…launches cutting-edge marketplace
Lagos, April 02, 2024 – OAT Ltd, a pioneering tech company specializing in the sourcing and marketing of minerals and metals critical for energy transition, has announced a groundbreaking partnership with the Lagos Commodities and Futures Exchange (LCFE). The partnership signifies a significant milestone in the regulation and organization of the solid minerals sector.
The partnership was formalized today with the signing of a Memorandum of Understanding (MoU) between OAT Ltd and the LCFE, cementing OAT’s status as the first official company in the energy metal space to collaborate with the exchange. This strategic alliance aims to bring transparency, efficiency, and regulatory oversight to the mineral market, ultimately fostering sustainable growth and development.
During the meeting, held at the head office of the exchange, OAT Ltd also launched its innovative platform, marking the official launch of this transformative technology. The platform, designed as a controlled marketplace, provides a streamlined solution for accessing the midstream market by serving as that central place where the producers and Offtakers can interact, hence organizing the sector effectively.
Umar Adelodun, CEO OAT Ltd expressed his excitement about the partnership, stating, “Our collaboration with the Lagos Commodities and Futures Exchange represents a significant step forward in our mission to revolutionize the solid minerals industry. With our platform, we aim to create a credible market for minerals and metals, address the challenges of illegal mining while promoting transparency and accountability.”
Tope Ahmed, Co-Founder, OAT Ltd demonstrated the platform’s features, showcasing its user-friendly interface and highlighting its potential to connect offtakers and producers seamlessly. “Our platform offers a comprehensive solution for stakeholders in the solid minerals sector, by leveraging technology, we can optimize the supply chain and create value for all participants,” Tope said.
Rotimi Omowale, the Chief Finance Officer, LCFE congratulated the OAT team on this historic achievement and outlined the next steps in the partnership. In his words, “we are proud to partner with OAT Ltd in this pioneering initiative. Our immediate focus is on obtaining approval from the Securities and Exchange Commission (SEC) and listing our products on the exchange. Together, we will unlock new opportunities and drive positive change in the solid minerals market.”
The partnership between OAT Ltd and the Lagos Commodities and Futures Exchange represents a significant leap forward in the quest for sustainable resource management and economic development. Through collaboration and innovation, both entities are committed to shaping the future of the solid minerals industry in Nigeria and beyond.
