LCFE admits 23 trading companies, pre-selects 750 people for commodity trading

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From left to right, Lagos Commodities and Futures Exchange (LCFE’s), Chief Finance Officer, Mr. Rotimi Omowale, Company Secretary, Ms. Fatima Lawal, Managing Director / CEO, Mr. Akin Akeredolu-Ale, Vice President, Business Development, Sales de Cotecna Geneva, Government and Trade Solutions, Ms. Lena Sodergren, Executive Director of Cotecna Verification Services Nigeria, Mr. Tayo Rabiu and Contract Manager, Mr. Ade Adeniran during a courtesy visit of the Cotecna Group at LCFE in Lagos recently.

By Peter Egwuatu

In preparation for the inauguration of the Lagos Commodities and Futures Exchange (LCFE), no less than 23 trading companies have been admitted to trading on the Pan-African commodities market.

Details of the trading member companies are still unclear, but reliable sources explained that they have climbed the hurdle of careful selection in accordance with market trading processes and procedures. According to a source, the names of the firms would be revealed on the day of the inauguration of the Stock Exchange.

In addition, around 750 individual professionals were preselected for training, a prerequisite for their admission to the Stock Exchange as operators in various fields of specialization.

During the approval of a license for LFCE by the Securities and Exchange Commission (SEC), the Managing Director and CEO of LCFE, Mr. Akin Akeredolu-Ale, stressed the imperative to ensure that that only professionals from companies and individuals with the required skills and competences be admitted to market negotiations.

LCFE was recently cleared to start operating as a fully-fledged commodities and futures exchange by the Securities and Exchange Commission (SEC), a development that has brought great joy to the Nigerian financial market. while LCFE is ready to compete in the global market.

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