Kian Smith to trade N21bn gold bars on Lagos Commodities Exchange
Kian Smith FZE is preparing to list over N21bn worth of 1kg LBMA-certified gold bars on the Lagos Commodities and Futures Exchange. The company's Managing Director, Nere Emiko, says the initial offer will be 100kg of gold bars, aiming to test the Nigerian capital market's appetite for structured gold trading. Investors can purchase as little as 100g from the listed bars, which are insured and securely stored. Industry leaders highlight the move as a significant step for Nigeria's commodities market.
What we know
- Kian Smith FZE will list 100kg of LBMA-certified gold bars, valued at about N21bn, on the Lagos Commodities and Futures Exchange.
- The gold bars are insured, stored in secure vaults, and available for investment in smaller units starting from 100g.
- Nere Emiko says the listing is designed to gauge market responsiveness, with more gold contracts to follow.
- Yemisi Edun of First City Monument Bank Limited describes the transaction as a sign of maturity for Nigeria’s capital market.
- Patrick Ajayi of WCM Capital emphasizes the risk management protocols and the importance of gold for portfolio stability.
