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LCFE Advocates for Youth Financial Literacy

Nov 23, 2021   •   by   •   Source: Proshare   •   eye-icon 1701 views

Tuesday,November 23, 2021 / 9.00AM / LCFE/Header Image Credit: The Leaflet

 

Determinedto equip the youths with the basic knowledge of financial literacy, LagosCommodities and Futures Exchange (LCFE) has leveraged 2021 World Investors Week(WIW) to advise youths in Nigeria to imbibe the culture of savings as a steptowards investment.

 

TheSecurities and Exchange Commission (SEC) declared yesterday, November 22, 2021,the Day of Bell Ringing in all securities exchanges in Nigeria as part of the WorldInvestment Week ceremony. By this directive, the Management of LCFEhosted students of Pan Atlantic University, King's College and Queen'sCollege, Lagos.

 

Addressingthe participants, the LCFE's Managing Director, Mr. Akin Akeredolu-Ale,explained that lack of financial literacy among youths had createdopportunities for fraudsters to swindle unsuspecting investors.

 

Heurged them to cultivate the habit of savings to lay a solid foundation asfuture investors.  He noted that commodities exchange was an opportunityfor profitable investment for individuals and corporate entities and urged thestudents to contact professional securities dealers for investment advice inall their transactions.


Accordingto him, the LCFE shall continue to support financial literacy as youthscultivate savings and investment habits.

 

Corroboratinghim, the Chairman, Technical Committee on Financial Literacy in the NigerianCapital Market, Mrs. Toyin Sanni, enlightened the students on the need for aninvestor to understand his risk profile to mitigate risk.

 

TheHead, Lagos Zonal  Office, SEC, Mr. Stephen Falomo, who represented theCommission's Director-General, Mr. Lamido Yuguda, said the InternationalOrganisation ofSecurities Commissions (IOSCO) initiated the World Investors Week to promoteinvestor education and protection. He stated that the overall goal of theCommission was to ensure a fair and orderly market. According to him, a lot ofmeasures. Including Investor Protection Fund (IPF) has been put in place toensure investor protection.

 

TheRegistrar, Chartered Institute of Stockbrokers (CIS), Mr. Josiah Akerewusi,said CIS was the only authorized institution that certifies stockbrokers andadvised the students to take advantage of the Institute's Diploma, Programme,Specialized or  Omnibus Window to become professionals in the securitiesmarkets.

 

Theactivities featured a comprehensive presentation on the Commodities ExchangeEcosystem by LCFE's Head of Operations, Dr. Allwell Umunnaehila and the closingbell ringing by the special guest and the students.


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