Dukia Gold opens N344tn market to access foreign investment, forex

Dukia Gold & Precious Metals Refining Co. Limited is set to list on the Lagos Commodities and Futures Exchange (LCFE).

The public listing will make it the first solid minerals company to list on a capital market in West Africa.

The company is making the move for the Lagos Exchange in collaboration with Heritage Bank, which acted as project financier. The listing will enable Dukia Gold & Precious Metals to access foreign investment.

Dukia Gold will raise funds on the Lagos bourse in exchange for Exchange Traded Notes (ETN), Commercial Papers (CP), and other gold-backed securities, the company said at a media briefing on Sunday.

The Chairman of Dukia Gold, Tunde Fagbemi, said the listing isn’t only advantageous to the company, but to the government, which will be receiving foreign exchange from foreign investment in the market stated to worth N344 trillion.

“We are proud to be the first gold company whose products would be listed on the Lagos Futures and Commodities Exchange. The listing shall enable us facilitate our infrastructure development, expand capacity and create fungible products.

“This has potential to shore up Nigeria’s foreign reserve and create an alternative window for preservation of pension funds.

“As a global player, we comply with the practices and procedures of London Bullion Market Association and many other international bodies.” He said, adding that, “Our refinery will also have multiplier effects on the development of rural areas anywhere it is located.

“There must be constant power supply, good road network and other social amenities, apart from employment opportunities for the rural dwellers,” Fagbemi explained.

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