LCFE inducts 102 commodities brokers
As part of the preparation for commencement of its full blown trading, Lagos Commodities and Futures Exchange (LCFE) has inducted 102 Commodities brokers.
The Exchange had inducted 50 senior Commodities Brokers earlier in March and concluded the induction with other 52 Thursday. The induction’s co-ordinator and past President of Charter Institute of Stockbrokers (CIS), Mr Mike Itegboje explained that commodities had become major sources of foreign exchange globally and the inductees should take advantage of the emerging opportunities to support the government in its efforts to bridge the gap in forex scarcity.
The Director-General, Securities and Exchange Commission (SEC), Mr Lamido Yuguda, who was represented by the Commission’s Head of Operation, Lagos Zonal Office, Mr John Achile stated that all initiatives that lead to economic transformation through the commodities ecosystem had always been supported by SEC.
In his welcome address, the Chairman, LCFE, Chief Onyewenchukwu Ezeagu who congratulated the inductees said the Trading Rules of the Exchange which cut across Agriculture, Oil and Gas, Solid Minerals and Currency were approved by SEC. According to him, the Rules had been exposed to the Nigerian Capital Market and Commodities ecosystem.
The Chairman, Association of Securities Dealing Member Houses of Nigeria (ASHON), Mr Sam Onukwue said commodities trading had presented a new frontier that would challenge professionals to unleash their creative potentials to grow the market and create value for its stakeholders. Onukwue urged the federal government to ensure that only regulated exchanges should be allowed to engage in commodities trading.
The Managing-Director, LCFE, Mr Akin Akeredolu-Ale, who was represented by the Group Managing- Director, GTI Group, Alhaji Abubakar Lawal , urged the inductees to comply with the Exchange’s ruler and regulations to build an efficient commodities market.
The Doyen of the day, Alhaji Rasheed Yussuff advised the inductees to live up to expectation in creating value for stakeholders and the entire ecosystem.
The former Deputy Director General, The Nigerian Stock Exchange (NGX), Alhaji Rasaki Oladejo had at the induction of senior Commodities Brokers put the relevance of commodities exchange in perspective.
“ Commodities Exchanges are highly efficient marketplace for buyers and sellers of commodities to meet, primarily to manage price risks, but also to improve the marketing of their products. The Lagos Commodities and Futures Exchange was established in recognition of the need to fully realise the potential of the country’s drive towards development of Non-Exports. This will enable the commodities ecosystem to tap into the opportunities thereof and support the nation’s quest to create wealth for the stakeholders. The ecosystem has the capacity to put Nigeria on the global revenue map,” sad Oladejo.
