SEC Clears N23.4bn Lagos Eko Rice Contracts For Listing
The Lagos Commodities and Futures Exchange (LCFE) and stakeholders in the commodities ecosystem have held the pre-launch meeting for Eko Rice Classic Spots Contracts Listing, ahead of the official listing of rice contracts valued at ₦23.4bn.
The Managing Director and Chief Executive Officer of LCFE , Akin Akeredolu-Ale, emphasized the significance of the listing as a major step toward building a transparent, structured, and globally competitive commodities market in Nigeria.
According to him, the official listing of Eko Rice Classic Spots Contracts on the LCFE is expected to set a new benchmark in commodities trading and agricultural financing in Nigeria.
“This pre-launch is not just a curtain-raiser. It is an invitation to co-create the future of commodities trading in Nigeria. Eko Rice Classic is a model for how agriculture and capital markets can align to generate wealth, ensure food security, and position Nigeria as a leader in structured trade.”, he stated.
Akeredolu-Ale further stated that “ Rice remains a cornerstone of Nigeria’s food security, yet a significant portion of national demand is met through imports, a trend the Eko Rice Classic seeks to reverse.
“By channeling investments through LCFE’s structured framework, this listing supports local production while reducing pressure on foreign reserves.
“The Eko Rice Classic Listing is more than a financial transaction. It is a bold statement that agriculture in Nigeria has matured beyond subsistence to become a viable, investable sector capable of attracting large-scale capital, driving returns, and strengthening our food systems.”
He reiterated LCFE’s commitment to providing a standardized platform for trading key asset classes, including agriculture, solid minerals, oil and gas, and currencies with integrity and efficiency.
The ₦23.4bn listing, he said, is a direct reflection of LCFE’s mission to deepen liquidity and foster sustainability in the commodities ecosystem.
He expressed appreciation to the Lagos State Government, the Securities and Exchange Commission (SEC), investors, processors, and other stakeholders for their continued support and trust.
Managing Director, Commodities Tradenet, Adeyemi Oba, explained that the Eko Rice Classic initiative would renew confidence in Nigerian farmers, processors, and the rice value chain to meet domestic and international standards, transform agriculture through structured markets that enable fair price discovery and investment traceability and boost revenues for farmers, processors, and consumers through improved access to markets, stable supply chains, and assured quality.
Managing Director and Chief Executive Officer, WCM Capital Limited, Patrick Ajayi, who represented the four listing brokerage firms, spoke on Commodities Brokers’ Perspective saying: “The Eko Rice Classic offer be brokers the opportunity to participate in ₦23.4bn localcommodity market. This will enhance revenue opportunities, create value for our customers and develop the local economy.”
SEC Clears N23.4bn Lagos Eko Rice Contracts For Listing is first published on The Whistler Newspaper
