusing on transiting “from food insecurity to thriving agribusinesses.

” Additionally, the Vice-President will speak at a plenary session on Navigating Africa’s Energy Future as well as chair a session dedicated to promoting the ‘invest in Nigeria’ initiative.

” He is also expected to attend other meetings and engagements on the sideline of the summit.”

Nkwocha said that Vice-President Shettima is expected back in the country at the end of his engagements in the US.

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Israeli to close Al Jazeera’s operations in the country – PM Netanyahu

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Prime Minister Benjamin Netanyahu said his Cabinet has unanimously voted to close broadcaster Al Jazeera’s operations in Israel.

The move came after Israeli lawmakers recently approved a new media law widely referred to as the “Al Jazeera law” that gives the government powers to ban foreign broadcasters if they are deemed a risk to state security.

Netanyahu announced the Cabinet decision in a post on X, formerly Twitter, in which he called Al Jazeera “the hate channel.”

Israeli Communications Minister Shlomo Karhi said on Sunday that he had signed the closure order and that it would be implemented immediately.

According to Israeli reports, this means that offices in Israel could be closed, broadcasting equipment confiscated, the station removed from cable and satellite television channels and its website blocked.

The Israeli government had accused Al Jazeera, which is based in the Gulf emirate of Qatar and has a wide reach in the Arab world, of biased reporting on the ongoing war against Hamas militants in the Gaza Strip.

Al Jazeera has reported extensively on the catastrophic situation in the Palestinian territory and shown images of death and destruction that are rarely seen on Israeli television stations.

The channel also regularly shows videos of attacks on Israeli soldiers by Hamas’ military arm, the Qassam Brigades.

The channel has rejected allegations of bias and, in the past, accused Netanyahu of spreading “new lies and inflammatory slanders” against the network.

Al Jazeera has also accused the Israeli military of deliberately targeting journalists on several occasions.

Netanyahu has accused Al Jazeera of “damaging Israel’s security, actively participating in the massacre on October 7 and inciting against Israeli soldiers.”

Al-Jazeera was founded in 1996 and is headquartered in Doha. It was one of the first Arab TV stations to publish critical reports on the region and quickly gained popularity.

The Israeli government’s efforts to ban Al Jazeera have drawn criticism from some of the country’s most prominent allies, including the United States and Germany.

The U.S. State Department expressed irritation of the decision and reiterated support for the free press all over the world.

A German Foreign Office spokesman also criticised the so-called Al Jazeera law last month: “A free and diverse press landscape is the cornerstone of a liberal democracy.”

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OTC 2024: PETAN leads stakeholders on sustainable energy solutions for Africa’s future

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The Petroleum Technology Association of Nigeria (PETAN) has led delegates to the 2024 Offshore Technology Conference (OTC) in Houston, Texas U.S. to discuss sustainable energy solutions for Africa’s future.

Mr Kevin Nwanze, Executive Secretary, PETAN, disclosed this in a statement on Sunday in Lagos.

Nwanze said that PETAN’s Nigerian pavilion at OTC 2024 would be hosted under the theme, “Sustainable Energy Solutions for Africa’s Future”.

He said that the conference would have more than 200 hours of multidisciplinary discussions and networking events, including a wide range of topics, suited for every participant.

PETAN scribe, however, called for stakeholders’ participation at the 2024 OTC, holding between May 6 and May 9 at the NRG Park, Houston, Texas, US.

According to him, PETAN has been responsible for hosting stakeholders at the OTC for many years.

“The association is calling on government agencies, stakeholders, oil and gas companies, and Nigerian investors to participate at the Nigerian pavilion at the prestigious event in Houston, U.S.

“Participation in the Nigerian pavilion shall deliver a unique opportunity for exhibitors and delegates to interact with global professionals

“As they share their insights on technological advances, energy transition, safety, environmentally focused solutions, and economic and regulatory impacts of the offshore energy sector,” he aded.

Nwanze said: “It allows organisations to engage with world leaders, CEOs, and government officials from around the world, with the chance to create and develop business relationships.

“And also tap into emerging regions vital to offshore development and obtaining recognition necessary for growth and visibility to thousands across the globe.

“Showcase your company’s capabilities to over 1,000 delegates and over 250 companies in the industry.

“Promote products and services to operators and contractors in the local region.

“Gain access to the latest industry news and access to networking opportunities with professional contacts from across the world.

“Network with the upstream, midstream, and downstream organisations and high-profile government officials and key decision-makers in the industry.

“Build and establish new leads as well as entrench a global presence in the industry.

“Get familiar with competitors’ capabilities to stay ahead in the industry,” the statement read.

The OTC 2024 expects over 31,000 energy professionals as attendees, 45 technical sessions, 450 presentations and over 1,300 exhibitors drawn from different countries, including Nigeria.

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