Lagos Commodities and Futures Exchange (LCFE) has reiterated its commitment towards attracting a new generation of investors into the commodities ecosystem to boost the trading of electronic receipts of commodities and allied assets and increase the nation’s Gross Domestic Product (GDP).
LCFE, a pan African Commodities Exchange which was inaugurated in July this year, has already commenced live trading in Gold coin as it has concluded arrangements to commence trading on more asset classes which have been approved by the Securities and Exchange Commission (SEC).
Prior to the Exchange’s inauguration, it developed a roadmap to attract millennials and other categories of young ones into the market as they are believed to be the next generation of investors.
Speaking on the sidelines of the Company’s Annual General Meeting (AGM), LCFE’s Managing Director and Chief Executive Officer, Akin Akeredolu-Ale, explained that many young ones had huge investable funds and some of them had lost money into Ponzi schemes due to many factors, including ignorance. According to him, LCFE has created a special window by which millennials and others can invest seamlessly through commodities exchanges.
“We are constantly looking to the Future of the Exchange. We are focused on attracting the next generation of Investors. We have a lot of young people who have investible money and are eager to invest it. The desperation to find investable funds have driven a lot of them to scam investments and they have got their hands burnt. We need to show them that the Capital Market is not a single asset market.
“There are so many investment opportunities in the Commodities Ecosystem which are regulated by the Securities and Exchange Commission (SEC ) and can be conducted on the Exchange. This is our Mission. This led us to list the Eko Gold Coin with the minimum lot size of one gram of Gold Coin. This will also be replicated in other asset classes, including trading on Solid Mineral and Agricultural commodities. It is our passion for this goal that drove us to start the Financial Literacy Seminar for Youth and Students which was held for the Second time on the 6th of October this year,” Akeredolu-Ale said.
“After the Commissioning of LCFE in July this year, and the launch of the Eko Gold Coin by the Lagos State Executive Governor, Babajide Sanwo- Olu, we commenced trading real life on 24 Karats Gold Coin mined in Nigeria. The Market opens every weekday at 10 am and closes at 3.30 pm and we have Brokers from all over Nigeria log into the Trading system, execute trading on behalf of their clients and it settles in their account,” he said.
In his welcome address, the Chairman, Onyenwechukwu Ezeagu said the year 2021 was a time of recovery and a time of rebuilding for the entire world, saying economies, businesses and the capital market started opening again.
” The exchange continues its aggressive sensitisation strategy that commenced in the previous year for all stakeholders such as the dealing member firms, banks, issuing houses, certification agents, rating agencies, pension and fund administrators, aggregators and logistics companies among others,” Ezeagu said.