LCFE Inducts 102 Commodities Brokers

As part of the preparation for commencement of its full-blown trading, Lagos Commodities and Futures Exchange (LCFE) has inducted 102 Commodities brokers.
The Exchange had inducted 50 senior senior Commodities Brokers earlier in March and concluded the induction with other 52 Thursday. 

The induction’s co-ordinator and past President of Charter Institute of Stockbrokers (CIS), Mr Mike Itegboje explained that commodities had become major sources of foreign exchange globally and the inductees should take advantage of the emerging opportunities to support the government in its efforts to bridge the gap in forex scarcity.

The Director General, Securities and Exchange Commission (SEC), Mr Lamido Yuguda, who was represented by the Commission’s Head of Operation, Lagos Zonal Office, Mr  John Achile stated that all initiatives that lead to economic transformation through the commodities ecosystem had always been supported by SEC. 
In his welcome address, the Chairman, LCFE, Chief Onyewenchukwu Ezeagu who congratulated the the inductees said the Trading Rules of the Exchange which cut across Agriculture, Oil and Gas, Solid Minerals and Currency were approved by SEC.
The Chairman, Association of Securities Dealing Member Houses of Nigeria (ASHON), Mr Sam Onukwue said commodities trading had presented a new frontier that would challenge professionals to unleash their creative potentials to grow the market and create value for its stakeholders. 
The Managing Director, LCFE, Mr Akin Akeredolu-Ale, who was represented by the Group Managing Director, GTI Group, Abubakar Lawal , urged the inductees to comply with the Exchange’s ruler and regulations to build an efficient commodities market.