2000 to trade on Lagos Commodities Exchange

By Taofik Salako, Deputy Group Business EditorNot fewer than 2,000 chartered stockbrokers will be trading on the Lagos Commodities and Futures Exchange (LCFE).LC FE plans to trade on four broad ranges of assets that promise to open up enormous wealth across the country. These include agricultural commodities, currencies, solid minerals and oil and gas.The LCFE is being promoted by the Lagos State Government and Association of Securities Dealing Houses of Nigeria (ASHON) among others.The forthcoming onboarding of chartered stockbrokers to trade on the LCFE followed the Memorandum of Understanding (MoU) between the Chartered Institute of Stockbrokers ( CIS) and the LCFE.With the MoU, the two organisations shall collaborate in the onboarding of CIS members into the platform of LCFE, creation of certification courses in agricultural commodities, solid mineral commodities, oil and gas commodities and currenciesand organisation of joint training and manpower development, including continuing professional development (CPD).Read Also:Polaris Bank stresses early savings cultureAccording to the agreement, CIS shall use its platform and contacts to mobilise its members and other operators in the financial services industry to attend Training programs and any certificate courses organised by CIS and LCFE.Also, the parties agree to work together for faculty, course materials and content development in providing trainings, workshops, and seminars for the stakeholders in the commodities ecosystem and value chains and joint monitoring and evaluation of professional standard in the industry., according to the MoU.President, Chartered Institute of Stockbrokers (CIS), Mr Olatunde Amolegbe said the MoU was consistent with the statutory functions of the Institute in the area of capacity building.He noted that securities traders commonly referred to as stockbrokers were trained to deal in different asset classes including commodities and futures.The Memorandum of Understanding between the Chartered Institute of Stockbrokers and Lagos Commodities and Futures Exchange is a step in the right direction. We operate a robust syllabus by global standard. This positions our professional members to trade asset classes.The LCFE provides the market infrastructure while the CIS takes care of the manpower. It is a symbiotic relationship. We have signed MoU with many professional organisations in Nigeria and abroad, especially, in the area of capacity building, Amolegbe said.Managing Director, Lagos Commodities and Futures Exchange (LCFE), Mr Akin Akeredolu-Ale, said the MoU would advance the partnership between the LCFE and CIS.
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