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LCFE, Heritage Bank, others unlock N445trn commodities ecosystem for economic industrialization
…as Exchange goes live
Commodities and Future Exchange (LCFE), Heritage Bank Plc, Capital Market players and other stakeholders have unlocked the $1trillion (N445trn) commodities ecosystem as avenue to diversify the economy from a crude oil dependent economy to other critical economic sectors.
This was revealed at the historic Commissioning Ceremony and Official Launch of Lagos Commodities & Futures Exchange, with the theme, “New Order, Driving Nigeria’s Economy Through the Commodities Ecosystem,” on Thursday in Lagos.
This feat, according to key stakeholders will catalyze and transform the Nigerian economy to create value, wealth restore growth and build global competitive economy.
Giving his Goodwill message, the MD/CEO of Heritage Bank, Ifie Sekibo, specifically stated that as the Lead settlement bank in partnership with key stakeholders that are critical to the success of this project, it considered the launch of LCFE as huge potential to unlock the opportunities and wealth of the four asset classes- Agriculture, Solid Minerals, Oil and Gas and Currencies.
“I believe that this is the beginning of how we are going to possibly create values in areas that hitherto we have taken for granted. First thing it will bring about is sustainable commodity trading ecosystem, being a catalyst for capital formation, unlocking the long-time financing for the solid mineral and mining space. A frontline push to diversify the economy of this country from oil,” he emphasized.
Hinting on the partnership, Sekibo explained, “the Collaboration between Heritage Bank and LCFE is designed to align the market to transparent price discovery, standardised platform for trading of commodities across defined asset classes and straight through processing to settlement.”
He affirmed that the promotion of investment in commodities ecosystem by Heritage Bank in partnership with LCFE in its various assets traded Agriculture, Solid Minerals, Oil and Gas and Currencies would increase liquidity support from local commodity exportation to boost the race for the $200billion in FX repatriation and reduce the pressure on exchange rate.
Sekibo added that the partnership was one of the many initiatives of the bank’s foundational objectives of wealth creation, preservation, and transfer across generation.
In his address, the Governor of Lagos State, Babajide Sanwo-Olu who appreciated the efforts of all the stakeholders, stated that the successful commissioning of LCFE will better fulfil the catalysts of growth which is to attract cutting-edge ideas and innovation and improve the inflow of financial transactions and great ideas that will enable businesses to flourish.
This, according to him, will improve the living environment, for businesses, and for the investments in Lagos and our country.
Akin Akeredolu-Ale, MD/CEO, LCFE said, “As we are all aware, the Capital size of the Nigerian Commodities Ecosystem is so large and like I have said in the past, it can be considered as a $1trillion economy cutting across Agriculture, Oil and Gas, Solid Minerals and Currency. With a capitalisation this large, it was important to lay the right foundation as the means determined the end for us and we could not afford, not to get it right.”
He said the Exchange identified that Nigeria’s crude oil has been traded extensively outside the country in Switzerland and other areas by large scale trading companies.
“Nigeria produces only high value, low sulphur content, light crude oils – Antan Blend, Bonny Light, Bonny Medium, Brass Blend, Escravos Light, Forcados Blend, IMA, Odudu Blend, Pennington Light, Qua-Iboe Light and Ukpokiti This makes Nigeria’s crude very desirable.
“By way of sovereignty, our oil and gas products should be traded and priced within Nigeria. 400,000bbls on arbitrage can be traded on the LCFE. Whenever prices drop, we can plan for our trades in the future. This will boost the balance sheet, enhance liquidity, and shore up the value of the Naira; External reserve will become both external and internal reserves. The Exchange is currently setting up frameworks and structures to achieve this and more details will unfold in due time,” Akeredolu-Ale explained.
He noted that one of the asset classes in which LCFE has made tremendous giant strides in is the Solid Minerals asset class.
“We noticed there was an urgent need for structure, regulation, funding, and data collation in this sector and this is where Commodities Exchanges play strategic roles in introducing structure to this ecosystem,” he stated.
Zenith Bank Plc has announced the opening of its Côte d’Ivoire subsidiary, marking a pivotal achievement in the Group’s Pan-African expansion strategy.The official opening ceremony, scheduled to hold on Wednesday, April 29, 2026, is expected to attract senior government officials and regulators from Nigeria and Côte d’Ivoire, continental business leaders, and members of the diplomatic community, highlighting the strategic economic ties and investment opportunities between the two markets.The new subsidiary, licensed in December 2025 by the Ministry of Finance and Budget, Republic of Côte d’Ivoire, and regulated by the UMOA Banking Commission, will commence operations from its headquarters at SCI Wall Street, Avenue Noguès, Plateau, Abidjan.The launch represents a strategic move to deepen the Bank’s presence in Francophone West Africa and strengthen financial intermediation within the West African Economic and Monetary Union (WAEMU). Positioned as a gateway for cross-border trade and investment, Zenith Bank Côte d’Ivoire will focus on corporate banking, trade finance, local and offshore banking services, and structured financial solutions tailored to businesses operating across Africa and internationally.Commenting on the launch, the Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON, said: “From the very beginning, our Founder and Chairman, Jim Ovia CFR, set out to build a truly global brand with a strong presence across Africa and key international markets. The launch of Zenith Bank Côte d’Ivoire is a bold step in realising that vision; opening a strategic corridor into Francophone West Africa and reinforcing our commitment to facilitating trade, investment, and enterprise growth across the continent. As we continue to expand thoughtfully and strategically, we remain focused on delivering world-class banking solutions that connect African businesses to global opportunities.”The new subsidiary will be headed by MD/CEO Mr. Cédric Tano, a seasoned banking executive with over two decades of experience. Speaking ahead of the official opening, he said “We are proud to establish Zenith Bank’s presence in Côte d’Ivoire at a time of strong economic growth in the country and increasing regional integration. Our focus is to showcase the Zenith brand as a customer-centric institution that combines global best practices with deep local insight. We are well positioned to support businesses with innovative financing solutions, facilitate cross-border trade, and contribute meaningfully to the growth of the Ivorian economy and the wider WAEMU region.”The Côte d’Ivoire launch forms part of Zenith Bank’s broader continental growth strategy. In addition to the Anglophone countries where it currently operates, and in line with the expansion into the Francophone market, the Bank has commenced its entry process into the CEMAC (Central African Economic and Monetary Community) region, with Cameroon as the focal point. With a footprint already spanning Nigeria, Ghana, Sierra Leone, The Gambia, the United Kingdom, France, the UAE, and China, Zenith Bank continues to bridge African markets with global opportunities, enabling seamless trade and financial connectivity across the continent and beyond.
Founded in 1990, Zenith Bank has grown into one of Africa’s most respected banking institutions, boasting a robust capital base and a consistent track record of strong financial performance. For 16 consecutive years, the Bank has held the record of highest Tier-1 capital in the Nigerian banking industry. Built on the foundation of People, Technology, and Service, Zenith Bank continues to deliver innovative financial solutions while maintaining a disciplined approach to growth and risk management. Its performance has earned it numerous local and international recognitions and endorsements.
Guaranty Trust Holding Company Plc (GTCO Plc) is pleased to announce the 9th edition of the GTCO Food and Drink Festival, scheduled to hold from Friday, May 1st to Sunday, May 3rd, 2026, at GTCentre, Plot 1 Water Corporation Drive, Oniru, Victoria Island, Lagos.Geographic Reference
This year’s theme, “Everything Food and Drink,” captures the expansive nature of the Festival experience. It reflects not only the variety of cuisines on display but also the depth of stories behind them. Over the years, the GTCO Food and Drink Festival has grown far beyond a seasonal celebration to become a culturally significant platform where food and drink serve as a meeting point for storytelling, innovation, and opportunity. The Festival will feature 204 free retail stalls, showcasing the rich diversity and creativity of our food culture; from time-honoured traditional dishes preserved across generations, to bold contemporary interpretations of global cuisine, creating space for every flavour, every technique, and every craving to find expression.
Visitors can expect a rich programme featuring interactive masterclasses, live culinary demonstrations, food and wine tastings, and a vibrant marketplace showcasing small and medium-scale food businesses alongside established culinary brands. In addition to its wide range of food and drink offerings, the GTCO Food and Drink Festival is renowned for its family-friendly atmosphere, with a well-equipped play area and a variety of engaging activities for children, ensuring an unforgettable experience for the whole family.
Speaking ahead of the 2026 edition, the Group Chief Executive Officer of GTCO Plc, Segun Agbaje, emphasized the Festival’s continued evolution as both a cultural and economic enabler: “The GTCO Food and Drink Festival has, over the years, become a living expression of what we stand for as an institution: innovation, opportunity, and enterprise that is accessible to all. What makes this platform special is not just its scale, but its humanity. It brings together people from different walks of life around something universal—food and drink—and in doing so, it breaks barriers and builds connections that extend far beyond the event itself.”
Since inception, the GTCO Food and Drink Festival has positioned itself as one of Africa’s most prominent culinary gatherings, attracting participation from across Nigeria and increasingly from the wider continent and diaspora.
Admission remains free and open to all, reaffirming the Festival’s commitment to accessibility as a consumer-focused event that brings people together through food, drink, culture, and enterprise.
For more information on the event, please visit: https://foodanddrink.gtcoplc.com
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