By OLUSHOLA BELLO |
The first company screened for listing on the Lagos Commodities and Futures Exchange, Voriancorelli (VC), said it will be raising N20billion through the floating of Exchange Traded Notes in a bid to operate optimally in the Nigerian agriculture sector.
The commodities aggregating firm with strong background in digitisation of commodities assets such as; paddy rice, sorghum, soyabeans and maize, has secured approval of its application to the LCFE’s Quotation Committee for listing any moment from now.
Speaking, chairman of Voriancorelli, Mr Bolaji Akinboro, explained 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 fungible and tradeable assets.
According to him, “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.
“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 supporting the Commodities Exchange as a stakeholder in its critical role to be an arbiter of transparency, integrity and supervision that provides an independent view of the ecosystem and all other market participants for healthy collaboration.”
Similarly, the managing director of the company, Mr Rufus Udechukwu, said, VC offers a commodities aggregation solution for agricultural commodities to key players by connecting them together via technology driven solutions to facilitate seamless transactions.