Dukia Gold only legal entity licensed for gold refining – SEC

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Securities and Exchange Commission (SEC) Managing Director Mr. Lamido Yuguda has announced that Dukia Gold is the only legal entity approved and designated by the SEC for gold refining, bullion dealer and service provider storage facility in Nigeria for the physical delivery of gold to the capital market through the Lagos Commodities and Futures Exchange (LCFE).

Yuguda made the statement at the BusinessDay Breakfast Meeting on Creating an Enabling Environment for Investment in Precious Metals (IPM) in Nigeria, organized and co-sponsored by Dukia Gold and the Lagos Commodities and Futures Exchange (LCFE).
He explained that any physical aggregation of gold bullion for sale through the Nigerian Capital Market, the Designated Gold Exchange, which is the LCFE, can only be done through Dukia Gold.

Dukia Gold welcomes this pioneering status and unique opportunity to introduce gold as an IPM to the Nigerian capital market through an SEC regulated and licensed commodity exchange, LCFE .

Also speaking, the Managing Director of the Lagos Commodities and Futures Exchange (LCFE), Mr. Akeredolu Ale, said he was delighted to

announce that the first shipment of physical gold traded for cash through an SEC-approved Dukia Gold Exchange Traded Certificate gold instrument will be listed and traded on the Exchange.

He explained that the gold instrument, the Dukia Gold Exchange Traded Certificate (DGETC) issued by Dukia Gold is a negotiable certificate backed by one kilogram LBMA Standard IPM – Gold Bar with a fineness of 999.9 to be traded on the LCFE.

Akeredolu said that LCFE, being an SEC-regulated exchange, provides investors with a structured market to easily trade gold and other IPMs, in particular the gold instrument DGETC which is an electronic certificate (instrument) available for trading on the primary and secondary market of the Exchange.

The Managing Director of Dukia Gold, Mrs. Bose Owolabi encouraged the investing public to take advantage of the DGETC, a 1kg physical gold investment opportunity that Dukia Gold has introduced to the Nigerian capital market. She said gold has proven over time to be a hedge against economic uncertainty and inflation, a portfolio diversifier and a store of wealth.

Chairman of Dukia Gold, Mr. Tunde Fagbemi commended the Ministry of Mines and Steel Development (MMSD), SEC, LCFE and other stakeholders for creating an enabling environment for investment in precious metals in Nigeria as it could potentially boost growth and stimulate the economy. .

The management of Dukia Gold wishes to inform the investing public that they can now express their interest in the physical gold spot via the Dukia Gold Exchange Traded Certificate (DGETC) by completing an online form.

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