Mr. Tony Elumelu
In line with its aspiration of improving intra-African commodity trade and market development in the continent, Heirs Holdings Thursday disclosed plans to establish the Africa Exchange Holdings Limited (AfEX), a platform to roll out commodity exchanges across Africa.
A statement from the firm quoted its Chairman, Mr. Tony Elumelu, to have made this remark at the end of a retreat for senior management of Heirs Holdings that was held in Abuja to review 2012.
According to Elumelu, the East Africa Exchange Limited (EAX), a Rwanda-based regional commodities exchange would be the first commodity trading platform to be rolled out by Heirs Holdings.
“EAX will directly serve the needs of African farmers and create a more sustainable, balanced market discovery mechanism for much of the continent’s hard and soft commodities,” he explained.
He stated that retreat was used to review 2012, a year that saw the company’s portfolio record impressive growth as well as to chart its objectives for 2013.
Heirs Holdings operates a group of companies in key economic sectors across Africa – financial services, power, oil and gas, hospitality and real estate, agribusiness and healthcare – with a mission to create economic and social wealth via African-led entrepreneurship. The Group also supports The Tony Elumelu Foundation, whose goal is to enhance the competitiveness of the African private sector through leadership development, long-term impact investment and promoting catalytic policy change.
Heirs Holdings is actively developing significant industrial projects, viewed as a crucial means to build and diversify Africa’s economy.
Elumelu said: “With expanding operations in countries such as Nigeria, Tanzania and Rwanda, a central component of the Group’s business philosophy is to draw more of the much-needed industrial value chain onto the continent by replicating its successes throughout sub-Saharan Africa. Heirs Holdings has set ambitious goals for the next three years, including the development of five new Transcorp Hilton hotels in Nigeria.
“In Tanzania, Heirs has partnered foreign associates to invest in Mtanga Farms, which has a growing livestock business as well as a growing seed potatoes business that has introduced a new, high-yielding seed variety that will help improve the returns of about 150,000 small holder farmers in the region.”