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By Chinwendu Obienyi
History was made yesterday in the commodities exchange market as Voriancorelli (VC) became the first company to be screened for listing on the Lagos Commodities and Futures Exchange (LCFE) platform.
This was even as the Company said it is looking to raise N20 billion as capital through the floating of Exchange Traded Notes (ETN) to operate optimally in the agriculture, health, education and power sectors.
In the same vein, the LCFE sai it is looking at attracting 20 more listings barring unforeseen circumstances before the end of the year.
The match-making company with a strong background in digitisation has secured approval of its application to the LCFE’s Quotation Committee for listing any moment from now.
Addressing newsmen during its pre-listing parley in Lagos, the Chairman,Voriancorelli, Bolaji Akinboro explained that listing of VC would enable the company to access liquidity, operate under the Exchange’s rules and regulations as evidence of transparency and provide opportunities to create new forms of asset classes.
“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 showing what an exchange should do which is being an arbiter of transparency, integrity and supervision that provides an independent view of the ecosystem and all other market participants for healthy collaboration.
