Dele Alake, Nigeria’s minister of solid minerals development, has presented refined gold bars to President Bola Ahmed Tinubu, saying the first transaction of the commodity added $5 million to Nigeria’s external reserves.

In a statement on Sunday by Segun Tomori, the minister’s special assistant on media, Alake said the refined gold will be sold to the Central Bank of Nigeria (CBN) to bolster foreign reserves.

According to the statement, the gold bars presented to Tinubu were sourced from artisanal and small gold miners and refined by the Solid Minerals Development Fund (SMDF) to meet the London Bullion Market Association’s good delivery standard over the weekend.

He told the president that the event marked the first commercial transaction under the national gold purchase program (NGPP), a centralised offtake scheme supported by a decentralised aggregation and production network of artisanal and small-scale miners and cooperatives.

Alake said the transaction delivered a $5 million increase in Nigeria’s foreign reserves assets, 70 plus kilograms of gold refined to the London Bullion Market good delivery standard, and a successful aggregation of locally mined gold, thereby injecting about N6 billion into the rural economy.

“The successful completion of the first commercial transaction clearly demonstrates the National Gold Purchase Program’s effectiveness,” the minister said.

“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 commended Tinubu for supporting reforms in the solid minerals sector, assuring that the NGPP will increase the country’s reserve and boost the naira’s value.

Receiving the gold bars, Tinubu also lauded the ministry for achieving a major milestone in the administration’s drive to diversify the economy.

“This is another concrete step towards the diversification process under the Renewed Hope Agenda” the president said.

In her remarks, Fatimah Shinkafi, executive secretary of the solid minerals development fund, said the London Bullion Market good delivery standard is the globally recognised stringent and trusted standard that enables the global trade in gold and silver bars.

“Only gold and silver bars that meet our Good Delivery standards are acceptable in the settlement of a Loco London contract – where the bullion traded is physically held in London” she said.

Shinkafi said through the efforts of the NGPP, Nigeria has joined a select group of countries that support their gold reserves by purchasing gold in local currency.

She said the initiative aims to foster economic confidence, enhance currency stability, and create a more attractive environment for foreign investment.

Under the auspices of the Concerned Federal Lawmakers for Peace and Security in the South-East, fifty members of the House of Representatives representing the six geopolitical zones of the nation have written to President Bola Ahmed Tinubu, pleading with him to invoke Section 174 of the Nigerian Constitution 1999 (as amended) and Section 107(1) of the Administration of Criminal Justice Act, 2015, in order to free Nnamdi Kanu, the leader of the Indigenous People of Biafra, from the Department of State Services’ custody.

The lawmakers, who were elected on the platforms of various political parties, wrote to President Tinubu on June 19, 2024, asking him to start a peace initiative to address the region’s security concerns.

Some of the signatories of the three-page letter include Obi Aguocha (Abia), Ikenga Ugochinyere (Imo), Afam Ogene (Anambra), Muhammed Jajere (Yobe), Aliyu Mustapha (Kaduna), Midala Balami (Borno), and Abiante Awaji-Inombek (Rivers).

Others are Dominic Okafor (Anambra), Etanabene Benedict (Delta), Abdulmaleek Danga (Kogi), Shehu Dalhatu (Katsina), Chinedu Martins (Imo), Matthew Nwogu (Imo), Peter Aniekwe (Anambra), Koki Sagir (Kano) and Amobi Oga (Abia) among others.

The IPOB leader had last week expressed his desire to have the treason charges filed against him by the Federal Government settled out of court.

He also denounced the killings in the South-East resulting from IPOB agitation for the separation of Igbo from Nigeria.

The lawmakers, in their letter, urged President Tinubu to mandate the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi to invoke his powers of nolle prosequi under the provisions of Section 174(1) of the Constitution and Section 107(1) of the Administration of Criminal Justice Act 2015, and cause the release of Mazi Nnamdi Kanu from detention and discontinue his trial.

They recalled that the President extended this gesture through the office of the Attorney General to activist Omoyele Sowore, who was charged with treasonable felony.

“Your Excellency, we are concerned members of the House of Representatives of the Federal Republic of Nigeria with a strong belief and trust that the Renewed Hope Agenda and the various positive reforms would be seen and felt by all. It is against this backdrop that we, the undersigned, hereby beseech Your Excellency to direct the Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi SAN, to invoke his powers of nolle prosequi under the provisions of Section 174(1) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) and Section 107(1) of the Administration of Criminal Justice Act 2015, and cause the release of Mazi Nnamdi Kanu from detention and discontinue his trial.

“We collectively believe this is long overdue and would be instrumental in opening the door for much-needed conversations surrounding peace reformation and inclusivity, as well as addressing the issues that led to the agitations, especially at this time when Nigeria is going through several constitutional reforms.

“Your Excellency, we resolutely believe that this singular act can serve as a pivotal gesture towards national unity, as it would address some of the political, security, and economic concerns in the region. It would encourage stakeholders from the South-East to engage more actively in the national discussions on the renewed hope agenda, thereby promoting inclusivity and addressing long-standing grievances.

“This, we believe, will also help dismantle the apparatus of violence and restiveness that has plagued the region, allowing for a focus on economic growth and development. This comes at a time when the nation-state is under enormous pressure, including but not limited to unemployment, insecurity, hunger, and poverty, thereby de-escalating tension from all sides.”

Nigeria’s President, Asiwaju Bola Ahmed Tinubu, has directed that all civil servants drawing salaries from the government after relocating abroad should be made to refund the money.

The President further ordered that the offenders’ department directors and supervisors face consequences for their complicity in the fraud while they were in charge.

At the award ceremony held by the Office of the Head of the Civil Service of the Federation on Saturday to celebrate 2024 Civil Service Week, Tinubu issued the mandate.

A few exceptional government servants from key ministries were also honoured during the ceremony.

The President voiced his displeasure with the phantom workers’ attitude through George Akume, Secretary to the Government of the Federation.

“During my recent visit to South Africa, I kept abreast of the week’s activities.

“I was particularly struck by the revelations the Head of the Civil Service shared regarding employees who had relocated abroad while drawing salaries without formally resigning.

“It is heartening to hear that measures have been taken to address this issue, but we must ensure those responsible are held accountable and restitution is made.

“The culprits must be made to refund the money they have fraudulently collected.

“Their supervisors and department heads must also be punished for aiding and abetting the fraud under their watch,” Tinubu said.

He reiterated that the government would take appropriate measures to ensure they were punished and the money refunded to the government treasury.

The President acknowledged the challenges in the civil service sector and reiterated his commitment to address them for optimal performance.

“Our administration acknowledges the challenges the civil service is facing.

“I want to assure you that we are committed to ensuring the welfare and development of all civil servants to deliver optimal performance for the growth of our nation.

“Over the past year, I have provided all the necessary support to the Head of the Civil Service of the Federation to ensure the continued stability of the civil service.

“I also supported the office in implementing far-reaching policies and reforms capable of improving efficiency and service delivery, ” the President said.

Earlier reports had it that other activities to mark the night were the presentation of the top three prizes to the winners and an additional N500,000 cash prizes to 40 workers.

Making the presentation, Dr Folasade Yemi-Esan, the HOCSF announced the top three prizes won by three lucky officers at the event.

“The Star Prize is a Brand New 2023 JAC JS4 Luxury Model SUV; the second is a two-bedroom semi-detached bungalow; and the third top prize is a serviced plot of land measuring 400 sqm.

“I am also pleased to announce that the Nigeria Customs Service has graciously committed to donating six Toyota Camry cars in support of the 2024 Civil Service Week.

“The office has started receiving the vehicles, and these will be presented as prizes to the next set of runner-up best-performing officers,” she said.