Agric firm seeks N20b to boost value chain
The first company screened for listing on the Lagos Commodities and Futures Exchange (LCFE), Voriancorelli (VC), is seeking N20 billion through floating of exchange-traded notes (ETN) to expand its operation in the agriculture value chain.
The commodities aggregating company with a strong background in digitisation of Paddy Rice, Sorghum, Soyabeans and maize has secured approval of its application to the LCFE’s quotation committee for listing.
Addressing journalists in Lagos, its Chairman, Bolaji Akinboro, explained that listing Voriancorelli 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 tradable assets.
“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 undercut 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.”
The company’s Managing Director, Rufus Udechukwu, said the firm offered a commodities aggregation solution for agricultural commodities to key players by connecting them via technology-driven solutions to facilitate seamless transactions.
The LCFE’s Managing Director, Akin Akeredolu-Ale, expressed optimism on the impact of the various infrastructure being deployed by the exchange under the supervision of the Securities and Exchange Commission (SEC) through a structured legal framework, operational framework and surveillance mechanism to create jobs.