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The Exchange

overview

Overview milestones board of directors executive members

Lagos Commodities and Futures Exchange (LCFE) was incorporated in May 2015 and was granted full operating License on June 14th, 2019 by the Securities and Exchange Commission (SEC, Nigeria).

Vision Statement

To transform the Nigerian commodities market and redefine practice standards

Mission Statement

To catalyse economic growth in Nigeria, boosting the commodities value-chains and foreign earnings and reward all stakeholders

Integrity

Service

Wealth Creation

About Us

The Main purpose of setting up LCFE is to enhance the Nigerian income revenue source; create transparency, price discovery, guarantee quality and prompt delivery, put Nigeria on the global revenue map directly and enhance flow of foreign currency into Nigeria. It is our proposition to see the GDP of the Nigerian Economy move from a single digit to double digits. We intend to play our role in the advancement of the Nigerian Economy by bringing all the stakeholders of the Commodities Value Chain to the table in order to create sustainable relationships that would in turn benefit the Commodities Ecosystem.
We are currently seeking to expand strategic relationships with the following stakeholders of the Commodities Value Chain:
  • Producers of commodities (Farmers, Aggregators, Miners, Crude Oil Producers, Bureaux de Change Operators)
  • Commodity Traders
  • Innovative Technology solution providers
  • Central Securities Depositories (CSD)
  • FMCGs
  • Warehousing and Logistics Organizations
  • Cold Chain Organizations
  • Tank Farm Owners
  • Banks and Other Financial Institutions
  • International Money Transfer Operators
  • Certification Agents
  • Insurance Companies
  • Dealing Member Firms and Issuing Houses
2015/18
  • Incorporation of Lagos Commodities and Futures Exchange
  • Approval in principle of license
2019
  • Launch of LCFE HQ
  • Final approval of license
  • On-boarding of certification agents
  • MOU with ABCON
  • MOU with Agricultural Business Partners
  • On-boarding of 20 dealing member firms
  • On-boarding of the first settlement bank
  • SLA signing and integration with CSCS
2020
  • On-boarding of collateral managers
  • MOU signing with NG clearing
  • SLA with NIBSS for interbank settlement
  • On-boarding second settlement bank
  • SEC approval of rules
  • On-boarding of 15 dealing member firms
  • SEC approval of 5 agricultural products
  • Engagement of advisers for ethical financial instruments
  • Warehouse accreditation
2021
  • VPN connectivity with dealing member firms
  • On-boarding of financial advisers
  • ISO certification ongoing
  • Commencement of trades
  • On-boarding of floor traders
2022
  • On-boarding of first Gold aggregator
  • SEC approval of Gold commodity
  • On-boarding of 2000 CIS members
  • SEC approval of 8 agricultural products
  • On-boarding of 2 dealing member firms
  • On-boarding of 6 approved aggregators

Chairman

Chief Onyenwechukwu Patrick Ezeagu

Managing director /ceo

Akinsola Akeredolu-Ale

Director

Afolake Lawal

Director

Haruna Jalo-Waziri

Director

John Osemedua Osode

Director

Alhaji Rasheed Ola Yussuff

Director

Mr. Samuel Onukwue

Managing director /ceo

Akinsola Akeredolu-Ale

Chief Financial Officer

Mr Rotimi Solomon Omowale