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LCFE inducts 33 more commodities brokers

LCFE inducts 33 more commodities brokers

Lagos Commodities and Futures Exchange (LCFE) has onboarded and inducted another 33 commodities brokers in its resolve to attract technology-savvy professionals into the market. The Pan African Exchange had inducted over 200 commodities brokers to date within one year of its inauguration.

The latest in the series, including the 2nd vice president of Chartered Institute of Stockbrokers (CIS), Fiona Ahimie got inducted at the weekend after intensive training, including exposure to different commodities asset classes.

” LCFE has developed a strategy to enlighten and deepen the brokers’ knowledge of the commodity ecosystem and the important role they play in it. Our Commodities Brokers represent a new age with fresh energy for the market.

The commodities ecosystem is so broad that as we expand and develop, brokers will specialise in different asset classes,” said Akin Akeredolu-Ale, Managing Director/Chief Executive Officer, LCFE.

Mike Itegboje, a past president of CIS explained that the Exchange had since its inception established itself as a trustworthy platform.

Read also: Banking, Oil Gas stocks drive market’s N922bn gain

According to him, LCFE should keep up with the time and incorporate cryptocurrencies as an asset class in its curriculum in order to attract investors that have digital background.

Sam Onukwue, a director of LCFE urged the inductees to develop products that will attract high net worth investors and create value for all stakeholders. He noted that The Exchange had received tremendous support from the Lagos State Government, especially in the area of patronage.

Rasheed Yussuff, another director of LCFE charged the commodities brokers to work towards fostering an efficient commodities exchange. According to him, there should be a dedicated platform for the commodities brokers to interact and exchange ideas as professionals.

The event featured the oath-taking ceremony by the inductive, presentation of certificates and decoration of the inductees by the senior professionals called Doyens in the capital market.

Other key speakers at the event include the representatives of the Director of Lagos Liasion office of Securities and Exchange Commission (SEC), John Achille, Ariyo Olushekun, past president, CIS and Ropo Dada, the current 1st vice president of the Institute.

Some notable inductees included Charles Okonkwo, Managing Director, PAC Securities; Funmilola Babalola, Managing Director, Apel Registrars; Ife Fashola, Group Managing Director, Kedari Capital Group; Femi Sanusi, Managing Director, Santrust Capital.