Voriancorelli Seeks N20 Billion, to List on LCFE
The Lagos Commodities and Futures Exchange (LCFE) is set to begin operations and has screened Voriancorelli (VC) to list on the exchange.
VC, which is a commodity aggregating company with strong background in digitisation of commodities’ assets such as paddy rice, sorghum, soyabeans and maize, will raise about N20 billion through floating of Exchange Traded Notes (ETN) to operate optimally.
Speaking to journalists in Lagos, the Chairman of VC, Mr. 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 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 : an arbiter of transparency, integrity and supervision that provides an independent view of the ecosystem and all other market participants for healthy collaboration,” Akinboro said.
Also speaking, Managing Director of VC, Mr. Rufus Udechukwu, said the company offers a business-to-business solution to key players by connecting them together via a trading platform called easy commerce and facilitate seamless transactions.
In his remarks, Managing Director, LCFE, Mr. Akin Akeredolu-Ale, stressed that commodities exchanges has capacity to create jobs, enhance operations of all stakeholders in the commodities value chain and grow the Gross Domestic Product ( GDP).
According to him, agriculture is the primary sector of an economy and once it is properly harnessed, it will have multiplier effects on other sectors.
“We 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. Commodity sector does not suffer setback under COVID-19 as people must eat even if it has to be imported. Our commodities ecosystem is worth trillions of Naira and remained largely untapped,” he said.