Voriancorelli (VC), the first company that has been screened for listing on the Lagos Commodities and Futures Exchange (LCFE) is seeking N20 billion through floating of Exchange Traded Notes (ETN) to operate optimally in the agriculture, health, education and power sectors.
The match-making company with strong background in digitisation has secured approval of its application to the LCFE’s Quotation Committee for listing any moment from now.
“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”, said Bolaji Akinboro, Chairman of Voriancorelli.
He said that listing of the company 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 asset classes.
“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.
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“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.”, said Akinboro.
Also, Rufus Udechukwu, Managing Director, Voriancorelli said that 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.
Akin Akeredolu-Ale, Managing Director, LCFE expressed optimism that commodities exchanges had 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.
“ The Exchange is working hard with all the Dealing member Firms, Central Securities Depository, Storage facility Owners, Capital Market Operators, rating companies, certification agents and many other institutions for the listing of transparent, structured, contracts for trading, capital raising and the development of the Nigerian Commodities Ecosystem”, Akeredolu-Ale said.
Voriancorelli was introduced to LCFE by GTI Capital Limited and its services cut across supply marketing, invoice discounting, lift matching, demand matching and delivery implementation and financing.
