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Tag: LCFE

  • LCFE to begin trading on electricity contracts

    LCFE to begin trading on electricity contracts

    • Commodities ecosystem to boost economy

    The Lagos Commodities and Futures Exchange (LCFE) at the weekend indicated that it is concluding arrangements to begin trading on electricity contract, in a major move that is expected to further widen tradable instruments on the commodities exchange.

    The board and management of Lagos Commodities and Futures Exchange (LCFE), at an interactive session with LCFE’s shareholders and other stakeholders, outlined strategic initiatives being taken to unlock the full potential of Nigerian commodities ecosystem.

    Managing Director, Lagos Commodities and Futures Exchange (LCFE), Akin Akeredolu-Ale, said the Exchange plans to list and begin trading on electricity contracts.

    According to him, several Memoranda of Understanding with various organisations and stakeholders’ groups with a view to deepening tradable instruments at the commodities exchange.

     “We have signed Memorandum of Understanding (MoU) with AFCTA Associations of Commodities  Exchanges , NG Clearing for CPP Services, Lascrico and Niger Foods, Cashew Association of Nigeria, Bureau Veritas, Coconut Venture Hub, Trading of Gold Coins, Paddy Rice and Head Rice while we are already trading on  of Eko Rice contract.

    “We also have agreement  with Arewa Traders Association , Isheri Kara, Abbatoir, Alaba Rago, Ikorodu and Agege, Yam Sellers Association of Mile 12 International Market. We have regulatory approval to trade solid minerals such as Lithum, Tin, Iron Ore, Coal. Planning is on-going for the listing of electricity contracts, “ Akeredolu-Ale said.

    He noted that the LCFE played a pivotal role in during the review of Investment and Securities Act (ISA) 2025, pointing out that the dedicated section on commodities in the new Act stands as a testament to the contributions of LCFE.

    “LCFE’s activities underscore commitment to unlocking the full potential of the commodities ecosystem, both domestically and internationally. This achievement not only reflects the Exchange’s strategic vision but also sets a new benchmark for inclusive policy development in Nigeria’s financial markets,” Akeredolu-Ale said.

    Read Also: Electricity crisis: Govt offers national grid to investors

    Chairman, Lagos Commodities and Futures Exchange (LCFE), Chief Onyenwenchukwu Ezeagu, commended the shareholders for their unwavering commitment to the shared vision of the Exchange.

    “Your presence here today reflects your unwavering commitment to our shared vision, and it is a privilege to have you with us. This meeting is a strategic initiative aimed at fostering a deeper relationship between LCFE and its shareholders. As we embark on this journey together, our primary objective is to provide you with a clear understanding of LCFE’s strategic direction.

    “We are committed to transparency and accountability, ensuring that you are well-informed about LCFE achievements, milestones, and ongoing projects. This meeting serves as an opportunity to update you on the Exchange’s achievements, key milestones, and ongoing projects that continue to position LCFE as a dynamic force in the Commodities and Futures market ecosystem, both locally and internationally.

    “This meeting serves as a platform for open and honest dialogue. Our goal is to strengthen your confidence in LCFE’s vision and operations, fostering a transparent and interactive communication channel. We therefore encourage your continued dedication and support, which is vital and invaluable to our long-term success. Together, let us work towards a brighter future for our Exchange, shareholders and the wider body of stakeholders in this market,” Ezeagu said.

  • Commodities exchanges can boost food security, says LCFE

    Commodities exchanges can boost food security, says LCFE

    The federal government should leverage on the potential of commodities exchanges to improve the country’s agricultural value-chain and boost food security.

    Chief Executive Officer, Lagos Commodities and Futures Exchange (LCFE), Mr Akin Akeredolu –Ale said while the efforts of the federal government in addressing the issue of food security is commendable, the government could  achieve better results if commodities exchanges are involved in the processes .

    Akeredolu-Ale spoke yesterday at a media interactive session in Lagos.

    Read Also: LCFE seeks partnership with Czech Republic

    He explained that commodities exchanges connect smallholder farmers in rural areas to large markets, thus increasing earning income capacity, a key aspect of household food security.

    According to him, commodities exchanges also facilitate food storage through their warehouses, through which smallholder farmers can use their warehouse receipts to access input loans to purchase fertilisers and other materials.

    “Commodities exchanges reduce default risks in trading and encourage investment in food systems and they manage price risks in food system by offering future trading.  They disseminate market information. They have capacity to promote competition,  reduce transaction cost and make food available amongst others,” Akeredolu-Ale said.

    He noted that the Nigerian economy is experiencing a food crisis with fast-rising food costs, cost of transportation, insecurity, poor infrastructure, and foreign exchange instability, which have affected the ability of commodity stakeholders to successfully produce food and transport it to where it’s needed.

  • LCFE seeks partnership with Czech Republic

    LCFE seeks partnership with Czech Republic

    The Lagos Commodities and Futures Exchange (LCFE ) is seeking partnership with Czech Republic in its pursuit to mainstream Nigeria into a pivotal position in the global commodities market.

    The deal is expected to cover many areas, including exchange programme, agriculture and trade and are expected to lead to enhanced relationship with the European Union (EU).

    Czech Republic is renowned for many business opportunities and the country has comparative advantage in traditional mercenaries, sophisticated software and export of different mineral resources.

    The country has assisted Nigeria in  research and development.

    Addressing a delegate led by Czech’s Ambassador to Nigeria, Zdenek krejci, who was on a visit to LCFE, the Exchange’s Managing Director, Mr Akin Akeredolu-Ale explained that Nigeria and Czech Republic reinforced their relationship with technology transfer last year.

    Read Also: Lagos Govt, LCFE sign agreement on rice value chain devt

    According to him, the partnership between the Czech Republic and Nigeria has N9 Billion direct support for 25 Nigeria’s registered companies to start off in the country under the Delta-2 Programme.

    Akeredolu-Ale said LCFE was willing to partner the Czech Republic for mutual benefits of both parties, saying: “The ecosystem is rich is solid mineral resources and agricultural commodities. Likewise, the Czech Republic trades machinery and transport Equipment, electronic equipment, chemicals, fuels, iron and steel, oil and mineral fuels, wood, aluminium, wool, wheat, rapeseed, and maize.

    “A new world order is coming. Nigeria has 44 solid mineral resources. This presents various opportunities for collaboration and partnerships. Together, we can build economic bridges, forge partnerships, and pave the way for a future where commodities and futures trading continue to play a pivotal role in shaping the global economic landscape.”

    Krecji expressed willingness for such collaboration. He noted that Czech Republic had a lot of opportunities for companies to grow. The Ambassador said: “We are strong in traditional mercenaries. We develop sophisticated softwares and produce world-class equipment for companies. We need reliable partners. If a company comes from Nigeria, we are here to expand opportunities in a way that the company shall benefit from European Union (EU).”

    LCFE’s Chairman, Chief Onyenwechukwu Ezeagu explained that the relationship between LCFE and Czech Republic would enrich the cultural ties of both countries.

    “As we look forward to strengthening the ties between the Czech Republic and our great nation, Nigeria, Lagos Commodities and Futures Exchange Limited wishes to be one of the channels through which this can be achieved. We, at LCFE, are excited to explore avenues of collaboration that will not only enhance trade but also enrich the cultural fabric of our nations,” Ezeagu said.

    On the Delegate of Czech Republic were Dr Dere Awosika, a Honorary Consul of Czech Republic , Marie Nwanyanwu in the Economy and Trade Section of Czech’s Embassy in Nigeria and Chief Anthony Aletor, Chairman,

    Capital Express Holdings. The event was an also attended by LCFE’s Non-Executive Director, Alhaji Rasheed Yussuff and the 1st Vice President, Chartered Institute of Stockbrokers (CIS), Mr Oluropo Dada and other market operators .