LEAD Resources: The Dukia Gold Journey

LEAD Resources: The Dukia Gold Journey

WHAT IS DUKIA GOLD?

Dukia Gold is a precious metals transaction platform developed to provide holistic solutions to the myriads of challenges in the solid mineral industry in Nigeria. It is available for download at Google Play Store.

WHY DUKIA GOLD?

Nigeria has suffered endemic corruption in virtually every sector and sphere. Daily, many are churned out of the system with a couple of disadvantages that propel them to descend into the pit of corruption and wickedness against their fellow men. However, there are always a select few who have hearts to fight lawlessness in their spheres of influence. This Dukia Gold is a contribution of such people.

The state-of-the-art solution was developed to introduce transparency and order into Nigeria’s precious metals industry, especially as it pertains to gold. The solution automates transactions from end-to-end such that all stakeholders benefit expressly and accordingly.

This is a contribution of Dukia Gold team and Heritage Bank.

THE DUKIA GOLD JOURNEY

Dukia Gold was born of another platform. It was not created with the intention to take the world by storm as it were; it was developed to be a proof of concept by a group of young, local developers. The solution which opened the way for the development of Dukia Gold is called Hamora.

Hamora is the premiere online, socio-cultural platform which aggregates the culture and heritage of Ogun state. It is a crowd-sourcing platform which allows for indigenes of the state to share their own content in history, artifacts, commerce, business, projects, festivals and related socio-cultural topics. The Hamora platform was developed between October and December, 2019 by the Technology and Innovation team of LEAD Resources, Marcellus Nwankwo and Ayo Lala.

After development, Hamora was showcased to the Digital Advisory Economy Group. The Chairman of the Digital Advisory Economy Group (the Former MD. of Chams Technology, Lagos), Mr. Williams, appreciated the thought process, the work process, the delivery of the presentation and the potential of the platform.

Mr. Williams verified the true creators of the Hamora platform to be “local web developers,” the Technology and Innovation team of LEAD Resources, Marcellus Nwankwo and Ayo Lala. In the moment, he suggested to the Chief Solutions Architect of LEAD Resources, Mr. Kehinde Sogunle, that another application be developed, one that he envisioned would be ground-breaking, proving that such a thing can be created by Nigerian youths.

Thereafter, a formal meeting was held where they discussed the scope of what the young developers were to accomplish and in no time, work started. It started out as a proof of concept as the developers presented a minimum viable product within two weeks. In no time, this minimum viable product became a product that was sought for by major stakeholders.

The developers thereafter had to review and deepen the platform. This led to the collaboration of the Dukia Gold team with Heritage Bank Plc. The work process for Dukia Gold is such that it incorporates the transactional and storage facilities of a bank, which of course is now Heritage Bank Plc.

Dukia Gold was launched on the 9th of June, 2020 by 9 am via Zoom – Meet and Chat. In attendance were over 425 guests including stakeholders such as:

Dukia Gold
The Launch of Dukia Gold
  • The Vice President of the Federal Republic of Nigeria, His Excellency, Professor Yemi Osinbajo, SAN, GCON;
  • The Minister of Mines & Steel Development, Arc. Olamilekan Adegbite;
  • The Minister of State, Mines & Steel Development, Dr. Uchechukwu Ogah;
  • The Minister of Finance, Budget & National Planning, Mrs. Zainab Ahmed;
  • The Minister of Industry, Trade & Investment, Otunba Adeniyi Adebayo;
  • The Executive Governor, Ekiti state, Mr. Kayode Fayemi;
  • The Chairman, Heritage Bank, Jani Ibrahim;
  • The Managing Director, Heritage Bank, Mr. Ifie Sakibo;
  • The Managing Director, Dukia Gold & Precious Metals Refining Co. Ltd, Mrs. Bose Owolabi;
  • The Managing Director, NEXIM Bank;
  • The Managing Director, Lagos Commodities & Futures Exchange (LCFE), Mr. Akin Akeredolu-Ale;
  • The Managing Director, PAC Capital, Mr. Humphrey Oriakhi;
  • The Managing Director, NewWaves Ecosystem, Mr. Femi Williams;
  • The Executive Secretary, Solid Mineral Development Fund, Mrs. Hajiyaf Fatima Shinkefi;
  • The Director, Global Head, Advisory and Capital Markets, AFREXIM Bank, Mr. Ibrahim Sagna;
  • The Chief Solutions Architect, LEAD Resources, Mr. Kehinde Sogunle;

Amongst many other relevant stakeholders!

HOW TO USE

Dukia Gold comprises all the necessary tools for a seller to begin and complete transactions. First, the application is downloaded from Google Play Store and installed accordingly. After installation, the user is prompted to complete a registration process.

Sellers can register in Non-Licensed category as:

  1. Artisanal Miner
  2. Aggregator
  3. Recycled Gold Seller (such as housewives and gold owners)

Sellers can register in Licensed category as:

  1. Small-scale miners
  2. Tier 1
  3. Large-scare miners

Thereafter, registration is complete!

The application intelligently engages in Know Your Customer (KYC) verification using facial recognition technology against Bank Verification Number (BVN), thereby verifying accounts for sellers, real time. A unique DUKIA membership code is created after successful registration. Subsequent log in to the application is via facial recognition, fingerprint or password.

After log in, the user is taken to the home page which contains the tools for all transactions. The miner or seller then proceeds to any of the buying centres at Heritage Bank nationwide to sell his or her gold. The miner or seller initiates the transaction on the mobile app.

The buying centres are equipped with sophisticated electronic weighing scale and X-ray Fluorescence (XRF) devices which give undisputed certificate of quality with the percentage of gold and other elements in the sample. The seller is attended to by a world-class precious metals assay and evaluation expert.

After evaluation of the sample, the seller consents to the offer and Heritage bank credits the sellers’ account electronically. The gold sample is packaged in a tamper-proof bag for vaulting and onward processing and subsequent storage in a bank vault.

The platform complies with all relevant local and international standards such as OECD, OBMA, Responsible Gold Buying and NDPR guidelines. It is thoroughly user-friendly and proudly Nigerian.

This Dukia-Gold application has taken the solid mineral industry in Nigeria by storm and gradually, its relevance is spreading beyond the shores of the nation, just like a dream!

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