NIGERIA- Marble Capital Limited, yesterday offered an N3 billion (US$6.5 million) Marble Halal Commodities Fund to investors, domiciled in the agro-economic sector and its first commodities Fund to be approved by the Securities and Exchange Commission (SEC).
This fund will provide investors with investment options that align with the Securities and Exchange Commission (SEC) to deepen the commodities market in Nigeria and Africa.
Marble Capital Limited is offering five different portfolios, with commodities that include soybean, sorghum, maize, and paddy rice which are all Shariah Compliant and give high returns.
Speaking at the launching ceremony of the Fund in Lagos, the Executive Commissioner for Operations, SEC, Mr. Dayo Obisan, said that the launch of the fund would play a key role in the attainment of the 2015–2025 Nigerian Capital Market Master Plan of the Commission.
He noted that one of the cardinal points was for 25per cent of the market capitalization to come from non-interest areas such as Marble Halal Commodities Fund.
The company is offering for subscription 30,000,000 units of N100 (US$0.2) each at par payable in full on application.
The Fund which primarily invests in commodities-linked instruments, operates based on the principles of Shari’ah and as such only invests in halal-certified investment instruments.
Speaking earlier, the Chairman, of Marble Capital Limited, Alhaji Ali Ango said the fund would be invested in a series of commodities-linked instruments, including gold and precious metals among others.
According to him, the Fund is forward-looking and will be able to adapt to these asset classes as they become available and are approved by the regulators.
“The launch was timely, especially, coming from the raging floods that ravaged Nigeria last year, prompting commodities exchanges not only to prioritize agriculture production but also processing and the act of off-taking which can add value,” Mr. Ango remarked.
“The Federal Government has agreed to support the farmers who lost a lot last year. This is why the launch is timely,” he added.
Additionally, the Chief Executive Officer, of Marble Capital Limited, Akeem Oyewale, said the fund would enhance product diversification in the Nigerian economy while preventing loss of investments to Ponzi schemes and funny crowdfunding programs.
“The main objective of the fund is to provide investors with income diversification and generate returns by investing in diverse halal-compliant instruments,” he explained.
He also provided that the fund would contribute to the economic growth of the country, formalizing a lot of non-formal agricultural investments and allowing investors to scale investment opportunities.
“The Marble Halal Commodities Fund is open to both retail and institutional investors and compliant with the PenCom guidelines for mutual fund investments. The minimum amount required for investment is N50,000 (US$108.34),” said Oyewale.