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Lagos Commodity Exchange: Reps, SEC endorses commencement
By Modupe Shodeinde
The National Assembly and the Securities and Exchange Commission (SEC) have endorsed the commencement of the Lagos Commodities and Futures Exchange.
The Chairman, House of Representatives Committee on Capital Market and other Institutions, Mr. Babangida Ibrahim, while visiting the LCFE in Lagos, said the visit was to understand the workings of the Exchange in a bid to provide legislative support where necessary.
“Our purpose is to understand how they operate and see if there is any parliamentary intervention we can provide. We will speed up legislation that will enhance the growth of the commodity market and spur Gross Domestic Product, GDP.” he said.
Director General of the Securities and Exchange Commission, Mr. Lamido Yuguda, gave assurance that SEC is committed to the development of the capital market, of which the commodities market plays an important role.
“We are impressed with what we have seen here today. We have engaged them for the past year and are aware they have been working hard to make this exchange successful.” he stated.
According to the Chairman of LCFE, Chief Onyenwechukwue, the Commodities and Future Exchange market was established as a result of the drive towards the development of the agricultural and solid minerals sector and to tap the opportunities there.
