As the naira faces sustained currency pressure and global economic uncertainty persists, Dukia Gold has urged investors to view gold not merely as a commodity, but as a strategic portfolio asset capable of supporting diversification, risk management and long-term wealth preservation.
By Yunus, Olawale
Gold’s traditional appeal as a store of value is taking on a renewed significance in an increasingly uncertain global financial environment, according to Dukia Gold & Precious Metals Refining Co. Ltd.
At its August 2026 Wealth Management Seminar, the company presented a detailed investment case for gold, arguing that the precious metal should be considered as part of a distinct and balanced portfolio allocation, rather than simply as a commodity traded for short-term gains.
The seminar, themed “Gold in 2026 and Beyond: The Strategic Case for a Distinct and Balanced Portfolio Allocation,” examined gold’s historical monetary role, its growing institutional acceptance, its potential contribution to portfolio diversification and the structural factors that could influence its future value.
GOLD AS A FINANCIAL ASSET
A central argument of the seminar was that gold should not be viewed in the same way as conventional commodities such as oil or agricultural products.
Dukia Gold described gold as a globally recognised monetary asset with no issuer and no conventional counterparty risk. Unlike government bonds, corporate debt or bank deposits, the value of physical gold does not depend on a debtor fulfilling a financial obligation.
The company also highlighted gold’s historical role as a medium of exchange and store of value, noting that its scarcity, liquidity and global acceptance have helped sustain its relevance over centuries.
The presentation identified five characteristics underpinning what it described as gold’s investment-grade status: intrinsic value and monetary credibility; finite supply; global liquidity; institutional acceptance; and portfolio diversification and risk-management benefits.
THE NAIRA QUESTION
For Nigerian investors, perhaps the most striking part of the presentation was its comparison of gold’s performance with the movement of the naira over the past decade.
Dukia Gold stated that between August 2016 and August 2026, the naira moved from approximately ₦253.50/$1 to ₦1,346.98/$1, representing a roughly 5.3-fold weakening against the US dollar.
Over the same period, gold increased from approximately $1,251 per ounce to $4,630 per ounce. When the movement in the gold price is combined with the naira’s depreciation, the presentation calculated that gold rose by approximately 19.7 times in naira terms.
For a country where currency depreciation and inflation have become important considerations in household and institutional financial planning, the comparison provides a powerful illustration of why investors may examine assets whose value is not tied exclusively to the domestic currency.
However, Dukia Gold clearly described its calculations as approximate and illustrative rather than a guarantee of future returns.
THE ₦1 MILLION TEST
One of the seminar’s most striking illustrations was a hypothetical comparison involving ₦1 million invested in 2016.
Under the assumptions used in the presentation, the company estimated that:
A naira savings strategy would have produced approximately ₦2.3 million.
A portfolio containing 15% gold would have grown to approximately ₦3.8 million.
A portfolio invested entirely in gold would have reached approximately ₦19.7 million.
The figures were based on historical prices and assumptions outlined in the presentation and were explicitly described as illustrative rather than financial advice. Transaction costs, storage and vaulting fees and bid-ask spreads were excluded.
KEY FIGURES
₦253.50 → ₦1,346.98
Approximate naira-to-dollar rate used for August 2016 and August 2026.
$1,251 → $4,630
Approximate gold price per ounce used for the same period.
19.7×
Approximate increase in gold’s naira value over the period.
₦1m → ₦19.7m
Illustrative value of a 100% gold allocation based on the seminar’s assumptions.
GOLD AS PORTFOLIO INSURANCE
Dukia Gold’s argument, however, goes beyond historical returns.
The company maintained that the strongest reason for owning gold is portfolio diversification and protection against financial shocks. According to the presentation, equities, bonds, real estate and cash may provide different forms of return and stability, but they can become correlated during periods of severe economic stress.
Gold, it argued, is influenced by a different set of factors and can therefore provide an additional layer of resilience.
The presentation identified inflation, currency depreciation, economic slowdown, rising interest rates and financial-market crises as risks that can affect conventional asset classes.
Dukia Gold therefore presented gold as a form of financial insurance—an asset intended not necessarily to replace conventional investments, but to strengthen a portfolio against adverse economic conditions.
CENTRAL BANKS ARE BUYING
Another major factor highlighted by the company is the continuing accumulation of gold by central banks.
Dukia Gold stated that central banks purchased more than 1,000 tonnes annually between 2022 and 2024, more than double the stated 2010–2021 average of 473 tonnes.
The presentation further reported that central banks purchased approximately 863 tonnes in 2025 and now hold roughly one-fifth of all gold ever mined.
The company identified four major reasons for central-bank gold holdings: reserve diversification, crisis protection, long-term store of value and geopolitical hedging.
It also cited a 2026 survey in which 89 per cent of reserve managers expected global gold holdings to continue increasing, while 45 per cent planned to increase their own reserves—the highest confidence recorded in the survey’s eight-year history.
SUPPLY MAY REMAIN A CONSTRAINT
While demand continues to attract attention, the supply side of the gold market is equally significant.
The presentation estimated global mine production at 3,672 tonnes in 2025, while noting that production had grown by less than one per cent annually over the previous decade.
Dukia Gold attributed the constrained growth to factors including rising exploration costs, lengthy approval processes and increasingly stringent environmental requirements.
The implication, according to the company, is straightforward: a scarce asset facing sustained demand can retain strategic relevance for investors.
HOW MUCH GOLD SHOULD AN INVESTOR HOLD?
The seminar also presented an allocation framework based on different investor risk profiles.
Investor profile
Suggested gold allocation
Conservative balanced
10–12%
Moderate risk-aware
15–18%
High risk-aware / geopolitical hedge
20–25%
Aggressive inflation hedge
25–30%
Dukia Gold emphasised that the framework is not financial advice, meaning investors should consider their individual circumstances and obtain independent professional advice before making investment decisions.
FROM MINE TO MARKET
The seminar also provided an overview of Dukia Gold’s own position within Nigeria’s precious-metals ecosystem.
According to the company, Dukia Gold & Precious Metals Refining Co. Ltd. was incorporated in March 2019 and formally launched by former Vice President Professor Yemi Osinbajo.
The company describes itself as a full-service bullion platform operating across the gold value chain, including sourcing, refining, trading and securing gold and other precious metals.
Dukia Gold said its operations incorporate responsible-sourcing and compliance practices, including alignment with LBMA-related standards, World Gold Council principles, OECD due-diligence standards and Nigerian mining regulations.
Its platform also offers what the company describes as certified investment-grade gold, real-time pricing, secure vaulting, recurring purchase arrangements and portfolio tracking.
WHAT THIS MEANS FOR NIGERIAN INVESTORS
The central message from the seminar is not that investors should abandon conventional assets for gold.
Rather, Dukia Gold’s argument is that an increasingly uncertain financial environment requires investors to think beyond a single asset class.
For Nigerian investors in particular, the interaction between naira depreciation, inflation, global economic uncertainty and changing monetary conditions makes the question of wealth preservation increasingly important.
Gold’s scarcity, international acceptance, liquidity and independence from any single government or currency make it, in Dukia Gold’s assessment, a potential strategic component of a diversified portfolio.
The company nevertheless cautioned that its presentation constitutes commercial communication and should not be interpreted as legal, tax or investment advice. Investors were advised to conduct independent assessments and seek appropriate professional guidance.
THE MINER’S TAKE
Gold’s story is no longer simply about jewellery, mining or commodity trading. It is increasingly a story about wealth preservation, monetary confidence and portfolio construction.
For Nigeria, where currency movements can dramatically alter the real value of savings and investments, the strategic conversation around gold deserves closer attention.
The challenge for investors, however, is not simply deciding whether to buy gold. It is determining how much exposure is appropriate, what form that exposure should take, how the asset will be stored or secured, and how it fits into an individual’s broader investment strategy.
Dukia Gold’s August seminar has placed that conversation firmly on the table.
Source: Dukia Gold Wealth Management Seminar, August 2026. Figures and investment examples are based on the company’s presentation and should not be construed as financial advice.
