Connect with us
nairametrics

Business News

AFEX partners FMDQ, Dubai Commodities Exchange to deepen markets opportunities

AFEX Commodities Exchange Limited has signed MoU with FMDQ Holdings Plc and the Dubai Gold and Commodities Exchange (DGCX).

Published

on

AFEX to partner with FMDQ and Dubai Commodities Exchange

AFEX Commodities Exchange Limited has signed memorandum of understandings (MOU) with FMDQ Holdings Plc and the Dubai Gold and Commodities Exchange (DGCX) to develop products that would deepen the Nigerian capital market and provide new market opportunities for the commodities traded in both exchanges respectively.

This was disclosed in a statement issued by AFEX and seen by Nairametrics. In the statement, the commodity exchange stated that the partnership between AFEX and FMDQ recognizes the importance of product innovation to market development and encourages participation of a wider range of investors in the capital market. The partnership will also help deliver new initiatives focused on deepening the capital market.

AFEX to partner with FMDQ and Dubai Commodities Exchange

Ayodeji Balogun, AFEX

In a similar circumstance, the collaboration between AFEX and Dubai Gold and Commodities Exchange (DGCX) covers a number of activities ranging from knowledge sharing to commodity contract design and the listing of a Shari’ah Gold Product.

The DGCX Spot Gold contract – Shari’ah compliant, provides an opportunity for Islamic funds and investors in and outside Nigeria to diversify their portfolio efficiently by investing in gold. In addition, agricultural commodities from Nigeria can find a route to international markets with the commodities being traded fairly and transparently on the Exchanges.

GTBank 728 x 90

Speaking at the signing ceremony on March 4, 2020, the CEO of AFEX, Mr Ayodeji Balogun said the commodity exchange firm was on a path to building Africa’s second commodities derivative market and this partnership sets the tone for that journey.

He said that they were proud to be collaborating with FMDQ as it helps to increase product offering. As for the partnership with DGCX, Ayodeji said that the collaboration is important as it would help to revive the commodities exchange industry in Nigeria and also serve as a gateway to the Middle East for the export market.

[READ MORE: Sesame, Cocoa, Cashew gross $84.97million – AFEX report)

Deal book 300 x 250
GTBank 728 x 90

The CEO of FMDQ Group, Mr Bola Onadele expressed his delight on the partnership between AFEX and FMDQ. He pointed out that as members of Securities and Exchange Commission’s implementation Committee on Commodities Trading Ecosystem, an area of focus for the partnership will be the Nigerian Agricultural Commodities Ecosystem.

The goal of FMDQ, according to him, is to support the growth of the sector through commercial and market-driven proposition.

AFEX to partner with FMDQ and Dubai Commodities Exchange

Bola Onadele Koko, CEO FMDQ

The CEO of DGCX, who represented the firm at the signing ceremony stated that as the largest derivatives exchange in the Middle East, his firm is pleased to share their rich experience in the derivatives business with AFEX in order to foster innovation and global cooperation. The partnership would go a long way in creating more efficient markets and strengthening trade flows between UAE and Nigeria.

About AFEX Commodities Exchange Limited:  Founded in 2014, it has developed and deployed a viable commodities exchange model for the West African market. AFEX operates 45 warehouses in key grain-producing regions and has reached about 106,000 farmers whole also trading on 145,000 MT of commodities.

Jaiz bank ads

Fidelity ads

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business News

Lagos state moves against fake news and inciting messages merchants

The government has warned fake news and inciting message merchants to stop their evil enterprise or face legal consequences.

Published

on

The Lagos State Government has warned against fake news and inciting messages as they react to videos in social media and online space, creating tension and encouraging ethnic conflicts.

This was contained in a statement that was issued by the Lagos State Commissioner for Information and Strategy, Gbenga Omotosho, on Saturday, October 24, 2020.

In the statement, Governor Babajide Sanwo-Olu urged Lagosians to disregard the videos, which are the tools of anarchists, whose plan is to create hatred and divisiveness for which Lagos is not known for.

The statement partly reads, ‘’Inciting videos of this nature are not what our land needs now, following the loss of lives and destruction that fake news, misinformation and unfounded rumours have triggered in our dear state in the last couple of days.

‘’The government appeals to Lagosians to disregard the calls of ethnic and religious jingoists as well as agents of destruction who are on a mission to destroy our state by pitching us against one another for yet to be ascertained reasons. This is a very critical moment for us as a people. It is, therefore important that we stand together and remain circumspect because the brewery of falsehood is unrelenting in its mission.’

GTBank 728 x 90

The commissioner said Lagos State is the melting point of various cultures, tribes and religions across Nigeria and noted we have co-existed harmoniously for ages and will continue to live together peacefully.

He pointed out that the sad incident of the past few days affected everyone who lives, trades or works in Lagos, regardless of their tribe, culture, race and religion. He said this is a time for us to empathize with one another and not listen to purveyors of evil messages, especially on social media.

Omotosho said the government will continue to protect lives and property and warned fake news and inciting message merchants to stop their evil enterprise or face the legal consequences of their destructive actions.

GTBank 728 x 90

 

Continue Reading

Appointments

TCN MD, Sule Abdulaziz appointed Chairman of West Africa Power Pool

The acting Managing Director of TCN, Sule Abdulaziz, has been appointed the new Chairman of WAPP.

Published

on

TCN MD Abdulaziz, four other directors receive appointment letters

The acting Managing Director of Transmission Company of Nigeria (TCN), Sule Abdulaziz, has been appointed the new Chairman of the Executive Board of West African Power Pool (WAPP). Abdulaziz was nominated by the former Managing Director of Power Holding Company of Nigeria (PHCN), Joe Makoju, who is an honorary member of WAPP.

READ: NNPC signs gas development and commercialization deal with SEEPCO

This disclosure was made by TCN’s General Manager, Public Affairs, Mrs Ndidi Mbah, through a public statement in Abuja on Thursday, October 22, 2020.

In her statement, Mbah revealed that the West African Power Pool was created by Decision A/DEC.5/12/99 of the 22nd Summit of the ECOWAS Authority of Heads of State and Government, and adopted during the 29th Summit of the ECOWAS Authority of Heads of State and Government held in Niamey, Niger.

READ: Indian firm, Ramco signs partnership deal with Nigerian airline

GTBank 728 x 90

The appointment was made during the 46th meeting of the WAPP Executive Board which was chaired by the Secretary-General of ECOWAS, Ki Sengui, and held through video conference on October 21.

The statement from Mba partly reads, “While making the nomination, Makoju noted that Abdulaziz is an expert in engineering with vast experience in the electricity sector and therefore will perform creditably as the new WAPP Executive Board Chairman.

READ: Continental Reinsurance Plc acquires 100% ownership of its Botswana subsidiary

GTBank 728 x 90

“His proposal was endorsed by MDs and Director Generals and other members of the board,” she said.

According to the statement, Abdulaziz in his acceptance speech thanked the board members and the honourary members for his nomination as the Chairman of the board and assured them of his total commitment to the overall objective of the regional electricity body.

READ: A bitter family feud has continued to hamper this company’s growth

He also expressed the need to move the pool to the next level of operational efficiency and solicited the support of member utilities, especially members of the executive board in this regard.

Explore Data on the Nairametrics Research Website 

Jaiz bank ads

He urged members to ensure prompt payment of their contributions to the pool and also continue to collaborate actively with the secretariat to ensure effective and efficient coordination and implementation of all WAPP programmes.

Fidelity ads

Continue Reading

ENDSARS

President Buhari to address Nigerians on Lekki toll plaza shootings after investigation 

Minister of Sports says President Buhari will address Nigerians on the Lekki Toll Plaza shootings at the completion of investigations.

Published

on

President Buhari to address Nigerians on Lekki toll plaza shootings after investigation , Youth Investment Fund:  Ministry of Finance and CBN to launch provision of funds- Minister

President Buhari will address Nigerians on the Lekki toll Plaza shootings, as he awaits the outcome of the investigations into the shootings of unarmed #EndSARS protesters by soldiers.  

This disclosure was made by Mr. Sunday Dare, the Minister of Youth and Sports Development, during an interview with Arise TV on the unrest and uncertainties gripping Nigeria following the protests over police brutality. 

READ: #EndSARS: United Nations condemns the use of excessive force by Nigerian Armed Forces

The Minister emphasized that the President during the National Security Meeting yesterday has ordered an investigation into the Lekki Toll Plaza shooting, and thereafter he would speak on the incident. 

READ: #EndSARS Protests: Osinbajo commiserates with victims of Lekki shootings

GTBank 728 x 90

What they are saying 

When asked by Charles Aniagolu of Arise TV why the President hasn’t made an official statement on the unfortunate event at the Toll Plaza, Mr. Dare explained in his response that President Buhari hasn’t made a statement on the tragedy because he wants to have all the facts, which will absolutely be made public.  

READ: Buhari presented with gold bars mined in Zamfara as Nigerian prepares to launch PAGMI scheme.

“It is important to get all the facts right before we go forward. In this case, it’s going to be difficult to hide these facts because we live in a multimedia world and we have pieces of evidence and corroboration and I think it is important to get the facts right.

GTBank 728 x 90

READ: #EndSARS: Feminist Coalition raise Cryptos worth $126,000

“I think that’s the part the President has towed and I am sure that when the facts are made available, this President – because he has integrity – will level with the Nigerian people about what happened on Tuesday in Lekki.” 

Mr. Sunday Dare said the present administration’s commitment to protecting the rights of all citizens is unshaken. He reiterated that in line with this core mandate, a presidential pronouncement was made by the Presidency to permanently dissolve the notorious SARS group. 

Explore Data on the Nairametrics Research Website 

He disclosed that the level of responsiveness and concrete steps that the President has taken to stem down civil unrest in the country is commendable, as the #5 of 5 demands are fully accepted by the President. 

Jaiz bank ads

Fidelity ads
Continue Reading
Advertisement
Advertisement
Advertisement
ikeja electric
Advertisement
Advertisement
Patricia
Advertisement
FCMB ads
Advertisement
IZIKJON
Advertisement
Fidelity ads
Advertisement
first bank
Advertisement
bitad
Advertisement
Stallion ads
Advertisement
financial calculator
Advertisement
deals book
Advertisement
app
Advertisement