Business

Voriancorelli seeks N20 billion on Lagos Commodities Exchange

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By Chinyere Joel-Nwokeoma

Voriancorelli

The N20 billion ETN would allow the company to operate optimally in the farming economy.

Speaking at a press conference in Lagos on Wednesday, VC chairman Mr. Bolaji Akinboro said the company had obtained listing approval from LCFE‘s rating committee.

Akinboro said the matchmaker with a strong background in digitization had obtained approval for its application to join the LCFE Rating Committee and would list at any time.

Akinboro said that VC’s listing would allow the company to access liquidity, operate under the rules and regulations of the Exchange as evidence of transparency and provide opportunities to create new forms of asset classes.

He said the capital raising program would be in installments of 1.5 billion naira each over the next 36 months.

The Nigerian News Agency (NAN) reports that VC offers a business-to-business solution to major players by connecting them through a trading platform called Easy Trade and facilitating transparent transactions.

Also speaking, the chief executive of the company, Mr. Rufus Udechukwu, said that the product would allow the company to actively play in the ecosystem with the necessary liquidity.

LCFE Managing Director Mr. Akin Akeredolu-Ale expressed optimism about the ability of commodity exchanges to create jobs, improve the operations of all stakeholders in the commodity value chain and increase gross domestic product (GDP).

Akeredolu-Ale noted that agriculture is the primary sector of an economy and that when properly exploited it would have multiplier effects on other sectors.

“We started with a vision of creating an enabling environment for all commodity stakeholders to effectively participate in the development of the country’s ecosystem and economy,” Akeredolu-Ale said.

He noted that the commodities sector was the only sector that has not suffered a setback under COVID-19 because people have to eat even if it had to be imported.

“Our commodity ecosystem is worth billions of naira and has remained largely untapped,” he said. (NOPE)

(NAN)

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