The Managing Director/Chief Executive Officer of the Lagos Commodities and Futures Exchange (LCFE), Mr. Akin Akeredolu-Ale, has stressed the need for every effort to be geared towards ensuring that the exchange operates as a pan-African commodities market.
He, therefore, called on all participants in the ecosystem to work together.
Akeredolu-Ale stated this while making a presentation at the maiden visit to the exchange by the Chairman, House of Representatives Committee on Capital Market, Hon. Babangida Ibrahim and Director General, Securities and Exchange Commission (SEC), Mr. Lamido Yuguda.
“Our business model provides for the integration of commodities stakeholders to enable the commodities ecosystem. LCFE does not compete with the stakeholders of the commodities ecosystem, rather, we encourage alignment of all stakeholders in the ecosystem,” Akeredolu-Ale said.
Also speaking, the Chairman, LCFE, Chief Onyenwechukwu Ezeagu, explained that the exchange was an initiative of the Association of Securities Dealing Houses of Nigeria (ASHON) which is the trade group of all dealing member firms of all the registered exchanges.
“ASHON, in recognition of the need to fully realise the potential of the federal government’s drive towards the development of the agriculture and solid minerals sector and to tap the opportunities thereof, took the initiative to establish a commodities and futures exchange, which will be well-positioned, to support the government’s stride, to create wealth for the stakeholders, to put Nigeria on the global revenue map and enhance the flow of currency exchange in Nigeria,” Ezeagu said.
Addressing the board and management of LCFE, Ibrahim, expressed satisfaction at the level of preparedness of the exchange to commence operations.
Ibrahim said: “As lawmakers, we decided to visit the LCFE to familiarise with its workings in a bid to providing legislative support where necessary. The capital market broadens access to economic prosperity by enabling the emergence of financially responsible citizens, accelerated wealth creation, and distribution in any environment. We are impressed by what is on the ground at the LCFE. The government is ready to support the growth of commodities exchanges in Nigeria.”
On his part, Yuguda, noted that LCFE had been well-positioned to trade beyond its initial four asset classes and reiterated the Commission’s commitment towards ensuring partnership with all market operators to build investor confidence.
He congratulated the board and management of LCFE for putting the exchange on the path of an institution established to create diversification in the collective efforts to develop the nation’s economy.