LCFE Inducts 42 Brokers to Drive Commodities Sector

Samuel Mobolaji

The Lagos Commodities and Futures Exchange (LCFE) has inducted 42 commodities brokers, increasing the number of practitioners to over 300 through its capacity-building initiatives aimed at deepening the talent pool in the commodities ecosystem.

Among the new inductees were the registrar and chief executive, Chartered Institute of Stockbrokers (CIS), Ayorinde Adeonipekun and a Monarch in Osun State, Oba Jacob Esan.

Speaking at the induction ceremony, the director-general of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, urged them to leverage their expertise to deepen the commodities space.

Agama, who was represented by the director of the Lagos liaison office of the Commission, Mr. John Briggs, advised the inductees to study the Investment and Securities Act (ISA) 2025 to understand their roles and obligations as commodities brokers in order to avert sanctions.

The managing director of LCFE, Akin Akeredolu-Ale, emphasised the pivotal role commodities brokers play in Nigeria’s economic growth and development.

“We are expanding our strategic relationship with all stakeholders in the commodities value chain to create sustainable benefits for the entire ecosystem. Our collective efforts are geared toward putting Nigeria on the global revenue map and enhancing the flow of foreign currency into our economy.

“As commodities brokers, you are not merely market participants but essential architects of economic transformation. Your role extends beyond facilitating trades to creating awareness about the immense opportunities within our commodities ecosystem,” said Akeredolu-Ale.

The president and chairman of the Council, CIS, Oluropo Dada, represented by a council member, Nkoli Edoka, expressed optimism that commodities brokers would enhance the development of the commodities ecosystem. Dada also congratulated the board and management of LCFE on its strategic focus to ensure that the commodities sector contributes to the Gross Domestic Product (GDP) in Nigeria.

The chairman of the Association of Securities Dealing Houses of Nigeria (ASHON), Sam Onukwue, challenged the inductees to develop innovative products and specialise in different asset classes.

“I urge you to unleash your creativity by developing products that will attract high net worth investors and create value for all stakeholders. The future growth of the exchange depends significantly on your ability to innovate, educate and advocate for the commodities market.

“As the market evolves, consider specialising in different asset classes to deepen your expertise and enhance your value proposition to clients. The Association of Securities Dealing Houses of Nigeria remains committed to supporting the growth and development of the commodities market,” Onukwue said.