November 23, 2021 / 9.00AM / LCFE/Header Image Credit: The Leaflet
Determined to equip the youths with the basic knowledge of financial literacy, Lagos Commodities and Futures Exchange (LCFE) has leveraged 2021 World Investors Week (WIW) to advise youths in Nigeria to imbibe the culture of savings as a step towards investment.
The Securities and Exchange Commission (SEC) declared yesterday, November 22, 2021, the Day of Bell Ringing in all securities exchanges in Nigeria as part of the World Investment Week ceremony. By this directive, the Management of LCFE hosted students of Pan Atlantic University, King's College and Queen's College, Lagos.
Addressing the participants, the LCFE's Managing Director, Mr. Akin Akeredolu-Ale, explained that lack of financial literacy among youths had created opportunities for fraudsters to swindle unsuspecting investors.
He urged them to cultivate the habit of savings to lay a solid foundation as future investors. He noted that commodities exchange was an opportunity for profitable investment for individuals and corporate entities and urged the students to contact professional securities dealers for investment advice in all their transactions.
According to him, the LCFE shall continue to support financial literacy as youths cultivate savings and investment habits.
Corroborating him, the Chairman, Technical Committee on Financial Literacy in the Nigerian Capital Market, Mrs. Toyin Sanni, enlightened the students on the need for an investor to understand his risk profile to mitigate risk.
The Head, Lagos Zonal Office, SEC, Mr. Stephen Falomo, who represented the Commission's Director-General, Mr. Lamido Yuguda, said the International Organisation of Securities Commissions (IOSCO) initiated the World Investors Week to promote investor education and protection. He stated that the overall goal of the Commission was to ensure a fair and orderly market. According to him, a lot of measures. Including Investor Protection Fund (IPF) has been put in place to ensure investor protection.
The Registrar, Chartered Institute of Stockbrokers (CIS), Mr. Josiah Akerewusi, said CIS was the only authorized institution that certifies stockbrokers and advised the students to take advantage of the Institute's Diploma, Programme, Specialized or Omnibus Window to become professionals in the securities markets.
The activities featured a comprehensive presentation on the Commodities Exchange Ecosystem by LCFE's Head of Operations, Dr. Allwell Umunnaehila and the closing bell ringing by the special guest and the students.