Lagos Commodity and Futures Exchange Gets SEC’s Approval

The Securities and Exchange Commission (SEC) has finally approved the application of Lagos Commodity and Futures Exchange (LCFE) being promoted by the Association of Securities Dealing Houses of Nigeria (ASHON) to operate as a full fledged commodities and futures market.

Before now, SEC had earlier granted the LCFE, approval-inprinciple. However, by the new approval, the commodities and futures market is set to leverage the assembled best talents to commence operations as an influential brand, established to unlock its true potential in the financial market.

Also, SEC has approved the appointment of the top management team to drive the operations of the new exchange.

According to a letter of approval, signed by SEC’s Head of Department, Registration, Exchange and Market Infrastructure, Mr. Emomotimi Agama, on behalf of the Ag. Director General, Ms Mary Uduk, the final approval takes effect from June 14, 2019.

Part of the approval letter addressed to LCFE’s Managing Director and Chief Executive Officer, Mr Akin Akeredolu-Ale states that “In the exercise of the power conferred on it by the Investment and Securities Act (ISA) No 29 of 2007 and the Rules and Regulations made there-under, the commission has granted your Company, registration to perform the function of a Commodities and Futures Exchange in the Capital Market with effect from June 14, 2019. By virtue of this registration, you are authorised to perform the function for which you are registered.”

Commenting on the approval, Chairman of ASHON, Chief Patrick Ezeagu said: “SEC has shown a commitment to open up the commodities market ecosystem for ASHON’S initiative of floating LCFE to come to fruition. Congratulations to the market, the operators and the economy. We are really grateful to SEC , shareholders, and all our partners NSE, CSCS, technology providers etc that collaboratively bithed this new baby.”