LCFE harps on Youths Financial Literacy

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LCFE harps on Youths Financial Literacy

Determined to equip the youths with the basic knowledge of financial literacy, Lagos Commodities and Futures Exchange (LCFE) has leveraged 2021 World Investors Week (WIW) to advise youths in Nigeria to imbibe the culture of savings as a step towards investment.

The Securities and Exchange Commission (SEC) declared yesterday, the Day of Ringing Bell in all securities exchanges in Nigeria as part of the ceremony marking the World Investment Week. By this directive, the Management of LCFE hosted students of University of Lagos, Pan Atlantic University, King’s College and Queen’s College, Lagos.

Addressing the participants, the LCFE’s Managing Director, Mr Akin Akeredolu-Ale explained that lack of financial literacy among the youths had created opportunities for fraudsters to swindle unsuspecting investors.

He urged them to cultivate the habit of savings to lay a solid foundation as future investors. He noted that commodities exchange was an opportunity for profitable investment for individuals and corporate entities and urged the students to contact professional securities dealers for investment advice in all their transactions.
According to him the LCFE shall continue to support financial literacy among as it has youths to enable them to cultivate the habit of savings and investment.

Corroborating him, the Chairman, Technical Committee on Financial Literacy in the Nigerian Capital Market, Mrs Toyin Sanni enlightened the students on the need for an investor to understand his personal risk profile in order to mitigate risk.

The Head, Lagos Zonal Office, SEC, Mr Stephen Falomo who represented the Commission’s Director General, Mr Lamido Yuguda said the International Organisation
of Securities Commissions (IOSCO) initiated the World Investors Week to promote Investor Education and Protection. He stated that the overall goal of the Commission was to ensure fair and orderly market. According to him, a lot of measures. including Investor Protection Fund (IPF) have been put in place to ensure investor protection.

The Registrar, Chartered Institute of Stockbrokers (CIS), Mr Josiah Akerewusi said CIS was the only authorized institution that certifies stockbrokers and advised the students to take advantage of the Institute’s Diploma, Programme, Specialized or Omnibus Window to become professionals in the securities markets.

The activities featured a comprehensive presentation on the Commodities Exchange Ecosystem by LCFE’s Head of Operations, Dr Allwell Umunnaehila and ringing of the closing bell by the special guest and the students.

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