21 February 2013

Rwanda: AEX Executives Appointed

The Africa Exchange Holdings (AFEX), yesterday, announced two key appointments in Rwanda, a move in line with its strategy to build commodities exchange across Africa.

Paul Kukubo, Chief Executive Officer (CEO) of the Kenya Information, Communication and Technology Board and John Bosco Sebabi, Director General at the National Bank of Rwanda were respectively appointed CEO and Chief Operating Officer of its subsidiary East Africa Exchange (EAX) in Rwanda.

The high-level appointments come shortly after the EAX was launched at the World Economic Forum in Davos by President Paul Kagame and its founders- Heirs Holdings, Berggruen Holdings, 50 Ventures and Ngali Holdings.

Speaking on the appointments, Tony O. Elumelu, Chairman of Heirs Holdings said that AFEX was set up to transform commodities trading in Africa, starting with agriculture in Rwanda.

"It will provide small scale farmers with better access to global markets, and create social value that will empower them for the long term. Kukubo and Sebabi bring to the EAX the intellectual capital and operational experience to help realise this goal in East Africa," Elumelu said.

Jendayi Frazer, Chairperson of the Board for the East Africa Exchange said, "Paul Kukubo has demonstrated transformative leadership in the information technology space in Kenya in both the private and public sectors and the EAX will benefit from his strong entrepreneurial experience in start-ups. John Bosco Sebabi was chosen because of his experience in financial payment systems, notably in developing the Central Depository and Payments systems in Rwanda, which reaches across Africa."

The duo is expected to join an experienced team of Africa advisors, including Roderick Gravelet-Blondin, former General Manager of the Commodities Division of the South African Futures Exchange, and Stella Kilonzo, former CEO of the Capital Markets Authority in Kenya.

Kukubo will assume his position as the CEO of the East Africa Exchange in Rwanda at the end of his contract with the Kenya ICT Board in July.

EAX Rwanda is the first part of a regional exchange intended to increase transparency in the region's commodity markets.

It is a subsidiary of Africa Exchange Holdings Ltd (AFEX), which seeks to develop a network of commodity exchanges across Africa to transform trade and improve rural incomes.

Under the terms of an agreement signed with the government of Rwanda, EAX aims to increase regional market efficiency, raise rural incomes and is also complement to East Africa Community's goal of regional economic integration as set out by the Common Market Protocol.

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