AFEX membership offers options to individuals or corporate entities looking to plug into Africa's commodities market. Access is granted through world-class technology systems and processes.
Membership is available to an individual or institution that is able to trade on the Exchange. These members are in the business of soliciting, or accepting orders, for the purchase or sale of any commodity by way of or relating to any commodity and are qualified to execute customer transactions on the exchange. They can carry out trades (buy and sell) on behalf of their clients as well as offer professional advice, reports etc.
The Broker Membership is into two (2) with both categorizations having different requirements, obligations and rights.
Corporate Broker (Broker) membership is available to certified professionals or institutions licensed by the Securities and Exchange Commission. They carry out trades as well as proffer professional advisory services to others. They can do no proprietary trades but can trade on behalf of others.
Individual Sub-Broker (Promoter) membership is available to individuals certified by the Exchange. They advise others (directly or indirectly, through publications or writings, or by whatever means or media) on the making of commodity contracts, including the advisability of trading in any commodity contract made or to be made on, or subject to the business rules of, the Exchange. They cannot trade on behalf of others or carry out proprietary trades.
Corporate Affairs Commission Certificate: A certificate issued by the Corporate Affairs Commission that verifies the legal existence of the company and provides information about its registration.
Company Status: The company must display an "Active" status when the RC number is inputted on the CAC Website.
Bank Verification Number: An 11-digit number unique to each individual, but the same across all bank institutions for the same individual. The BVN must align with the details of the director of the company on the CAC document.
Authorized Representatives: A principal executive officer or corporate officer with signatory power who is in charge of making important decisions, signs contracts within the company, and oversees the financial aspect. Must be a natural person and cannot be a legal entity.
Board of Resolution: A document that formalizes important decisions made by the board of directors and the actions relating to them. It is legally binding and functions as a compliance record to provide evidence of decisions made by the board regarding pivotal company matters.
Particulars of Directors (CAC Form 7): A document that shows the details of all directors of the company including the name, address and telephone number.
Share of Capital (CAC Form 2): A document that contains the names and addresses of shareholders and the number of shares allotted to each shareholder.
Memorandum and Articles of Association: Documents that outline the company's objectives, structure, and governing rules.
SEC License: A financial securities license issued by the Securities Exchange Commission that allows professionals the right to sell securities and offer financial advice.
One Year Financial Statement: An annual financial statement containing a list of the company's assets and liabilities, including cash and cash equivalents, property, and intellectual properties such as patents.
Proof of Address / Change of Registered Address (CAC Form 3)(Optional): Confirms the registered address of the company, such as utility bills or a lease agreement.
Bank Reference Letter(Optional): A reference letter from the company's bank confirming its account details and providing an overview of its relationship with the bank.
Membership is available to an individual or institution that desires to trade only on their own behalf. These members are qualified to execute proprietary transactions. This includes traders, merchants, fund managers & finance houses, etc.
Corporate Affairs Commission Certificate: A certificate issued by the Corporate Affairs Commission that verifies the legal existence of the company and provides information about its registration.
Company Status: The company must display an "Active" status when the RC number is inputted on the CAC Website.
Bank Verification Number: An 11-digit number unique to each individual, but the same across all bank institutions for the same individual. The BVN must align with the details of the director of the company on the CAC document.
Particulars of Directors (CAC Form 7): A document that shows the details of all directors of the company including the name, address and telephone number.
Share of Capital (CAC Form 2): A document that contains the names and addresses of shareholders and the number of shares allotted to each shareholder.
Proof of Address / Change of Registered Address (CAC Form 3)(Optional): Confirms the registered address of the company, such as utility bills or a lease agreement.
Bank Reference Letter(Optional): A reference letter from the company's bank confirming its account details and providing an overview of its relationship with the bank.
Bank Verification Number: An 11-digit number unique to each individual, but the same across all bank institutions for the same individual. The BVN must align with the individual's details on record.
Proof of Identification: A copy of the individual's passport or other government-issued identification document.
Membership is available to an individual or institution that offers brokerage services to their clients and trades on their account with the Exchange. This includes Asset managers, brokerage houses, etc.
Corporate Affairs Commission Certificate: A certificate issued by the Corporate Affairs Commission that verifies the legal existence of the company and provides information about its registration.
Company Status: The company must display an "Active" status when the RC number is inputted on the CAC Website.
Bank Verification Number: An 11-digit number unique to each individual, but the same across all bank institutions for the same individual. The BVN must align with the details of the director of the company on the CAC document.
Authorized Representatives: A principal executive officer or corporate officer with signatory power who is in charge of making important decisions, signs contracts within the company, and oversees the financial aspect. Must be a natural person and cannot be a legal entity.
Board Resolution: A document that formalizes important decisions made by the board of directors and the actions relating to them. It is legally binding and functions as a compliance record to provide evidence of decisions made by the board regarding pivotal company matters.
Particulars of Directors (CAC Form 7): A document that shows the details of all directors of the company including the name, address and telephone number.
Share of Capital (CAC Form 2): A document that contains the names and addresses of shareholders and the number of shares allotted to each shareholder.
Memorandum and Articles of Association: Documents that outline the company's objectives, structure, and governing rules.
SEC License: A financial securities license issued by the Securities Exchange Commission that allows professionals the right to sell securities and offer financial advice.
One Year Financial Statement: An annual financial statement containing a list of the company's assets and liabilities, including cash and cash equivalents, property, and intellectual properties such as patents.
Proof of Address / Change of Registered Address (CAC Form 3): Confirms the registered address of the company, such as utility bills or a lease agreement.
Bank Reference Letter(Optional): A reference letter from the company's bank confirming its account details and providing an overview of its relationship with the bank.
Membership is available to an institution that is licensed by the Securities and Exchange Commission (SEC) as a Clearing house and is permitted to clear and settle deals.
These members are in the business of soliciting, or accepting orders, for the purchase or sale of any commodity and are qualified to execute customer transactions on the exchange.
Membership is available to agriculture service providers who have a relevant network of farmers available to them and can deliver on input disbursement and extension services.
Membership is available to an individual or institution, such as a financial advisor, financier, arranger, or similar entity, that seeks to list fixed income products on the Exchange. These members are involved in structuring, sponsoring, and originating fixed income instruments such as bonds, notes, and commercial papers for public or private placement. While they do not trade directly on the Exchange, they play a critical role in bringing fixed income products to market.
Certified Financial Advisors
Collateral manager membership is designed for entities that oversee and manage collateral assets on behalf of clients. This membership allows organizations to effectively facilitate transactions, ensuring that collateral is properly allocated and managed within the Exchange. It includes firms that specialize in risk management and asset protection, enhancing the overall efficiency of trading operations.
Registration License to Provide Collateral Management Services: Required under SEC rules for recognition as a Collateral Management Company (CMC).
Minimum 3 Years of Experience: Minimum 3 years of experience in collateral management, warehousing, or financial risk management. The CEO/MD must have 5+ years. Demonstrates operational maturity.
Risk Management Framework & Collateral Tracking System: Required to ensure traceability, asset security, and risk control. SEC expects documented and tested systems.
Corporate Governance Structure & AML/KYC Policies: AML/KYC is a statutory obligation under SEC and CBN AML/CFT regulations. Periodic audits are required.
Principal Officers in Place: CEO/Deputy CEO/COO, Internal Audit, Risk, Inspection, and Accounting officers must be in place. Required for functional segregation and accountability under SEC's CMC guidelines.
Fitness & Propriety of Officers: Core requirement under SEC's Code of Conduct and CMC registration rules covering integrity, competence, conflicts of interest, and professional qualifications.
No Officer Convicted of Fraud or Misconduct: No officer may have been convicted of fraud or misconduct, declared bankrupt, had licenses revoked, or entered plea bargains. Mandatory for market integrity and investor protection.
Financial Soundness Checks: 3 years audited financial statements, tax returns, credit bureau report, with no insolvency or defaults. Required to assess going concern status and financial reliability.
Corporate Affairs Commission Certificate: A certificate issued by the Corporate Affairs Commission that verifies the legal existence of the company and provides information about its registration.
Certified CAC Memorandum & Articles of Association: Must explicitly authorize collateral management services to establish legal capacity.
CAC Status Report with Director Info (CAC Form 7): Supports governance transparency and is required for due diligence.
Latest Audited Financial Statements & Business Model: Must cover warehousing, assaying, systems, and other operations. Required to assess operational readiness and financial viability.
Details of Any Write-Offs in Last 5 Years: Important for financial risk profiling.
Details of Any Defaults in Last 5 Years: Defaults affect creditworthiness and trust and must be disclosed.
Details of Any Rescheduling of Finance in Last 5 Years: Indicates liquidity stress and must be disclosed.
Details of Any Regulatory Investigations in Last 5 Years: Must be disclosed under SEC's fit and proper criteria.
Details of Subsidiaries & Associated Companies: Important for conflict of interest and group risk assessment.
Evidence of ₦50M Paid-Up Capital: Statutory minimum capital under SEC rules for Collateral Management Companies.
Fidelity Insurance Bond: Equal to 20% of paid-up capital (minimum ₦10M). Required to mitigate operational and fraud risk.
Sworn Agreement: A sworn agreement to preserve records, file returns, and indemnify the Exchange. Legal commitment to regulatory obligations.
Collateral Management Agreement: Legal framework for collateral management operations.
Certified Collateral Managers
Warehouse operator membership is designed for organizations that provide secure warehousing, inventory handling, and operational support for commodities across the Exchange ecosystem. This membership supports operators responsible for custody, storage integrity, and efficient movement of commodities within approved facilities.
Registration License to Provide Warehousing Services: Confirms regulatory approval to operate as a warehouse operator.
Proof of Registered Title Documents: Proof of ownership or a copy of lease deed confirming legal right to operate the warehouse and protecting against third-party claims.
Minimum 3 Years of Experience: Minimum 3 years of experience in warehousing or financial risk management with a proven track record of handling pledged assets. Ensures operational maturity.
Risk Management & Inventory Management Framework: Ensures ability to monitor, secure, and report on stored commodities.
Corporate Governance Structure & AML/KYC Policies: Confirms internal controls and regulatory compliance with periodic audits.
Identity Proof of Authorized Representatives: Required for principal officers including the CEO, CFO, Head of Operations or Warehouse, Head of Quality Control or Testing & Grading, and staff authorized to issue Goods Receiving Notes or warehouse receipts.
Minimum Storage Capacity of 666.67 m² (2,000 Metric Tons): Warehouse must be easily accessible (at least 5–7km from settlement) and duly structured for the commodity to be warehoused. Ensures adequate and compliant warehousing infrastructure.
Three Years Audited Financial Statements: Or commodity logbook documents to support the net worth of the warehouse owner. Confirms financial soundness and operational history.
Disclaimer from Warehouse Owner (Leased or Rented Warehouse): A waiver of ownership claims over commodities in the warehouse, waiver of lien against commodities for unpaid rent, agreement not to terminate the lease without reasonable notice to the CMC and lessee, and agreement to allow CMC access in the event of lessee default.
List of Commodities for Which Accreditation is Sought: Clarifies scope of warehousing services.
Lay Out Plan of the Warehouse: Including structural information and evidence of construction in conformity with the National Building Code. Ensures safety and regulatory compliance.
List and Geographical Location of Warehouses: Enables physical verification and risk profiling.
Photograph of Warehouse Owner or Authorized Representative: For non-individual companies, including photographs of various warehouse managers. Confirms identity and presence of responsible personnel.
Insurance Policy and Coverage Certificate: For warehouse building, equipment, stocks, and other goods. Protects against loss or damage to building, equipment, and stock.
Standard Operating Procedures (SOP): A manual for warehousing covering commodity quality management, list of assaying equipment available, and fire safety and security precautions. Ensures standardization and quality control.
Proof of Identity and Address: For warehouse owner or authorized representative and warehouse managers. Confirms legal identity and traceability.
Evidence of Skilled Personnel: Demonstrates knowledge of scientific storage of commodities and availability of equipment for preservation of goods at the warehouse.
Warehouse Operators
Eligible operators are expected to maintain strong warehouse management processes, accurate inventory records, and operational controls that support commodity safety and traceability.
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