Connect with us

General News

AFEX Expands Operations to Uganda, Appoints Group CEO Others

Published

on

L-r: Tabitha Njuguna, MD AFEX Kenya; AbdulHafeez Odunsanya, MD, AFEX Uganda; and OluBanke Aje, CFO, AFEX
Kindly share this post

AFEX, Africa’s leading commodities exchange and commodities market player, has announced its expansion into Uganda, seven months after it first entered the East African continent. Similar to Kenya and Nigeria, farmers in Uganda will benefit from AFEX’s revolutionary tech-enabled services for agricultural producers.

In its first year of operations, AFEX Uganda aims to reach 10,000 farmers and aggregate 15,000 metric tons of commodities, while extending its aggregation, storage, and financial inclusion services to Ugandan farmers and processors.

Continuing its pan-African expansion plans, AFEX will be implementing its scalable model that combines advanced technology and infrastructure with a unique understanding of Africa’s food systems and local markets to replicate its successes in Nigeria and Kenya to Uganda.

Working closely with local and international partners, the operation will focus on maize, sorghum, soybeans, barley, and coffee, with maize being the initial priority.

According to the International Trade Administration, Uganda is lacking the necessary infrastructure in storage, credit, and access to markets to sustain food production. To begin tackling these issues, AFEX Uganda has established warehouses in Bulambuli and Kapchorwa districts in Eastern Uganda, and in the Lira district of Northern Uganda.

Under the leadership of Abdul-Hafeez Odusanya, Managing Director, AFEX Uganda, AFEX will be introducing its range of solutions including its technology platform, WorkBench, to enable farmers to participate in market opportunities and scale their operations.

Starting with a network of over 1500 farmers, AFEX Uganda will be addressing the following problems:

  • Reducing post-harvest losses by providing storage facilities
  • Providing access to loans for farmers to purchase quality farming inputs including agrochemicals, fertiliser, and seedlings
  • Provision of advisory and extension services to tackle poor agricultural practices and post-harvest handling practices.
  • Access to markets for smallholder farmers, with transparent prices
  • High quality and traceable supply of food and feed grade commodities to processors

Abdul-Hafeez Odusanya, Managing Director, AFEX Uganda expressed excitement about the new opportunity: “I’m thrilled to be leading the next stage of growth for AFEX in East Africa and eager to see how Uganda’s success contributes to AFEX’s portfolio of innovative food system interventions.

I’m confident AFEX Uganda will contribute massively to building an inclusive and efficient market system, giving Ugandan farmers the support and infrastructure they need to improve efficiency and access bigger markets,” he revealed.

Often referred to as Africa’s ‘bread basket,’ Uganda has one of the most dynamic commodities markets in Africa with a significant potential for growth, and a positive government interest in commercialising agriculture through collaboration with private sector players.

In the first quarter of 2022, agriculture accounted for 24% of the country’s GDP. In addition, the government has ratified the African Continental Free Trade Area (AFCTA) and the East African Community Customs Union which provides access to the international market.

Since inception, AFEX’s focus has been to establish a strong foothold across Africa, and AFEX Uganda is the latest in a series of planned expansion to 10 African countries over the next 5 years. In restructuring for the future and to provide efficiency and focus on the regions, AFEX has announced new appointments and internal promotions among its leadership.

Appointed in October 2022, Sanne Steemers is now President, Rest of Africa, overseeing the expansion across the continent; Akinyinka David Akintunde (previously Chief Operating Officer) has become President, AFEX Nigeria, responsible for all operations in the West African country; and CEO Ayodeji Balogun has been appointed Group CEO, heading all entities globally.

Speaking of her new responsibilities, Sanne Steemers said: ”With twenty years’ experience working at the intersection of global supply chains, finance and agricultural commodities, I’m very excited to be joining AFEX as we expand into yet another market, and look forward to driving the expansion across the rest of Africa.

“In just a few years, AFEX has achieved exemplary success in Nigeria and Kenya, I’m looking forward to adapting these winning strategies, services and approach to service farmers, processors and partners in Uganda and beyond.”


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

Continue Reading
Advertisement
Comments

General News

World Bank Blocks Social Media Comments from Nigerians over Loan Backlash

Published

on

Kindly share this post

World Bank has restricted comments on its Instagram page after thousands of Nigerians flooded the platform begging them to stop lending money to Nigeria.

World Bank Blocks Social Media Comments from Nigerians over Loan Backlash

The protest erupted after reports that President Bola Ahmed Tinubu is seeking a fresh $1.25 billion dollar loan for approval on June 26.

Some Nigerians asked the World Bank to provide more details about the purpose of the loan and how the funds would be managed.

Others said the country should reduce dependence on foreign loans and focus on improving local revenue.

The federal government has continued to defend its borrowing plans.

Officials say the funds will support economic reforms, development projects and efforts to strengthen the economy.

Nigeria remains one of the major borrowers from the World Bank in Africa, with different administrations securing loans over the years for infrastructure, social programmes and economic support.


Kindly share this post
Continue Reading

General News

Lagos Plans New Cybersecurity Centre

Published

on

Kindly share this post

The Lagos State Government plans to establish a Cybersecurity Operations Centre to strengthen protection of government systems, digital services and citizen data amid rising cyber threats linked to the city’s expanding digital economy.

Tunbosun Alake, Lagos commissioner for innovation, science and technology, said the centre would help secure the infrastructure supporting online payments, e-government services, cloud platforms and technology-driven business operations across the state.

According to Alake, the facility will monitor, detect and respond to cyber threats targeting government networks, digital transactions and sensitive public data.

The move comes as Lagos accelerates its smart city agenda through investments in broadband infrastructure, digital identity systems and automated public services.

Alake said Lagos had already deployed 109 Data Protection Officers across Ministries, Departments and Agencies, which he described as the highest number among Nigerian states, to strengthen compliance with data protection regulations.

Alongside the proposed cybersecurity centre, the state also launched the Lagos Campus Network Upgrade project aimed at improving digital infrastructure within the public sector.

The upgrade is expected to improve network performance, automate internal government processes and enhance digital engagement with residents. The cybersecurity initiative follows the release of Lagos State’s cybersecurity guidelines in April.

The framework recommends measures including multi-factor authentication, vulnerability testing, encrypted backups and tighter endpoint security controls.

The guidelines align with Nigeria’s Cybercrime Act 2024, the Nigeria Data Protection Act 2023 and the National Cybersecurity Policy and Strategy 2021.

 


Kindly share this post
Continue Reading

General News

LG Electronics Strengthens Household Energy Efficiency in Nigeria with Advanced Inverter Refrigerator Solutions

Published

on

Kindly share this post

LG Electronics (LG) is reinforcing its commitment to smarter and more energy‑efficient living by spotlighting its range of inverter‑powered refrigerators designed to meet the evolving needs of Nigerian households.

As electricity costs continue to rise and inflationary pressures shape consumer spending, LG’s refrigerator portfolio is positioned as a practical solution that combines dependable performance with responsible energy consumption.

Refrigerators are among the most frequently used appliances in Nigerian homes, operating 24 hours a day and accounting for a significant share of household electricity usage. LG addresses this challenge through its proprietary Inverter Compressor technology, which intelligently adjusts cooling power based on actual usage conditions.

By reducing unnecessary energy draw, the system delivers stable temperature control while helping households lower energy consumption and manage monthly utility costs more effectively.

Beyond energy savings, LG refrigerators are designed to support food security and reduce waste, an increasingly important consideration for families navigating rising food prices. The inverter system enables faster cooling recovery after power interruptions and helps maintain consistent internal temperatures, preserving food freshness for longer periods. With fewer friction points in the compressor design, LG refrigerators also offer enhanced durability and long‑term reliability, minimizing maintenance costs over time.

LG’s energy‑saving refrigerator lineup includes Top Mount, Side‑by‑Side, and Door‑in‑Door models, each tailored to different household sizes, storage needs, and lifestyle preferences. The Top Mount refrigerators offer practical, space‑efficient designs ideal for everyday family use, delivering reliable cooling with optimized energy efficiency.

The LG GN-F452PFAQ model keeps food perfectly fresh with FRESH Converter+ that optimizes temperature as per food items and never runs out of ice with the Auto Ice Maker.

For households that require larger storage capacity and improved organization, Side‑by‑Side models provide generous interior space, improved visibility, and consistent cooling across compartments.

For more design‑conscious consumers, LG’s Door‑in‑Door refrigerators reduce cold air loss by allowing quick access to frequently used items, supporting both energy efficiency and long‑lasting freshness.

At the premium end, LG continues to innovate with advanced models such as the MoodUP™ refrigerator, which combines customizable aesthetics with functional energy‑saving features like the InstaView panel, allowing users to view contents without opening the door and reducing unnecessary cold air loss. This refrigerator comes with a washing machine as a bundle promotion.

According to LG, this range‑based approach reflects a deep understanding of how Nigerian households differ in size, consumption habits, and lifestyle needs.

“Nigerian consumers are becoming more intentional about how they use energy and manage household costs,” said Mr. Oktai Kim, General Manager, Home Appliance Solutions, LG Electronics Nigeria. “By offering a diverse range of inverter‑powered refrigerators, we are giving families the flexibility to choose solutions that suit their homes while delivering long‑term value through energy efficiency and dependable performance.”

Rather than focusing on technology alone, LG’s energy‑saving refrigerator portfolio emphasizes everyday benefits, efficient operation, reliable cooling, and designs that adapt to real living conditions. Available nationwide, LG refrigerators continue to support smarter living and economic resilience, reinforcing the company’s commitment to delivering durable, consumer‑focused home solutions for Nigerian households.


Kindly share this post
Continue Reading

Trending