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.
ÃƒÂ¢Ã¢â€šÂ¬Ã…â€œEAX will directly serve the needs of African farmers and create a more sustainable, balanced market discovery mechanism for much of the continentÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢s hard and soft commodities,ÃƒÂ¢Ã¢â€šÂ¬Ã‚Â he explained.
He stated that retreat was used to review 2012, a year that saw the companyÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢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 ÃƒÂ¢Ã¢â€šÂ¬Ã¢â‚¬Å“ financial services, power, oil and gas, hospitality and real estate, agribusiness and healthcare ÃƒÂ¢Ã¢â€šÂ¬Ã¢â‚¬Å“ 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 AfricaÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢s economy.
Elumelu said: ÃƒÂ¢Ã¢â€šÂ¬Ã…â€œWith expanding operations in countries such as Nigeria, Tanzania and Rwanda, a central component of the GroupÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢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.
ÃƒÂ¢Ã¢â€šÂ¬Ã…â€œIn 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.ÃƒÂ¢Ã¢â€šÂ¬Ã‚Â