L-R: Company Secretary, Lagos Commodities and Futures Exchange , (LCFE), Fatima Lawal ; Chairman, Chief Onyenwechukwu Ezeagu; Managing Director, Akin Akeredolu-Ale, Managing Director, Apel Capital Registrars; Olufunmilola Babalola and Non-Executive Director, LCFE, Alhaji Rasheed Yussuff, during the Annual General Meeting (AGM) of LCFE in Lagos yesterday .
The Pan African Commodities Exchange, Lagos Commodities and Futures Exchange (LCFE), has reiterated its commitment towards attracting a new generation of investors into the commodities ecosystem to boost trading of electronic receipts of commodities and allied assets and increase the nation’s Gross Domestic Product (GDP).
Already, LCFE, which was inaugurated in July this year, has commenced live trading in Gold Coin as it has concluded arrangement to commence trading on more asset classes which have been approved by the Securities and Exchange Commission (SEC).
Prior to the Exchange’s inauguration, it has developed a roadmap to attract millennials and other categories of young ones into the market as they are believed to be the next generation of investors.
Speaking after of the Company’s Annual General Meeting (AGM) yesterday, LCFE’s Managing Director and Chief Executive Officer, Akin Akeredolu -Ale, explained that many young ones had huge investable funds and some of them had lost money into ponzi scheme due to many factors, including ignorance . According to him, LCFE has created a special window by which millennials and others can invest seamlessly through LCFE.
” We are constantly looking to the future of the Exchange. We are focused on attracting the next generation of Investors. We have a lot of young people who have investable money and are eager to invest it. The desperation to find profitable assets have driven a lot of them to scam investments and they have got their hands burnt. We need to show them that the Capital Market is not a single asset market.”, said Akeredolu-Ale.
Earlier in his welcome address, the Chairman, Chief Onyenwechukwu Ezeagu, said year 2021 was a time of recovery and a time of rebuilding for the entire world as economies, businesses and capital market started opening again.
” The Exchange continues it’s aggressive sensitisation strategy that commenced in the previous year for all stakeholders such as the dealing member firms, banks, issuing houses, certification agents, rating agencies, pension and fund administrators, aggregators and logistics companies among others .”, Ezeagu said.
The Kernel of the Story
– LCFE shall continue to expose young ones to many investment opportunities in the commodities space.
-The Exchange has keyed into the Financial Literacy Programme of Securities and Exchange Commission (SEC) to create massive enlightenment for existing and potential investors in the commodities ecosystem .
-LCFE has been hosting students both in the secondary schools and tertiary institutions in Nigeria regularly to expose them to the concept and benefits of investment through a commodities exchange in the spirit of catch them young.
-The Exchange has commenced live trading on the Eko Gold Coin which Governor Babajide Sanwo-Olu launched in July this year as part of the high points of LCFE’s inauguration .
– The Market opens every week day at 10 am and closes at 3.30pm and Brokers from all over Nigeria log into the trading system, execute trading on behalf of their clients and the trade settles in their account.
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