Consonance Investment Managers invests in Commodities Exchange, AFEX

12 Dec 2019

AFEX Commodities Exchange Limited (AFEX), a market-leading commodities exchange in Nigeria, today announced it has secured an investment for an undisclosed amount from Consonance Investment Managers, a Sub-Saharan Africa focused early-stage and growth investment firm.

The funds will be used to deepen retail commodity transactions and strengthen operations and technology systems.

“We are delighted to welcome Consonance Investment Managers as partners on this journey. The future requires AFEX to provide our infrastructure as a service to the market and unlock capital for the agriculture sector in Nigeria. We will grow our operations ten-fold over the next five years; we also aspire to increase funding to agriculture from NGN 500bn (US$ 1.5bn) to more than NGN 2tn (US$7.5bn) by 2025,” said Ayodeji Balogun, AFEX Chief Executive Officer.

“We are proud to support Ayodeji and the AFEX team in their mission to transform Nigeria’s agricultural sector. AFEX increases trust and transparency in local agricultural supply chains by connecting farmers to market. AFEX has established the infrastructure which will undergird Nigeria's food security agenda and the Central Bank of Nigeria’s economic diversification program. It will also be vital in deepening capital markets in line with the mission of the Securities and Exchange Commission of Nigeria,” said Mobolaji Adeoye, Managing Partner at Consonance Investment Managers.

-END-

« Back to Member News

RT @FSDAfrica: This new report highlights progress in #FinTech #regulation in Sub-Saharan Africa. Thanks to foundational funding from @FCDO…

Great news for private capital in Africa coming from @CDCgroup, soon to be British International Investment. Get m… https://t.co/veAaM7N9ao

RT @AfricanBizMag: Pandemic recovery is fuelling a deal craze in Africa with a record 319 deals reported last year, compared to the 140 in…

#AVCAMemberNews: Verod Capital names Ori Rewane new Head of Investor Relations & Communications. Ori brings 18+ ye… https://t.co/MRclnXhu0l

Global interest in Africa's #VC ecosystem couldn't be higher. But there is more work to be done to close the early-… https://t.co/jeIK26AmK4

;