Lagos Commodities, Futures Exchange Presents Eko Gold Coin to SEC

Nume Ekeghe

Lagos Commodities and Futures Exchange (LCFE) has presented the Eko Gold Coin to the Securities and Exchange Commission (SEC), the apex regulatory body of the Nigerian capital market, in a bid to drive confidence, structure the gold market and deepen the commodity ecosystem.

The Eko Gold Coin was created out of the need to have an alternative asset class that investors can invest in apart from equities and fixed-income instruments. Each of the coins is 24-carat, weighing 50 grams with 99.99 percent purity.

The Chairman of LCFE, Patrick Ezeagu in a statement said the commodities ecosystem was being reformed and transformed with the development of innovative products and fungible instruments that are being introduced into the market.

According to him, one of such innovative products developed by the LCFE is the Eko Gold Coin, which, he commended SEC for helping to drive.

In his remarks, Group Head, Agric Finance & Solid Minerals with Sterling Alternative Finance (SAF), which is the Non-interest arm of Sterling Bank Plc, Olugbenga Awe, noted the bank’s excitement at being part of the Eko Gold Coin innovation and commended the LCFE for championing it.

“It is important to take it to the market to drive awareness and ensure participation,” Awe noted, adding that the visit to the SEC was to present the coins to them as the apex regulator of the capital market.