Business
Dukia to trade gold bullion bars on Lagos Commodities Exchange
Dukia Gold & Precious Metals Refining Company Limited is set to commence 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 was disclosed at a virtual seminar just organised by the licensed precious metals mining & refining company and bullion merchant in conjunction with LCFE and the Ministry of Mines and Steel Development.
The virtual seminar was attended by member firms of the Pension Operators Association of Nigeria, licensed commodities exchange operators, commodities broking & trading firms and assets manager.
Minister of Mines and Steel Development, Olamilekan Adegbite, delivered the keynote address, while Dr Oyindasola Oni, the Chairman of the National Pension Commission, gave the goodwill message.
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.
Managing Director of the Lagos Commodities & Futures Exchange (LCFE), Mr Akin Akeredolu-Ale, said the build-up to the virtual seminar on investing in gold started as far back as 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 was 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 would further diversify the nation’s economy.
The minister, who was the chairman of the event, remarked that gold investment remained 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 jewellery, 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.
He urged participants and the public, who are discerning and desirous of owning gold assets, to proudly consider and invest in the investment grade products of Dukia Gold in order to add value to Nigeria’s precious metal value chain.
Chairman of the National Pension Commission (PENCOM), Dr Oyindasola Oni, highlighted the wish of the industry to have more investment grade financial instruments which would 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 performance of the stocks and bonds market, was well documented.
He went on to point out the requirements of investment grade assets as stipulated within Sections 3, 4, and 5 of the regulations on the Investment of Pension Fund Assets.
These sections, he said, specified the authorized markets, allowable instruments and minimum quality requirements for investment instruments/securities to qualify for pension fund investments.
He said, “Investment of pension assets in gold instruments, therefore, depends on compliance with these requirements; needless to reiterate that the safety of pension assets remains a fundamental objective of pension fund investments.”
According to him, pension fund operators play a critical role as institutional investors in developing the financial market.
He particularly charged the PFAs to give serious considerations to investing part of the almost N14 trillion in their coffers in investment grade gold bullion bars, an investment option which Dukia Gold is promoting through its DGETC.
Oni made this charge against the backdrop that the rapid growth of the pension assets had not seen corresponding increases in investment outlets within our domestic market, adding that the government had been the largest beneficiary of pension funds investment with more than 61 per cent of the accumulated assets devoted to it.
Two key lecture presentations to enlighten participants on the benefits and implications of investing their assets in investment grade gold were made by Mrs Morohunke Bammeke, a former managing director of PAL Pensions and Mr David Adeyinka, an investment analyst, based in the United Kingdom.
The two speakers spoke on the benefits which investments in good delivery gold bars meant for investors in terms of wealth preservation, reliability and assurance of non-depreciation of the value of assets held in LBMA-grade gold bars even during turbulent economic times.
Both speakers supported the view that gold was traditionally used by investors to hedge against inflation, currency risks and systemic risks that might affect entire financial markets such as the Covid-19 pandemic and the 2007/2008 financial crisis when gold returned over 31 per cent price appreciation.
This, they stressed, was because dold investments had traditionally exhibited negative correlation with stock markets and tend to do better in times of financial crisis.
The presentation of the DGETC was made by Mr Seun Osomo of Vetiva Securities, who referred to this unique exchange-traded gold-backed product as a game changer.
Aviation
Aviation workers threaten nationwide airports shutdown over Customs officer assault
Aviation workers threaten nationwide airports shutdown over Customs officer assault
Aviation unions have announced plans to shut down airports across Nigeria starting March 31 in protest against the failure to remove a customs officer who allegedly assaulted the Director of Aviation Security at the Federal Airports Authority of Nigeria (FAAN).
In a joint statement signed by Ocheme Aba (NUATE), Frances Akinjole (ATSSSAN), and Abdul Rasaq Saidu (ANAP), the unions condemned the repeated physical assaults on FAAN staff, vowing not to tolerate such incidents any longer.
The unions also called on the government to urgently reduce the number of customs officers operating within the aviation sector, aligning with global best practices. They warned that if their demands are not met, they will proceed with the nationwide shutdown, potentially disrupting air travel and operations.
The statement reads: “Considering the enormity and frequency of physical and psychological assault on the staff and management personnel of FAAN, of which there is no end in sight, we are compelled to inform the management of the unwavering determination of our unions to cause the establishment of a clear framework of mutual respect among FAAN staff and the security agencies operating at the airports.
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“Consequential sanctions are in place which guarantee the safety and human rights of FAAN staff. We shall direct all the workers to withdraw from the airports with effect from March 31, 2025, pending when such protocols are established.
“The recent assault on no less a personality than the Director of Aviation Security of FAAN is one too many, which leaves a taste too bitter to swallow. It is our sincere hope that our demand in the above respect is well met to avoid the industrial conflagration that will ensue in the absence of acceptable remedial actions.”
In response, Abdullahi Maiwada, the spokesperson for Customs, stated in a recent release that the disagreement between FAAN officials and officers of the Nigeria Customs Service (NCS) stemmed from a miscommunication over equipment movement and seating arrangements.
Aviation workers threaten nationwide airports shutdown over Customs officer assault
Business
SEC announces stricter measures to protect investors
SEC announces stricter measures to protect investors
The Securities and Exchange Commission (SEC) has reaffirmed its commitment to protecting investors in Nigeria’s capital market by cracking down on fraudulent activities.
According to the Director-General of SEC, Dr. Emomotimi Agama, operators engaging in unscrupulous practices will face strict penalties as the Commission prioritizes safeguarding investor interests.
“So, clearly for us, it is getting people to understand that there is no hiding place anymore for anybody that has the intention to defraud Nigerians and to defraud anybody that is investing in this market,” Dr. Agama stated, emphasizing the Commission’s zero-tolerance policy.
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Dr. Agama highlighted that the Investments and Securities Act (ISA) 2007 serves as the framework for securities regulation in Nigeria, ensuring that market operators adhere to high ethical standards.
He emphasized the importance of the “fit and proper person’s test,” which requires operators to meet specific regulatory criteria to maintain their licenses.
“This is because the very ethics of regulating or registering a securities market operator is in the principle of the fit and proper person’s test,” he explained.
“What you have been seeing most recently by the revocation of licenses, the suspension of operators and our follow-up to operators that are not registered with the SEC is only a tip of the iceberg as to what we intend to do this year.”
Dr. Agama assured stakeholders that the SEC will leverage its regulatory powers under Nigerian law to deter fraudulent activities, noting, “We believe strongly that a protected investor is a powerful investor.”
SEC announces stricter measures to protect investors
Business
Bitcoin rises above $86,000 as crypto market gains momentum
Bitcoin rises above $86,000 as crypto market gains momentum
Bitcoin and other leading cryptocurrencies extended their gains on Monday, buoyed by positive investor sentiment despite concerns over upcoming U.S. tariffs and key economic data releases later this week.
As of 7am WAT, Bitcoin rose 3.2% to $86,590, while Ethereum gained 2.3%, trading at $2,047.
The global cryptocurrency market capitalization increased by 2.94% in the past 24 hours, reaching $2.84 trillion.
Other notable performers included XRP, Cardano, and Dogecoin, which posted gains of 3%, 2%, and 3.8%, respectively. Chainlink, Avalanche, Hedera, and Stellar recorded growth ranging from 3% to 10%.
“Bitcoin is holding above $86,000, registering a 3% gain today. The key resistance level to watch is $86,700; a breakout could pave the way for $90,000,” said Vikram Subburaj, CEO of Giottus.
Bitcoin’s market capitalization surged to $1.727 trillion, with dominance rising to 60.73%. Its 24-hour trading volume soared by 93% to $18.2 billion, while stablecoin transactions accounted for 94.74% of total crypto trading, reaching $57.58 billion, according to CoinMarketCap.
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Solana Outperforms Peers Amid Positive Market Sentiment
Solana (SOL) emerged as a standout performer, surging over 7% in the past 24 hours to trade above $139.
The rally was fueled by reports suggesting that President Trump’s April 2 tariffs may be more targeted than initially feared, easing market concerns.
Weekend rumors indicated that the tariffs might include country exemptions and non-cumulative charges on metals, contributing to improved sentiment across global markets.
The Federal Reserve’s projections for two rate cuts this year further supported risk assets, with the central bank describing potential tariff-induced inflation as “transitory.”
BitMEX co-founder Arthur Hayes expressed optimism about Bitcoin’s trajectory, stating, “The Fed’s policy orientation could help Bitcoin achieve $110k before it retests $76.5k.”
Solana’s momentum aligns with unprecedented acceptance rates. DeFiLlama reported that Solana’s total value locked (TVL) reached 54.87 million SOL, its highest level since June 2022. Ali Charts revealed that a record 11.09 million addresses now hold SOL, underscoring growing adoption.
Bitcoin rises above $86,000 as crypto market gains momentum
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