Voriancorelli seeks N20bn from Lagos Commodities Exchange

Voriancorelli (VC), the first company screened for listing on the Lagos Commodities and Futures Exchange (LCFE), is seeking N20 billion through floating of Exchange Traded Notes (ETN).

The N20 billion ETN would enable the company to operate optimally in the agriculture, health, education and power sectors of the economy.

Speaking at a news conference on Wednesday in Lagos, VC Chairman, Mr Bolaji Akinboro, said the company had secured listing approval from the LCFE’s Quotation Committee.

Akinboro said the match-making company with strong background in digitisation had secured approval of its application to the LCFE’s Quotation Committee for listing and would list any moment from now.

Akinboro said the 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.

He said the capital raising programme would be in tranches of N1.5 billion each within the next 36 months.

The News Agency of Nigeria (NAN) reports that VC offers a business-to-business solution to key players by connecting them together via a trading platform called easy commerce and facilitate seamless transactions.

Also speaking, the company’s Managing Director, Mr Rufus Udechukwu, said the proceeds would enable the company to play actively in the ecosystem with the needed liquidity.

The LCFE’s Managing Director, Mr Akin Akeredolu-Ale, expressed optimism that commodities exchanges had the capacity to create jobs, enhance operations of all stakeholders in the commodities value chain and grow the Gross Domestic Product (GDP).

Akeredolu-Ale noted that agriculture was the primary sector of an economy and once it was properly harnessed, it would 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,” Akeredolu-Ale said.

He noted that the commodity sector was the only sector that did not suffer setbacks under COVID-19 as people must eat even if it had to be imported.

“Our commodities ecosystem is worth trillions of naira and remained largely untapped,” he said. (NAN)