CFAN to Launch Initiative for Co-operatives

Nume Ekeghe

The National Co-operative Financing Agency of Nigeria (CFAN), is set to launch a Co-operative Shares Exchange initiative centred around Co-operatives in the country.

CFAN, is the national financial body for all registered co-operative societies that offer financial services to their members in Nigeria.

In a sensitisation workshop held in Lagos, recently, the President/Chairman, Board of Directors of CFAN, Mr. Adebola Orolugbabe, said the idea of the Shares Exchange was to have a financial instrument for the transfer, buying and selling of co-operative shares.

Orolugbabe said: “CFAN intends to list the shares of viable Co-operatives that comply with laid down procedures on an OTC or BlockChain platform and to trade these shares amongst its members. We will also use the OTC/BlockChain platform to promote and to trade approved Co-operative securities so as to raise capital in the market.”

Also speaking at the workshop, the Managing Director of ePercent, Mr. Eric Olo, said the initiative would have a digital registry to maintain all the records of the co-operatives as a way of maintaining compliance for the exchange, and would be an asset management platform that ensures liquidity, risk mitigation and diversification for co-operatives on the exchange.

While delivering his paper, the Chief Executive Officer of GTI Capital, Mr. Abubakar Lawal, stated that the shares exchange would create financial freedom and redistribution of wealth among co-operative societies.