LCFE inducts another 42 brokers to drive Nigeria’s commodities sector

Lagos Commodities and Futures Exchange (LCFE) has inducted 42 commodities brokers, increasing the number of practitioners to over 300 through its capacity-building initiatives aimed at deepening the talent pool in the commodities ecosystem.

Among the new inductees in the 5th series, were the Registrar and Chief Executive, Chartered Institute of Stockbrokers (CIS), Ayorinde Adeonipekun and a Monarch in Osun State, Jacob Esan.

In his welcome address, Sam Onukwue, Chairman of Induction Committee and Association of Securities Dealing Houses of Nigeria (ASHON), challenged the inductees to develop innovative products and specialize in different asset classes.

“I urge you to unleash your creativity by developing products that will attract high net worth investors and create value for all stakeholders. The future growth of the exchange depends significantly on your ability to innovate, educate and advocate for the commodities market.

“As the market evolves, consider specialising in different asset classes to deepen your expertise and enhance your value proposition to clients. The Association of Securities Dealing Houses of Nigeria remains committed to supporting the growth and development of the commodities market,” Onukwue said.

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Speaking at the induction ceremony, Emomotimi Agama, Director General of Securities and Exchange Commission (SEC) congratulated the inductees on the new certification and urged them to leverage their expertise to deepen the commodities space. Agama, who was represented by the Director of the Lagos liaison office of the Commission, John Briggs advised the inductees to study the Investment and Securities Act (ISA) 2025 to understand their roles and obligations as commodities brokers in order to avert sanctions.

Akin Akeredolu-Ale, Managing Director, LCFE emphasised the pivotal role commodities brokers play in Nigeria’s economic growth and development.

“We are expanding our strategic relationship with all stakeholders in the commodities value chain to create sustainable benefits for the entire ecosystem. Our collective efforts are geared toward putting Nigeria on the global revenue map and enhancing the flow of foreign currency into our economy. To our inductees today, you are joining a distinguished community of professionals at a pivotal moment.

“As commodities brokers, you are not merely market participants but essential architects of economic transformation. Your role extends beyond facilitating trades to creating awareness about the immense opportunities within our commodities ecosystem”, said Akeredolu-Ale.

The 13th President and Chairman of Council, CIS, Oluropo Dada, represented by a Council Member, Nkoli Edoka, expressed optimism that commodities brokers would enhance the development of the commodities ecosystem.

Dada also congratulated the Board and Management of LCFE on its strategic focus to ensure that commodities sector contribute to the Gross Domestic Product (GDP) in Nigeria.

Also, Onukwue challenged the inductees to develop innovative products and specialise in different asset classes.

“I urge you to unleash your creativity by developing products that will attract high net worth investors and create value for all stakeholders . The future growth of the exchange depends significantly on your ability to innovate , educate and advocate for the commodities market.

“As the market evolves, consider specialising in different asset classes to deepen your expertise and enhance your value proposition to clients. The Association of Securities Dealing Houses of Nigeria remains committed to supporting the growth and development of the commodities market,” Onukwue said.