Osun State to Mint Gold Coins in Landmark Partnership

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Osun State, Nigeria, is set to embark on a significant economic initiative with the commencement of gold coin minting, following a groundbreaking agreement signed on January 9, 2025.

This partnership involves the African Diaspora Central Bank (ADCB), Omo-Oba Mining Nigeria Limited, and R&S Consulting based in Germany. The collaboration aims to add local value to Osun’s mineral resources and empower artisanal miners in the region.

In a joint statement released after the agreement, the parties highlighted the potential for economic transformation through their collaboration.

The initiative will mint physical gold coin denominations of the African Kingdoms LUMI (AKL), with an initial investment of $50 million from the ADCB.

Ms. Jumoke Lawoyin, CEO of Omo-Oba Mining Nigeria Limited, expressed her enthusiasm for the project, revealing that R&S Consulting and Omo-Oba Mining are committed to harnessing the rich gold resources of Osun State in a manner that benefits both the local economy and the broader African economic landscape.

“By supporting artisanal miners with critical infrastructure, we aim to create a sustainable and efficient value chain, from refining to minting, that ensures the direct monetization of gold secured from Osun State,” she explained.

The agreement emphasizes more than just resource extraction; it focuses on empowering local artisans and enhancing economic stability.

Stephen Adeoye and Raphael Ofori-Adeniran, partners at R&S Consulting, stated that this initiative goes beyond mere resource extraction; it is about empowering local artisans, enhancing economic stability, and promoting long-term growth. They believe that integrating refined gold into the LUMI currency will not only add value but also provide a stable income source for the people of Osun State.

HRM Rex Semako I & VI King Timothy Elisha McPherson, President of ADCB, noted the historical significance of artisanal mining in Osun, explaining that the artisanal miners of Osun State have been making money out of gold, bronze, and precious stones for countless generations.

“Our investment facilitates the transformation of their gold trade into a modern gold industry,” he stressed.

He emphasized that this project would provide monetary and structural confidence to regional partners while enhancing ADCB’s role as a global financial clearinghouse for the African Diaspora.

This monumental agreement follows the launch of the IPADA Initiative at the end of 2024, which aims to transform Africa into a robust “Tourism Super Economy.”

The ADCB has committed $9 billion towards constructing six luxurious cruise ships to enhance tourism between Africa and the Diaspora.

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