Balogun, who has been working with AFEX since its inception in Nigeria in 2014, served as the Country Manager in Nigeria until 2019, and the CEO until his recent promotion to Group CEO, where he will lead the grains and other commodities trader’s operations in Nigeria, Kenya and Uganda.
The Stanford University Graduate School of Business alumnus announced his appointment on LinkedIn, expressing appreciation for the AFEX team and excitement about what the future holds.
At 40 years old, Balogun has an extensive skillset, holding a Diploma in Heavy Equipment Engineering from Penn Foster University, a Bachelor’s degree in Mechanical Engineering from the Lagos State University, MBA from Lagos Business School and IESE Business School, Spain.
He has had an impressive career and hopes to take AFEX to the next level as it continues to develop roots in the African continent. “My focus will be our growth strategy to reach a $ 1 billion revenue, serve two million farmers across Africa and continue to build Africa’s largest commodities marketplace,” Balagon remarked on his LinkedIn profile.
AFEX’s infrastructure and platform investments work to power a trust economy in Africa’s commodities markets and aim at facilitating trade with Africa worth over USD500 million in the next five years.
“Since inception in 2014, we have developed and deployed a viable commodities exchange model for the African market, and are on track to impact one million producers; providing services in productivity and value capture and access to finance and markets,” reads AFEX’s website.
With its operations in Nigeria, AFEX has in the last year grown its footprint as it seeks to become one of Africa’s leading commodity traders. In 2022, it debuted its activities in Kenya and then added Uganda into its portfolio of countries in Africa, in early 2023.
With the new position, Balogun will be in charge of the new operations in East Africa in addition to the operations in Nigeria and other African countries. He will be supported by Akinyinka Akintunde, the President of AFEX Nigeria and Sanne Steemers, the President, Rest of Africa