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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).

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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.

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)

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.

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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.

Stanbic 728 x 90

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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]

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Appointments

Standard Bank Group appoints Yinka Sanni as new Chief Executive of Africa Regions

Yinka Sanni has been appointed as Standard Bank Group’s Chief Executive of Africa Regions.

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Stanbic IBTC declares N10.4 billion interim dividend

The Standard Bank Group has announced the appointment of Yinka Sanni as the new Chief Executive of Africa Regions.

This announcement was made by the Group in a post shared via its official LinkedIn account. The bank revealed that Sanni will be replacing Sola David-Borha who is retiring after 31 years of distinguished service to the group.

His appointment will play an integral role in driving the growth of the Standard Bank Group in Africa further in the years ahead.

He is expected to build on the work of David-Borha, a renowned professional who played a key role in growing the Group’s Africa Regions portfolio in terms of capacity, market share and contribution to the group’s headline earnings.

What you should know

  • Yinka Sanni is a Fellow of the Chartered Institute of Stockbrokers of Nigeria.
  • He has served in key positions within the Stanbic Group, as the Chief Executive of Stanbic IBTC Holdings PLC, Chief Executive of Stanbic IBTC Bank PLC, Deputy Chief Executive of the Bank and Executive Director, Corporate & Investment Banking of the Bank.
  • He was also the pioneer Chief Executive, Stanbic IBTC Pension Managers Limited and the pioneer Chief Executive, Stanbic IBTC Asset Management Limited.

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Corporate Press Releases

P2P crypto marketplace, Bitzlato (BZ) partners with Lemonade Finance to ease money transfers across Africa

The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.

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Bitzlato (BZ), the latest P2P Crypto Exchange to enter the African market, has added Lemonade.Finance, a borderless payment platform for Africa, as a payment method to its platform.

Lemonade Finance provides 100% digital payment experience for Africans to seamlessly participate in the global economy from anywhere in the world without any hassle or regardless of where they are from.

The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.

Users in Nigeria will now be able to send Nigerian Naira (NGN) to MPESA at 0% transaction fee.

Speaking about this partnership, Ridwan Olarere, CEO, Lemonade Finance, said:

“We are excited to partner with such an innovative company like Bitzlato to connect more Africans through payment. Many Africans living on the continent face many difficulties when making payments as remittance companies charge high fees and are time-consuming. We are now providing our users with a cost-effective way of sending money to Ghana, Kenya, Uk and Europe.”

Commenting on the opportunities this provides to crypto traders on the BZ platform, Mike Lunov, CEO, BZ, said:

“This partnership will provide a much-needed gateway that enables the markets we serve to seamlessly interact with each other in a borderless and open environment. We seek to break the barriers that presently exist for cross border transfers and enable our users to generate value through the opportunities that accrue from cryptocurrencies trading. The innovation exhibited by the Lemonade platform, and the brilliance of its team assures users of top-notch, secure and reliable transfers going forward.”

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According to BZ, during the first month, BZ will refund commissions in manual mode while using Lemonade Finance, but this will be automated at the end of this period.

Following this partnership, BZ is now looking to partner with merchants in the crypto space especially in Nigeria, Ghana, South Africa that have a steady flow of Nigerian Naira (NGN) to increase liquidity on the platform.

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Take advantage of the new Lemonade Finance payment method on BZ, which offers zero transactional fees for money transfers from Nigeria into Kenya. Sign up on BZ and start trading crypto easily today.

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