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 @tolushola: I'm looking forward to the Annual @AVCA_Africa conference. The four-day event will bring together world-class investors, pol…

Although Covid-19 affected deal making and fundraising in Africa, we find that there is growing appetite for privat… https://t.co/S6aS5z1EzO

.@DLA_Piper is a Lead Sponsor of the AVCA Conference. Don't miss the panel discussion on emerging opportunities in… https://t.co/9I7Dmev77f

Hear from Khaled Ben Jilani, Senior Partner at @AfricInvest_Grp, at the AVCA Conference next week. He will be speak… https://t.co/75gA0UYf0k

As fund managers and institutional investors increasingly adopt and apply ESG principles, we will see impact invest… https://t.co/V4kL18G0DK

;