SEC Approves Eko Rice N23.4bn Contracts For Listing On Commodities Exchange

The Lagos Commodities and Futures Exchange (LCFE) and stakeholders in the commodities ecosystem have held the pre-launch meeting for Eko Rice Classic Spots Contracts Listing, a landmark event ahead of the official listing of rice contracts valued at N23.4 billion.

Welcoming stakeholders, which comprise investors, regulators, and members of the agricultural value chain, the managing director and chief executive officer of LCFE, Akin Akeredolu-Ale, emphasised the significance of the listing as a major step toward building a transparent, structured, and globally competitive commodities market in Nigeria.

According to him, the official listing of Eko Rice Classic Spots Contracts on the LCFE is expected to set a new benchmark in commodities trading and agricultural financing in Nigeria.

“This pre-launch is not just a curtain-raiser. It is an invitation to co-create the future of commodities trading in Nigeria. Eko Rice Classic is a model for how agriculture and capital markets can align to generate wealth, ensure food security, and position Nigeria as a leader in structured trade”, he emphasised.

Akeredolu-Ale further stated, “Rice remains a cornerstone of Nigeria’s food security, yet a significant portion of national demand is met through imports, a trend the Eko Rice Classic seeks to reverse. By channelling investments through LCFE’s structured framework, this listing supports local production while reducing pressure on foreign reserves.

“The Eko Rice Classic Listing is more than a financial transaction. It is a bold statement that agriculture in Nigeria has matured beyond subsistence to become a viable, investable sector capable of attracting large-scale capital, driving returns, and strengthening our food systems.”

He reiterated LCFE’s commitment to providing a standardised platform for trading key asset classes, including agriculture, solid minerals, oil and gas, and currencies — with integrity and efficiency.

The N23.4 billion listing, he said, is a direct reflection of LCFE’s mission to deepen liquidity and foster sustainability in the commodities ecosystem.

He expressed appreciation to the Lagos State Government, the Securities and Exchange Commission (SEC), investors, processors, and other stakeholders for their continued support and trust.

Also speaking, the managing director, Commodities Tradenet, Adeyemi Oba,explained that the Eko Rice Classic initiative would renew confidence in Nigerian farmers, processors, and the rice value chain to meet domestic and international standards, transform agriculture through structured markets that enable fair price discovery and investment traceability and boost revenues for farmers, processors, and consumers through improved access to markets, stable supply chains, and assured quality.

The  managing director and chief executive officer, WCM Capital Limited, Patrick Ajayi, who represented the four listing brokerage firms, spoke on Commodities Brokers’ Perspective saying: “The Eko Rice Classic offer be brokers the opportunity to participate in N23.4 billion localcommodity market. This will enhance revenue opportunities, create value for our customers and develop the local economy.”