The Lagos Commodities and Futures Exchange (LCFE), has announced that it has screened and registered 39 Dealing Member Firms for trading in commodities electronic receipts as part of its growth and expansion strategy.
The first pan African Commodities Exchange in Nigeria has also set up market development committees for structured Commodities trading ecosystem.
In a statement by LCFE, the Head, Operations, Dr Allwell Umunnaehila, the LCFE said that it had registered 39 Dealing Member Firms (DMFs) as its members.
Allwell explained that stakeholders looking to raise capital for their operations could do so through listing financial contracts on the Exchange, saying the business operations include commodity aggregation, processing, logistics, cold chain and Infrastructure development.
Corroborating him, the LCFE’s Managing Director, Akin Akeredolu-Ale mentioned additional milestones, including onboarding of new directors, critical stakeholders, establishment of a framework for Publicly listed instruments, partnerships with key stakeholders, capacity building and regulatory advocacy.
Akeredolu-Ale also noted that the DMFs could drive the commodities market through Advisory, marketing, trading, product generation, and advocacy. He affirmed that the Commodities Ecosystem was a huge market that needed to be explored.
The Chairman, Association of Securities Dealing Houses of Nigeria (ASHON), Sam Onukwue, congratulated the DMFs that have registered with the LCFE and advised them to partner with the Exchange for enhanced professional practice.