In preparation for its inauguration, the Lagos Commodities and Futures Exchange has admitted 23 dealing member firms for trading on the pan-African commodities market.
The LCFE said it conducted a rigorous screening for the firms, in line with the processes and procedures for trading on the market, while the names of the firms would be revealed during the Exchange’s inauguration.
It said about 750 individual professionals had also been shortlisted for training, a prerequisite for admission to the LCFE as operators in different areas of specialisation.
The Managing Director/Chief Executive Officer, LCFE, Mr Akin Akeredolu-Ale, had during the approval of licence for the LFCE by the Securities and Exchange Commission underscored the imperative of ensuring that only corporate and individual professionals adjudged with requisite skills and competencies would be admitted to trade on the market.
The LCFE was recently granted approval to commence operation as a full-fledged commodities and futures exchange by the SEC.
Following SEC’s approval, the Chairman, Association of Securities Dealing Houses of Nigeria, Chief Patrick Ezeagu, expressed gratitude to the commission for the approval, saying it that ASHON had worked very hard to complete the installation of the technology in order to commence seamless operation of the exchange.
Akeredolu-Ale described the approval as a welcome development, saying “it shows the level of dynamic capacity of the apex regulator to empower capital market operators to play pivotal role in capital formation and wealth creation.”