Solid Minerals
New Ethanol Plant Berths in Ogun
LAGOS – A new ultra modern ethanol manufacturing plant will be commissioned today at Igbesa, Ogun State.
Among those expected to grace the occasion are past president, Chief Olusegun Obasanjo and the host governor, Senator Ibikunle Amosun, captains of industries and other eminent personalities in the country
The plant is built by aAtlantic Distilleries Ltd (AADL), a subsidiary of the Lexcel Group, to produce ethanol, a major component in the production of spirit, using cassava.
In a statement, Tuesday, Production Manager of AADL, Mr. Sowemimo Michael, said that the factory has 10 million liters per annum installed capacity of ethanol; requiring approximately 240 tons of cassava per day at an average of 10 tons per hour.
“After the weighing, it will be transported to the rasper machine where it will go through milling, liquefaction, and fermentation process. In each of these segments, state-of-the-art machines and equipments have been installed to ensure the plant operates at optimal capacity.
“this is certainly the beginning of a new dawn in the wine and spirit industry in Nigeria, and we are setting the pace in line with our company’s objective to remain the number one in the nation’s distillery sector,” he said.
He added that the new plant has further reinforced the company’s objective to remain the market leader, not withstanding competition in the distillery sector as no other distilleries have distillation plants in Nigeria, not to talk of extracting ethanol from cassava. “I will give kudos to the management team because this is another initiative which will make us to be in total control of the quality of our products and other necessary materials and relevant parameters of the ethanol.
Our product will be quite different from any other distilleries company because as far as Nigeria is concerned today we are the only group of companies laying claims to the production of beverages, wine and spirit with the aid of a distillation plant,” he said.
– VANGUARD
Business
Nigeria set to boost Naira value and foreign reserve with local gold production, as Tinubu receives gold bar
IN a significant move to strengthen Nigeria’s economy, President Bola Tinubu received a symbolic gold bar on Sunday from the Minister of Solid Minerals Development, Dele Alake.
This gesture marks the commencement of the National Gold Purchase Program (NGPP), aimed at boosting the naira’s value and enhancing the country’s foreign reserves.
Minister Alake expressed gratitude to President Tinubu for his support of reforms in the solid minerals sector.
He highlighted that the NGPP, which involves sourcing gold from artisanal and small-scale miners and refining it to meet the London Bullion Market Association’s Good Delivery Standard, will substantially contribute to Nigeria’s economic stability.
Alake stated “This initiative will significantly increase our foreign reserves and strengthen the naira. The refined gold will be supplied to the Central Bank of Nigeria, marking a crucial step in our economic strategy.”
The presentation also underscored the first commercial transaction under the NGPP, establishing a centralized gold purchasing system that integrates small-scale miners, cooperatives, and production units across the nation.
This program is expected to provide a structured market for gold, fostering economic growth and stability.
He said, “The successful completion of the first commercial transaction clearly demonstrates the National Gold Purchase Program’s effectiveness. It has increased the nation’s foreign reserves assets and shown that using the Nigerian Naira to purchase a liquid asset traded in United States Dollars, such as gold, is a viable strategy. This transaction has also underscored the potential of the National Gold Purchase Program to enhance fiscal and monetary stability.”
Alake added that the initial commercial transaction under the program resulted in a +US$5 million boost in Nigeria’s foreign reserve assets.
The transaction involved refining over 70 kilograms of gold to meet the London Bullion Market quality standard and aggregating locally mined gold, thereby infusing approximately NGN6 billion into the rural economy.
President Tinubu expressed appreciation for the Ministry’s accomplishment in advancing the government’s goal of economic diversification by acknowledging and displaying the symbolic gold bar
Solid Minerals
FG Fingers Foreigners Sponsoring Banditry For Illegal Mining
The Nigerian Government has threatened to come down heavily on foreigners sponsoring bandictory as a way of sustaining illegal mining activities in parts of the country.
The warning was handed down in Abuja by Minister, Solid Minerals Development, Dr Oladele Alake, while receiving a delegation of the Nigeria-China Chamber of Mines led by its National President, Dr. Olugbenga Ajala.
Details of these were contained in a statement released by Head, Press & PR, Ministry of Solid Minerals Development, Alaba Balogun over the weekend.
The statement cited, Dr Alake, thus, “The government will come down firmly on these unscrupulous foreign operators sponsoring banditry to perpetrate illegal mining: let me use this medium to appeal through you to tell those sponsors to desist or face the full wrath of the law.”
According to Dr Alake, the Ministry is committed to establishing a multi-agency task force that will end the activities of illegal miners and their collaborators.
The Minster made it clear that the FG had given illegal miners a 30-day-ultimatum to legitimise their businesses, quit Nigeria or incur the wrath of the law.
According to him, this will help “to streamline and structure the Small-Scale Artisanal Miners for maximum yield to the Federal Government.”
The delegation paid a courtesy call on the Minsiter at the Ministry’s headquarters in Abuja.
Energy
Fuel Scarcity: Govt Yet to Increase Pump Prices – NMDPRA
By Edozie Obasi-Eze
Amidst heightening uncertainties in the domestic petroleum products market characterised by scarcity and irregular pricing, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has declared that there’s no intention to review pump prices upwards.
This was contained in an advisory issued by General Manager, Corporate Communications, NMDPRA, Kimchi Apollo.
He stated that the Nigerian National Petroleum Corporation Limited (NNPCL) had imported PMS with current stock levels sufficient for 34 days.
In an attempt to address panic buying and speculations which have seen price of Premium Motor Spirit (PMS) oscillate between N180-N250 in the Lagos area, Apollo assured that there was enough quantity of the product in the country already.
He said, “Consequently, marketers and the general public are advised to avoid panic buying, diversion of products and hoarding.
“In keeping with the Authority’s responsibilities as outlined in the Petroleum Industry Act (PIA), the Authority assures the public that it would continue to monitor the supply and distribution of petroleum products nationwide, especially during this holiday season.”