By Cynthia Alo
Heritage Bank Plc has said its involvement in the private sector collaboration with Dukia Gold & Precious Metals Refining Co. Limited is set to unlock the over N344 trillion market worth of gold investible instruments in the solid minerals sector.
The entity is also set to listed on the Lagos Commodities and Futures Exchange (LCFE).
These were disclosed at the LCFE-Dukia Gold media parley held last weekend at the LCFE Trading Floor in Lagos.
Speaking at the parley, the Chairman of Dukia Gold, Tunde Fagbemi who commended Heritage Bank as the project financier and for its other pertinent supports, said the bank has been playing key role in promoting the first solid mineral listing on Exchange in West Africa.
He explained that the instruments which would be in the form of Exchange Traded Notes (ETN), Commercial Papers (CP), and other gold-backed securities would enable the company to deepen the commodities market in Nigeria.
Commenting on the collaboration, the MD/CEO of Heritage Bank Plc, Ifie Sekibo, said that the partnership was one of the many initiatives of the bank’s objectives of wealth creation, preservation and transfer across generations.
He further disclosed that the bank offer the gold commodity market three focal contact point in partnership, knowledge and perspective sharing, which ensure that every transaction was auditable to protect investors.
Sekibo who was represented by the Divisional Head, Strategy and Business Solutions, of the Bank, Olusegun Akanji, said the bank had created a buying centre for verification of quality and quantity of gold and reference price to ensure price discovery in line with the global standard.
Speaking, the MD, LCFE, Akin Akeredolu-Ale, who also commended Heritage Bank for its critical role in aiding the fundraising and the financier institution for the Dukia Gold’s diversified financial instruments, affirmed that this would enhance the company credibility rating and put Nigeria on the global map.