LCFE inducts 23 commodities brokers

The Lagos Commodities and Futures Exchange (LCFE) has onboarded and inducted another 23 commodities brokers, 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, Mr Remi Lasaki and many Chief Executive Officers of stockbroking companies in Nigeria.

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

He said, “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 position Nigeria as a leader in commodities trading.”

Akeredolu-Ale explained that the exchange is actively engaging with the Securities and Exchange Commission (SEC) to obtain approval for more products like lithium, diamond and oil and gas commodities, adding that recently, it 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, the Chairman, Securities Dealing Houses of Nigeria (ASHON), Mr Sam Onukwue, noted that 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 create value for all stakeholders in the ecosystem,” he said.

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

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