Firm to trade gold bars on Lagos commodities exchange market
Dukia Gold and Precious Metals Refining Company Limited has disclosed plans to trade fully refined gold bullion bars and related products on the floor of the Lagos Commodities & Futures Exchange (LCFE).
At a virtual seminar organised by the licensed precious metals mining & refining company and bullion merchant, in conjunction with LCFE and the Ministry of Mines and Steel Development (MMSD), the stakeholders were unanimous that the development was a good omen for the economy.
Minister for Mines and Steel Development, Olamilekan Adegbite, who delivered the keynote address, noted that gold investments were a unique, time-tested wealth preservation instrument, thus creating a vehicle for Nigerians to build and preserve wealth in the long run.
Adegbite added that good delivery gold bars and their derivatives were unlike jewellery, ornaments or raw gold. They are Investment- grade Precious Metals (IPM), which are essentially financial assets that are actively traded, similar to financial instruments such as stocks and bonds.
He said it is such an IPM product that a proudly Nigerian gold and precious metal refinery, the Dukia Gold and Precious Metals Refining Company Limited was introduced in Nigeria through the Lagos Commodities and Futures Exchange.
He urged participants and the public, who are desirous of owning gold assets, to consider and invest in the investment-grade products of Dukia Gold, in order to add tremendous value to Nigeria’s precious metal value chain.
Managing Director of Dukia Gold & Precious Metals Refining Company Limited, Bose Owolabi, in her welcome address, stated that the seminar was one of the many initiatives along with other partners conducted ahead of the introduction of the Dukia Gold Exchange Traded Certificate (DGETC).
Managing Director of the Lagos Commodities & Futures Exchange (LCFE), Akin Akeredolu-Ale, while welcoming participants, stated that the build-up to the virtual seminar on investing in Gold started in 2019.
He stressed that both the LCFE and Dukia Gold had long focused on how Nigerians could invest and trade in responsibly sourced Gold on a structured and regulated platform such as the LCFE.
He further expressed optimism that the Nigerian economy is taking off on a good note particularly with the development of a commodity trading ecosystem for the solid minerals sector, a move which he affirmed will further diversify the nation’s economy.
In his goodwill message, Chairman of the National Pension Commission (PENCOM), Dr Oyindasola Oni, highlighted the wish of the industry to have more investment-grade Financial Instruments, which will offer more diversifications of available financial assets, necessary to improve the portfolio results of pension funds and asset managers.
He noted that the demand for safe-haven assets by investors following record-high global uncertainty on the performance of the stocks and bonds market is well documented.