Tuesday, 3 June 2014
On 3:43:00 pm by Unknown No comments
(L-R): Paul Kukubo, CEO, East Africa Exchange; Arume Oteh, Director General Securities and Exchange Commission of Nigeria; and Jendayi Frazer, Africa Exchange Holdings. |
A delegation of the Nigerian Securities & Exchange Commission of Nigeria,
led by Mrs. Arunma Oteh (OON), the Director General paid a visit to the East
Africa Exchange (EAX) during the 49th Annual African Development Bank (AFDB) meetings
in Kigali, Rwanda last week. Mrs. Oteh
called in to acquaint her group with the Exchange’s Operations as well as
witness the progress the Exchange has made since it began operations in 2013.
Also visiting was Mr. Samuel Nwanze, a board member of the Exchange and Finance
Director of Heirs Holdings, the proprietary investment company owned by Tony O.
Elumelu, one of the Exchange’s key partners, as well as Mr. Christopher Marks,
former Global Head of Debt Capital, BNP Paribas Bank (France).
The CEO of the
East Africa Exchange, Mr. Paul Kukubo briefed the delegation on the Exchange’s
current activities in Rwanda and expansion strategies for the East African
region. Mr. Kukubo explained the Exchange’s regional focus and launching of new
offices in Kenya and Uganda.
Mr. Kukubo
also explained that the Rwandan government has recently made available thirteen
(13) warehouses located in several grain production sites of the country in
support of farmer cooperative groups. Among others, the Exchange will support
farmers to address post-harvest losses through better storage and collateral
management. The Exchange has signed up Collateral Management International, a
highly reputable collateral manager worldwide to support the farmers in
addressing post-harvest losses and improve farmer’s income. The Exchange will
also provide the farmers access to finance, linking them to Banks through its
electronic warehouse receipts program, as well as providing a trading platform
for the farmers to trade their product. An electronic warehouse receipt represents
commodities stored in an exchange-accredited warehouse with specific quality,
quantity, ownership, and reference location stated on the receipt. The integrity of the receipt is guaranteed by
a collateral manager who maintains the quality and quantity of stored
commodities.
Mrs. Oteh
congratulated EAX for their initiatives to support small holder farmers to
reduce post-harvest losses and improve their income as well as progress in
linking commodity markets across the East African Community area, and promoting
cross border trade across the region. She stressed that Nigeria has a similar
effort and the two counties can share common experiences.
The EAX
Trading Manager Aurore Mimosa Munyangaju demonstrated the use of the NASDAQ
trading platform, and explained that so far over 200 users including farmers
have been trained and used the platform for trading since the Exchange
operations commenced.
Background
The East
Africa Exchange is a regional commodity exchange established to link small holder
farmers to agricultural and financial markets, to secure competitive prices for
their products, and to facilitate access to financial opportunities. EAX’s goal is to facilitate trade across all
five East African Community member states. EAX is wholly owned by Africa
Exchange Holdings, Ltd. (AFEX) which was founded in 2012 by three principal
investors: Tony O. Elumelu, Nicolas Berggruen, and Jendayi Frazer, as Managing
Partner. AFEX established two
subsidiaries East Africa Exchange (EAX) and AFEX Nigeria to serve as catalysts
in the development of Africa’s agricultural potential and financial markets.
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