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LCFE inducts 50 Commodities Brokers

Lagos Commodities and Futures Exchange (LCFE) has inducted 50 senior commodities brokers as part of the preparation for commencement of its trading.

 

Addressing the inductees at the event in Lagos, a former Deputy Director General, Nigerian Exchange (NGX), Alhaji Rasaki Oladejo, explained that market operators were the bedrock of the Nigerian Capital Market and their support for the equity market largely accounted for the great strides witnessed in the Nigerian stock market.

He urged them to extend the same level of support to LCFE in order to upscale its operations.

“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 (agriculture and solid mineral sectors) and oil exports (crude and energy products) and to tap the opportunities thereof and to support the nation’s quest to create wealth for the stakeholders and put Nigeria on the global revenue map.

“The distinguished men and women here are the bedrock of the Nigerian capital market. It is on record that your support for the equities market is the major reason for the great strides witnessed in the Nigerian stock market. Please lend your advice, guidance and support for this new Exchange,” said Oladejo.

The Managing Director, LCFE, Mr Akin Akeredolu-Ale, urged the inductees to comply with the Exchange’s rules and regulations to build an efficient commodities market. “Today marks another milestone in the history of our market. It takes a lot of vision to do what we are doing.

 

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