Patrick Akinwuntan The Lagos Commodities and Futures Exchange (LCFE) has indicated its readiness to partner with Ecobank to enable the seamless settlement of trades across Africa as it starts trading in a few weeks.
The Managing Director of the Exchange, Akin Akeredolu-Ale stated that the Exchange needs a bank that has the required African spread and superior technology like that of Ecobank that can support it to accomplish its mandate to formalize trade across the continent. He said the Lagos Commodities and Futures Exchange is determined to give Africa trade the needed structure that will enable everyone measure and determine growth within the continent both at national and regional levels. This he noted will position Africa to compete better globally.
According to Akin Akeredolu-Ale, partnering with Ecobank will “enable us easily accomplish our vision of enabling trade across the continent. Ecobank had set up a technology that facilitates trade and currency exchange with its wide footprint across Africa and it is only natural for us to seek to partner with such an organization”.
He enumerated the activities of the Lagos Commodities and Futures Exchange to include providing a trading platform for the exchange of agricultural, Oil and Gas, Solid Mineral and Currency commodities
In his comment, the Managing Director, Ecobank Nigeria, Patrick Akinwuntan stated that Ecobank’s unique and large Pan-African platform positions the bank to support trade at all levels. According to Mr. Akinwuntan the Ecobank’s technology platform is designed to help unlock the opportunities of the continent, through standardization across 33 countries, thereby fueling regional integration, trade and investment across borders.
Mr. Akinwuntan praised the tenacity of the initiators of the Lagos Commodities and Futures Exchange in their quest to formally trade across the continent. He assured them of Ecobank’s support whilst also noting that relevant regulators will be carried along.
In his words, Akinwuntan said “the need for a commodity Exchange is long overdue and we are confident of the capacity of the Board and Management of the Lagos Commodities and Futures Exchange to close this gap. Ecobank’s approach to doing business in Africa is to create a united and integrated platform that reflects the values of Africa as a whole whilst leveraging its diverse talents and resources to tackle its common challenges and realize its immense opportunities as one market.
Further, he reiterated that “with a larger African footprint than any other bank in the world operating in West, Central East and Southern […]