Akin Akeredolu-Ale,managing director of the Lagos Commodities and Futures Exchange (LCFE) has expressed dissatisfaction over the country’s failure to fully exploit the commodities ecosystem worth trillions of naira.
Akeredolu-Ale noted that commodities exchanges have the capacity to create jobs, enhance operations of all stakeholders in the commodities value chain and grow the Gross Domestic Product (GDP) if given the required attention.
Speaking on the role of the LCFE towards economic development, the LCFE managing director said the organisation started with a vision to create an enabling environment for all the commodity stakeholders to participate effectively for the development of the ecosystem and the economy of the country.
According to him, the commodity sector was the only sector that did not suffer setbacks under COVID-19 as people must eat even if it had to be imported. He further averred that agriculture is the primary sector of an economy and once it is properly harnessed, it would have multiple effects on other sectors.
Akeredolu-Ale made the statement following the approval of Africa’s foremost match-making company,Voriancorelli (VC), the first company screened for listing on the Lagos Commodities and Futures Exchange (LCFE).
Confirming the approval at a news conference on Wednesday in Lagos,Bolaji Akinboro, the company’s chairman, said Voriancorelli secured listing approval from the LCFE’s Quotation Committee and would list any moment from now.
Akinboro also stated that the listing 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.
He however disclosed that the company seeks N20 billion through floating of Exchange Traded Notes (ETN). The N20 billion ETN, he explained, would enable the company to operate optimally in the agriculture, health, education and power sectors of the economy.