Dukia to Trade Gold Bullion Bars on LCFE

Chinedu Eze

Dukia Gold & Precious Metals Refining Company Limited has completed arrangements for the trading of fully refined London Bullion Market Association (LBMA) investment grade gold bullion bars, its derivatives and related products on the floor of the Lagos Commodities & Futures Exchange (LCFE).
This development was disclosed 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 Managing Director of Dukia Gold & Precious Metals Refining Company Limited, Ms. 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), Mr. Akin Akeredolu-Ale, while welcoming participants, stated that the build up to the virtual seminar on investing in Gold started as far back as 2019.
He stated that both the LCFE and Dukia Gold had long focused on how Nigerians can 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 particularly for the solid minerals sector, a move which he affirmed will further diversify the nation’s economy.
Minister of Mines & Steel Development who was Chairman of the event, remarked that Gold investments are said to be a unique, time-tested wealth preservation instrument, thus creating a vehicle for Nigerians to build and preserve wealth over the long term.He noted that Good Delivery Gold bars and their derivatives are unlike jewelry, ornaments or raw gold, are investment grade precious metals (IPM), which are essentially financial assets that are actively traded, similar to financial instruments such as stocks and bonds.Adegbite said it is such IPM product that a proudly Nigerian Gold and Precious Metal Refinery, the Dukia Gold and Precious Metals Refining Company Limited, one of the organisers of the webinar, was introducing in Nigeria through the Lagos Commodities and Futures Exchange.