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From left, Tony Elumelu, Chairman, Heirs Holdings; President Goodluck Jonathan; President Paul Kagame of Rwanda and Aigboje Aig-Imoukhuede, MD Access Bank Nigeria, at a Summit in Rwanda, last year.

In line with its strategy to build commodity exchanges across Africa, Africa Exchange Holdings (AFEX) announced two key appointments for its subsidiary East Africa Exchange (EAX) in Rwanda. Paul Kukubo, Chief Executive Officer of the Kenya Information, Communication and Technology Board and John Bosco Sebabi, Director General at the National Bank of Rwanda will take up the positions of Chief Executive Officer and Chief Operating Officer, respectively. The high-level appointments to the EAX, which was co-founded by Heirs Holdings, Berggruen Holdings, 50 Ventures and Ngali Holdings, comes shortly after the exchange was launched at the World Economic Forum in Davos by Rwandan President Paul Kagame, Nicolas Berggruen and Jendayi Frazer. Speaking about the appointments, Tony O. Elumelu, CON, Chairman of Heirs Holdings said, “AFEX has been 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.” Jendayi Frazer, Founder of 50 Ventures, and Chairman 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.” Nicolas Berggruen, Chairman of Berggruen Holdings said, “Paul Kukubo and John Bosco Sebabi 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 Chief Executive of the Capital Markets Authority in Kenya. We are fortunate to have them on our team.” Andrew Nyamvumba, Chief Executive Officer of Ngali Holdings based in Rwanda and East Africa, remarked: “It is with great pride we welcome Paul Kukubo and our own John Bosco Sebabi to lead the team as we continue to build a truly transformative platform to improve the flow of commodities in the region.” Paul Kukubo was the founding CEO for the Kenya ICT Board where he oversaw Kenya’s development into a regional ICT powerhouse during his two terms in the position. Prior to that, he was a widely respected ICT innovator and entrepreneur, most prominently for his founding role in 3Mice Interactive Media Ltd. He holds a Global Executive MBA, through a joint program between Columbia University and the United States International University, and a Bachelors of Art in Economics and Sociology from the University of Nairobi. Mr. Kukubo will assume as the CEO of the East Africa Exchange in Rwanda at the end of his contract with the Kenya ICT Board. John Bosco Sebabi is currently the Director General of the Operations Directorate at the National Bank of Rwanda. One of his notable achievements was spearheading modernization of the Bank’s payment systems. John Bosco holds a Master of Science degree in International Economics, Banking and Finance from Cardiff University, Cardiff, Wales, a Bachelor of Science degree in Economics and an Associate degree in Economics, both completed with distinction from the National University of Rwanda.