LCFE inducts 83 commodities brokers

By Business AM

• 83 commodities set to make calls

In pursuit of its strategic manpower development, pan African Exchange, the Lagos Commodities and Futures Exchange (LCFE), has unboarded, trained and inducted 83 commodities brokers, in collaboration with the Chartered Institute of Stockbrokers (CIS) to drive seamless transaction on the Exchange which thrives on trading of electronic receipts of commodities products across asset classes.

The induction is the third in the series for the duly licensed commodities brokers of the Exchange. LCFE had on 17th March, flagged off the induction with the doyens and other elders of the market and admitted  another set of commodity brokers on the 31st of March.

The event featured the oath taking ceremony by the inductees, presentation of certificates and the robing of the inductees by doyens of the capital market

Onyenwechukwu Ezeagu, chairman of the LCFE, addressing the inductees, explained the occasion was an important and memorable occasion for the inducted brokers because they were the first set of brokers to be inducted after the commissioning and full operationalization of the exchange. He noted  that the exchange had been making great strides in gold trading since the launch of the Eko Gold Coins in July. He encouraged the brokers to be committed to driving the market as they join other commodity brokers who are currently trading gold on LCFE.

Corroborating him, Akin Akeredolu-Ale, LCFE’s managing director and chief executive officer, urged the brokers to make a commitment towards developing the commodities ecosystem with determination and resilience that will in turn change the face of the economy. According to him, the commodities ecosystem is large enough for all the brokers to participate profitably, especially, with the 13 commodities approved for trade on LCFE by the Securities and Exchange Commission (SEC).

Sam Onukwue, chairman,  Association of Securities Dealing Houses of Nigeria (ASHON), congratulated the brokers who are also certified stockbrokers. He urged them to unleash their creativity by developing products, trading and growing the volume of transactions on the exchange.

The event was graced by many dignitaries, including Rasheed Yussuff, the doyen of the day, Yahaya Babaginda, who represented the managing director of Central Securities Clearing System (CSCS) PLC, Haruna Jalo-Waziri; Chukwudi Nga, head of CIS Academy, and Athan Ogbozor, executive secretary, ASHON.

Some of the notable inductees include Innocent Ike, former managing director, Polaris Bank, Ify Ejezie, managing director, Cashville Securities, Ugochi Nnodi, managing director, Futureview Asset Management, Chete Nwanze, managing director, Icon Stockbrokers and Hakeem Otiti, managing director, FIS Securities Limited.