Wednesday 18th October, 2017
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Lead Capital wins bid for Nigeria's Commodity Exchange

Lead Capital wins bid for Nigeria's Commodity Exchange

Lead Capital Consortium on Thursday in Abuja emerged the preferred bidder for the acquisition of equities of the Nigeria Com­modity Exchange market.

Lead Capital, whose finan­cial bid was N76.3 million, garnered a total score of 83.1 per cent to displace their clos­est rivals, PWC Consortium and United Capital Consor­tium that had higher financial bids of N372.3 million and 289.8 million respectively.

Speaking at the event, which was witnessed by representa­tives of the competing firms, members of security agen­cies, officials of relevant agen­cies, among others, the Act­ing Director-General of the Bureau of Public Enterprises (BPE), Dr. Vincent O. Akpo­taire, said Lead Capital Con­sortium emerged the preferred bidder after the consideration of the total weighted techni­cal and financial scores, adding that the project is to transfer the equities of the Exchange to a vi­brant organisation.

While saying that the result is subject to the approval of the Steering Committee on the Re­vitalisation of the Nigeria Com­modity Exchange and the Na­tional Council on Privatisation (NCP) headed by Acting Presi­dent Yemi Osinbajo, Akpotaire said the transfer of the equities would ensure adequate loans are made available to farmers through the Exchange to repo­sition the nation’s economy.

His words: “The Federal Government is desirous of re­vamping the nation’s econo­my through non-oil export. It is instructive to state that the much desired economy revamp strongly hinges on a well-struc­tured commodity exchange, as a catalyst for enhancing the ef­fective and efficient marketing and distribution of agricultur­al commodities and other pro­duce.

“It is also noteworthy that an effective commodity exchange will serve as good platform for trading in produce, encour­age warehouse receipts system and a tested a veritable source of cash flows to farmers and other market dealers.”