By Modupe Gbadeyanka
A Memorandum of Understanding (MOU) has been signed between the Nigerian Stock Exchange and the Association of Stockbroking Houses of Nigeria (ASHON) on the smooth take-off of the proposed Lagos Commodity and Futures Exchange, (LCFE).
Both parties sealed the deal on Tuesday in the presence of top executives of the two firms, including the chief executive of the NSE, Mr Oscar Onyema; Head of Shared Services Division at the NSE, Mr Bola Adeeko; Chairman of ASHON, Mr Patrick Ezeagwu; Vice Chairman of ASHON, Mr Sam Onukwue; CEO of the proposed LCFE, Mr Akin Akeredolu-Ale, amongst others.
The MOU, Business Post reports, is aimed at creating professional and technical relationship between the two institutions for enhanced trading on commodities and futures.
Chief executive of the NSE, Mr Oscar Onyema, said at the signing ceremony that, “ASHON has championed the establishment of the Lagos Commodity and Futures Exchange and this MoU that we signed today is an MoU that positioned the Nigerian Stock Exchange to provide technology and other technical support to the Lagos Commodity Exchange.
“As you know, we do have a service that we use to provide such support for other emerging exchanges around the continent, given the expertise that we have developed over the years and so the significance is that we are supporting market development and we are providing expertise to make it easier and more cost effective for an exchange such as the Lagos commodity exchange to hit the ground running.”
On his part, CEO of the proposed LCFE, Mr Akin Akeredolu-Ale, also reiterated the strategic position of the NSE in providing technical and technological support for the LCFE.
While commenting, Chairman of ASHON, Mr Patrick Ezeagu, explained that the MOU would enable LCFE access the superior technological capacity of the NSE as the oldest stock exchange in Nigeria.
He said LCFE would hit the ground running once it is able to perfect the registration process with the Securities and Exchange Commission (SEC).
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