By Peter Egwuatu
There are indications that the Pan African Commodities Exchange, Lagos Commodities and Futures Exchange (LCFE) has appointed Cotecna Nigeria, headquartered in Geneva, as one of its certifying agents to ensure the global standard of approved commodities. to be traded on the LCFE.
As a prelude to this strategic appointment, talks have started between the two organizations.
Informed sources explained that LCFE General Manager and CEO Mr. Akin Akeredolu-Ale and Cotecna Vice President, Geneva-based Business Development, Sales, Government and Business Solutions Unit, Ms. Lena Sodergren, discussed in a closed meeting the imperative to standardize the processes and procedures for testing, inspection and certification of agricultural products for LCFE, whose market launch is expected soon.
At the meeting, perhaps, the two sides would have agreed on the need for certification and standardization of agricultural products for trade on LCFE, establishment of laboratories for solid minerals and remote agricultural products. as a measure of risk aversion against contamination problems and the establishment of a free zone where agricultural laboratories are better located.
The two organizations will likely review the potential alliance between them and update their Memorandum of Understanding (MoU) at the next meeting and make it public.
Mr. Akeredolu-Ale congratulated Cotecna management for their interest in LCFE and advised the company to play a vital role in the free trade area, the last step before products are relocated .
âWe are pleased to have fruitful discussions with representatives of Cotecna.
We have confidence in Cotecna because of the considerable attention and development the company has given to the pharmaceutical industry. Our immediate priority is to start trading in agricultural products, oil, gas and solid minerals from the get-go. But we are putting in place appropriate structures to develop standardization processes and certification procedures for agricultural products.
âWe work 24 hours a day with our technical partners. We remain committed to global best practices. We are already working in partnership with many credit bureaus and development agencies for a smooth start to our operations, âAkeredolu-Ale said.
Sodergren is delighted with the creation of LCFE. According to her, there is a need for commodity exchange in Nigeria. âI am delighted with LCFE’s initiatives. My travels in Africa show that there is a demanding need for a structure like LCFE. Cotecna has invested in tracking devices for goods in transit. We can share the technology with LCFE for visibility tracking. The included tracking devices come with a surveillance display panel, âshe said.