LCFE Inducts 50 Commodities Brokers

Read Time:2 Minute, 33 Second
LCFE Inducts 50 Commodities Brokers
L-R: Managing Director, Central Securities Clearing System (CSCS) PLC, Haruna  Jalo-Waziri ; Managing Director,  Lagos Commodities and Futures Exchange ( LCFE), Akin Akeredolu-Ale; Former Deputy Director General,  Nigerian Stock Exchange ( NGX) Alhaji Rasaki Oladejo;  LCFE’s Chairman, Chief Onyewenchukwu Ezeagu and Chairman, Association of Securities Dealing Houses of Nigeria (ASHON), Sam Onukwue during induction of 50 senior Commodities Brokers in Lagos…Thursday

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

There are strong indications that the Exchange has also concluded arrangements to induct more brokers at the end of this month.

Addressing the inductees at a special event in Lagos, Thursday, the former Deputy Director General, Nigerian Stock 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 Sector) 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 rulers 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. We are collectively building an ecosystem that only outsiders can see. ”

The Chairman, LCFE, Chief Onyewenchukwu Ezeagu stated that a lot of work had been done to put LCFE on the current position. According to him the Exchange was established as a platform for trading of electronic receipts. He congratulated the inductees as the first set of commodities brokers to be inducted.

Commenting on the induction, the Chairman, Association of Securities Dealing Houses of Nigeria (ASHON), Mr Sam Onukwue who was also inducted, admonished his colleagues to uphold the highest standard of professionalism in order to raise the bar for the junior brokers.

Among the 50. inductees were the past President, Chartered Institute of Stockbrokers (CIS), Mr Mike Itegboje and Managing Director, Central Securities Clearing System (CSCS) PLC, Mr Haruna Jalo-Waziri.

 

 

 

0 0

Leave a Reply

Your email address will not be published. Required fields are marked *