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The Lagos state government have launched the official trading of Eko Gold coin by the Lagos
Commodities and Futures Exchange (LCFE).
This trading which has its license from the Securities and Exchange Commission (SEC), and is aimed at trading gold with the London Bullion Market Association and targeting globally acceptable pricing and quality.
This was disclosed by the Lagos state governor Babajide Sanwo-Olu During the launch of the Eko gold coin on July 28, 2022.
Sanwo-Olu disclosed that the Gold Spot Contract Series is valued at 100 million pounds sterling, and comprises of gold-backed financial instruments that will be listed and traded on the LCFE.
He highlighted that the contracts is redeemable at any time for specially-made gold coins at specific vaults.
Sanwo-olu said “history is being made with the formal commissioning of this Securities and Exchange Commission (SEC)-regulated marketplace, dedicated to the electronic trading of Nigerian agricultural commodities, solid minerals, and oil and gas.
“I announced the launch of the first tranche of special gold coins, called the ‘Eko Gold Coin’, for which the Spot Contracts can be redeemed.
“In order to globalize this trade, through partnerships with other Commodity Exchanges around the world.”
Sanwo-Olu also disclosed that the gold coin first tranche designed as a proof-of-concept, will comprise of 58 units of the coin, valued at over N100 million.
He added that after the launch of proof-of-concept, “I am told that future listings of the Eko Gold Coin will take place in tranches of 10 million pounds sterling.”
Sanwo-olu emphasized that this occasion is the first time metal would be offered on exchange in Nigeria as Africa’s largest crude producer. He encourages its public and private sectors to develop other mineral resources, like gems, zinc, iron ore and lead, to help curb dependence on crude oil, which accounts for over 90 per cent of earnings.
Also speaking at the event the The president and chief executive officer, Thor explorations, Mr Segun Lawson disclosed that in the second quarter of 2022, Segilola had produced over 45,000 ounces of gold.
Recall that In 2021, Thor explorations Nigeria is the only large-scale commercial gold mine that recorded the first commercial gold output from its Segilola mine, with a target of 85,000 ounces a year.
He said in Q2 2022 gold production was up to 11% on Q1 2022, returning a total of 45,128 oz of gold produced in the first half of the year.
Lawson also noted that they remain very pleased with the company’s operational performance, which continues to improve in all areas month on month.
He said in Q2 2022 gold production was up to 11% on Q1 2022, returning a total of 45,128 oz of gold produced in the first half of the year.
The occasion was the first time the metal would be offered on exchange in Nigeria as Africa’s largest crude producer encourages its public and private sectors to develop other mineral resources, like gems, zinc, iron ore and lead, to help curb dependence on crude oil, which accounts for over 90 per cent of earnings.
