AFEX Partners Marble Capital, Lists Halal Commodities Fund

Africa’s commodities player, AFEX has announced a partnership with Marble Capital, as a result of this collaboration, the Halal Commodities Fund has been listed on the AFEX Commodities Exchange.

The Marble Halal Commodities Fund, which was initially launched on May 10, 2023, is the first Commodities Fund approved by the Securities and Exchange Commission (SEC). The N3billion open-ended mutual fund serves to provide investors with income diversification and fair market returns through investment in halal compliant instruments, while also contributing to the economic growth of the country as it contributes to the realisation of the 2015–2025 Nigerian Capital Market Master Plan of the Securities and Exchange Commission.

The MD Marble Capital, Akeem Oyewale, expressed enthusiasm for the Halal Fund listing, saying, “this collaboration between Marble Capital Limited and AFEX signifies a potent force in the commodities space, showcasing the significant growth of the commodities market in the country. This move stretches the investment market, providing investors with more diverse and ethical options while promoting economic growth and food security in Nigeria.”

At the Bell ringing ceremony for the listing, president/CEO AFEX Nigeria, Akinyinka Akintunde, spoke on the prospects of the listing for the commodities market in Nigeria.

“We have built a viable exchange model over the past decade, and are now ready to offer up our market infrastructure to other players looking to take advantage of opportunities in the commodities market. Marble Capital has been a forward-thinking capital market operator, and the Marble Halal Commodities Fund is an ethical investment instrument that we are excited to admit on the exchange,” he said.

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The challenges in Nigeria’s commodity markets, he said,  are exacerbated by a shortage of financial market players which limits capital availability, liquidity, and price discovery, making the ecosystem prone to price volatility and inefficiencies. 

Addressing these challenges, he added,  requires the mobilisation of capital and participation from financial market players, which ultimately enhances the resilience of Nigeria’s commodity market. The signing of the MoU with PenOp, expands the players in the commodity market and sets the foundation for the potential entry of the Pension industry into the commodities ecosystem.

Furthermore, AFEX, also signed a Memorandum of Understanding (MoU) with the Pension Fund Operators Association of Nigeria (PenOp).

And speaking on the MoU signing, CEO, PenOp, Oguche Agudah mentioned that, “We are delighted on the signing of this agreement, as it is an important step towards consolidating AFEX and PenOp‘s efforts towards increasing the participation of PFAs in the commodities ecosystem. This partnership marks a crucial milestone in expanding the investment horizon of the pension industry.”

The partnerships between Marble Capital and PenOp will stimulate liquidity and participation in Nigeria’s commodities market, creating an ecosystem where smallholder farmers, traders, and institutional investors can thrive.