Firm to raise N20bn via Lagos commodities exchange - PUNCH
APRIL 15, 2021
BY Femi Asu
Voriancorelli, the first company screened for listing on the Lagos Commodities and Futures Exchange, is seeking to rVise N20bn through the floating of Exchange Traded Notes in a bid to operate optimally in the Nigerian agriculture sector.
The marketplace company has secured approval of its application to the LCFE’s Quotation Committee for listing.
Its Chairman, Mr Bolaji Akinboro, told journalists on Wednesday at the LCFE that the listing of Voriancorelli would enable it to access liquidity, operate under the exchange’s rules and regulations as evidence of transparency and provide opportunities to create new forms of fungible and tradeable assets.
He said, “Voriancorelli is the enabling connector that bridges the gap between businesses within the agricultural ecosystem, delivering sustainable value.
“We are called the ‘matching company’ because we primarily solve the problem of market linkage to make trading within the sector simple and scalable.
“Underpinning the problem of market linkage is liquidity: whether in form of capital financing, credit, or grant. The cost and availability of this liquidity undercuts profitability for agribusinesses.
“Therefore, in collaboration with the LCFE, the strength of the capital markets will be brought to bear in agriculture for the first time.”
“We are thus making the market for commodities work in Nigeria. Beyond this, we are also supporting the commodities exchange as a stakeholder in its critical role to be an arbiter of transparency, integrity and supervision that provides an independent view of the ecosystem and all other market participants for healthy collaboration,” Akinboro added.
The LCFE’s Managing Director, Mr Akin Akeredolu-Ale, expressed optimism about the impact of the various infrastructure being deployed by the exchange under the supervision of the Securities and Exchange Commission through a structured legal framework, operational framework and surveillance mechanism to create jobs, enhance operations of all stakeholders in the commodities value chain and grow the country’s GDP.