• Wednesday, July 17, 2024
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LCFE inducts 23 commodities brokers

LCFE CEO states how Commodities Exchanges can boost food security

Lagos Commodities and Futures Exchange (LCFE) has onboarded and inducted another 23 Commodities Brokers as part of its capacity building functions.

The onboarding of new commodities brokers is the fourth edition in the series to increase the number of professionals to specialise in various asset classes in the Nigerian commodities ecosystem.

On the list of those inducted last week were the Managing Director, Dynamic Portfolio Limited, Remi Lasaki and many Chief Executive Officers of stockbroking companies in Nigeria.

In his welcome address, Akin Akeredolu-Ale,
LCFE’s Managing Director and Chief Executive Officer urged the inductees join hands with The Exchange to build a virile commodities market that shall be beneficial to all.

” LCFE is working hard to build a market that will benefit the entire Capital Market and its brokers. Each broker can select a commodity and dedicate their focus on it, thereby enhancing your company’s wealth, your individual skill set and contributing to the growth of the Nigerian Economy.
Together, let us seize this opportunity to build a vibrant and dynamic marketplace that unlocks new possibilities for investors, enhances economic prosperity, and positions Nigeria as a leader in commodities trading.

” The Exchange is actively engaging with the Securities and Exchange Commission to obtain approval for more products like Lithium, diamond and Oil and Gas commodities. Just yesterday, we signed an MOU with a Global Certification Agent Bureau Veritas to certify lithium and other Solid Mineral commodities to be traded on LCFE. Additionally, we have made significant strides in the Cashew ecosystem, signing an MOU with the Cashew Association of Nigeria (CAN), aggregators, and a major cashew processor. Eko Gold also represents a pioneering investment opportunity within our commodities ecosystem, leveraging stability and transparency to diversify options, attract capital, and create value across the value chain. LCFE is fully committed to supporting its growth and providing brokers with the tools and guidance needed for effective promotion of the asset classes.”, said Akeredolu-Ale.

Corroborating him, Sam Onukwue, Chairman, Securities Dealing Houses of Nigeria (ASHON) noted LCFE was established for total transformation of commodities exchanges in Nigeria and boost the country’s Gross Domestic Product (GDP).

” The underpinning drive for establishing the exchange was the need to transform and reposition the commodities market and harness opportunities in the commodities ecosystem. This drive will enhance and crate value for all stakeholders in the ecosystem. “, he said.

The newly elected President of Chartered Institute of Stockbrokers (CIS), Oluropo Dada, congratulated the inductees and advised them to uphold the ethical standard of the profession and operate with skills and integrity.

Akeredolu-Ale also congratulated the new board and management of Securities and Exchange Commission (SEC), under the new Director General , Emomotimi Agada.

In July last year, the Pan African Exchange, inducted 33 commodities brokers , including the first female office holder at Chartered Institute of Stockbrokers (CIS), Fiona Ahimie.