Lagos State governor, Babajide Sanwo-Olu has said that the launch of Eko Gold Coin ” is no doubt the beginning of a new and exciting chapter for the investment community in Nigeria and even abroad.
The governor said Nigerians were seeing a maturing of the investment marketplace, and a welcome expansion of the opportunities available for those who want to invest their money.
Sanwo-olu spoke at the historic commissioning of the newest financial marketplace in Africa’s largest subnational economy: the Lagos Commodities and Futures Exchange (LCFE).
” This morning, we witnessed the launch of a Gold Spot Contract Series, valued at 100 million Pounds Sterling(£), comprising gold-backed financial instruments that will be listed and traded on the LCFE. What this means, is that these spot contracts can be redeemed at any time for specially-made gold coins at designated vaults.
” We also witnessed the launch of the first tranche of special gold coins for which the Spot Contracts can be redeemed. Those gold coins will be known as the “EKO GOLD COIN”, and this first tranche, designed as a proof-of-concept will comprise 58 units of the coin, valued at over 100 million Naira.
“After this proof-of-concept launch, we have been reliably informed that future listings of the Eko Gold Coin will take place in tranches of 10 million Pounds Sterling.
“This is no doubt the beginning of a new and exciting chapter for the investment community in Nigeria and even abroad. We are seeing a maturing of the investment marketplace, and a welcome expansion of the opportunities available for those who want to invest their money.
“Against the backdrop of increasingly volatile economic conditions around the world, it is obvious that gold and other precious metals are enjoying renewed attention, on account of their relative stability, and their ability to serve as a hedge against inflation.”