By Chinwendu Obienyi, Lagos
To ensure a vibrant capital market, the Federal Government says it is committed to growing and developing the commodities market.
The Chairman of the House of Representatives Committee on Capital Markets and Institutions, Babangida Ibrahim, disclosed this to newsmen during a visit to the Lagos Commodities and Futures Exchanges (LCFE) in Lagos on Wednesday
Rep Babangida noted that the visit was to familiarize with the leadership of the commodities exchange and also detect the areas that need urgent attention in the market.
He noted that the Federal Government is aware of the challenges facing market operators in the country and added that it is currently engaging in a lot of activities with stakeholders especially on the current issue of unclaimed dividends.
He said: ‘You are all aware that part of the government proposed in the finance is to take unclaimed dividends and ware-house it somewhere and we as a committee feel it is not right.
‘So we need the support of all our operators and from time to time, we will continue to engage with market stakeholders so that all will be on the same page.’
Commenting further, the Director-General, Securities and Exchange Commission (SEC), Lamido Yuguda, assured the LCFE that the commission will work with the legislative arm of government and other stakeholders to grow and develop the capital market.
‘We are going to work with stakeholders to develop all the rules to make sure that we realise the potentials of this great country in the area of commodities trading,’ he said.
Yuguda noted that for a successful commodities market, the foundations need to be gotten right to ensure the market rivals its peers on the global stage.
‘We will continue to engage with the leadership of the commodities market as our doors are open in case you encounter difficulties.
‘I believe if we are able to do what we are doing very well, then this market will really rival many other capital markets and that would be good for this country and that we can really have a vibrant economy in years to come,’ the SEC boss said.
Earlier in his welcome address, Chairman, Board of Directors, LCFE, Chief Onyinyechukwu Ezeagu, stated that the exchange is poised to expand, enhance and enrich the commodities ecosystem.
According to him, the LCFE is an initiative of the Association of Securities Dealing Houses of Nigeria (ASHON) and added that the potential of the FG’s drive towards the development of the Agriculture and solid minerals sector will put Nigeria on the global revenue map and enhance the flow of currency exchange in the nation.
‘The exchange will redefine practice standards of the Nigerian commodities ecosystem and give hope to producers of commodities who are constantly searching for ways to offload and improve on their commodities,’ Ezeagu stated.