Category: Business

The CEO forum kicks off on Thursday, May 16, and concludes on Friday, May 17. The event will bring together more than 2,000 business leaders from Africa and across the globe.

Themed “At the table or on the menu?”, the forum is expected to challenge attendees to take decisive action for Africa’s future amidst global economic uncertainties.

The AGL Rwanda CEO sees the forum as an opportunity for the company to network with industry leaders, potential partners, and investors from across the continent, as well as to increase the brand’s visibility.

“Being part of such an event increases AGL Rwanda’s visibility and reputation, showing its commitment to the African market,” Labonne stated.

According to him, the forum also offers a platform to gain valuable insights into the latest trends, challenges, and opportunities in the market, which will inform strategic decisions for AGL Rwanda.

Participating in the event, Labonne affirmed, would allow AGL Rwanda to provide opinions about transport and logistics, which influence policy-making in the company’s market, fostering sustainable growth.

The Africa CEO Forum also presents AGL Rwanda with the opportunity to build relationships with prospects, identify potential customers, and initiate discussions on partnerships or service offerings.

Currently, AGL Rwanda boasts investments in key areas that solidify its position as a leader in Rwanda’s logistics sector. One of the investments is the customs public bonded warehouse at the Kigali Logistics Platform (KLP), which holds the distinction of being Rwanda’s first and largest inland dry port and logistics hub. The strategic location of the KLP warehouse allows AGL Rwanda to offer efficient customs clearance and storage solutions, streamlining the movement of goods for their clients.

Furthermore, AGL Rwanda has expanded its capacity by building an additional 6,000-square-meter non-bonded contract logistics warehouse. This expansion ensures they can handle a wider variety of cargo, catering to the growing demand for comprehensive logistics services in the region.

Recognizing the importance of a skilled workforce, AGL Rwanda is also investing in human capital development, planning to expand its team by recruiting new talent.

On AGL Rwanda’s plans and prospects for the coming years, the CEO said the company has a clear vision and has set achievable goals based on market dynamics, competitive landscape, and internal capabilities.

“We regularly evaluate progress and remain agile to navigate uncertainties,” the CEO emphasized.

He noted that AGL Rwanda had begun a strategic expansion phase to meet the growing demand for logistics in the region. This includes a 5,000-square-meter warehouse, which the company says is an essential addition to the country’s logistics infrastructure.

Equipped with cold chain facilities, the warehouse will enable optimal management of temperature-controlled goods, including addressing public health challenges by enabling the efficient management of essential commodities such as vaccines, medicines, and perishable goods.

“Valued at US$10 million, this contract logistics project is a testament to AGL’s commitment to Rwanda’s economic development,” the company said.

As the only logistics operator in the country offering a full range of services, from bonded warehousing to end-to-end logistics, AGL plays a key role in Rwanda’s economic growth. With its 21,000 square meters of facilities spread over six locations in the Prime Economic Zone (PEZ), the company is a go-to partner for local and international companies.

Additionally, the expansion is expected to create employment opportunities for Rwandans willing to invest in logistics-related trades and strengthen Rwanda’s position as a logistics hub in the region.

Rwanda Development Board (RDB) will host the event alongside the International Finance Corporation (IFC), a member of the World Bank Group focused exclusively on the private sector in developing countries.

More than 1,000 CEOs including the top executives of Africa’s largest corporations and 1200 companies with operations in Africa are expected at the event which will draw participants from 75 countries.

Themed “At the table or on the menu?” the forum, to be held at the iconic Kigali Convention Centre (KCC), is expected to challenge attendees to take decisive action for Africa’s future amidst global economic uncertainties.

“We call on our community of leaders shaping the future of Africa to recognise the structural and enduring consequences of the actions they take at this critical time,” President of the Africa CEO Forum, Amir Ben Yahmed, said in March.

“The forum will be a crucible for innovative strategies and partnerships, propelling the continent into the opportunities of tomorrow.”

Yahmed, while commenting about the ongoing preparations for the forum last month, indicated that five Heads of State and several senior government officials from across the continent had confirmed attendance.

“President Paul Kagame (Rwanda), William Ruto (Kenya), and the presidents of Botswana (Mokgweetsi Masisi), Mozambique (Filipe Jacinto Nyusi), and Djibouti (Ismail Omar Guelleh) have confirmed attendance,” Yahmed said. “Also, the Prime Ministers of Sao Tome, Cameroon, and Cote D’Voire, among others, have confirmed.”

Founded in 2012, the Africa CEO Forum has enabled dialogue between the public and private sector actors on the continent’s most pressing priorities and set its business agenda.

“The Africa CEO Forum offers the opportunity to network with other key companies and catalyse the challenges that we face ourselves as businesses,” Joshua Oigara, the CEO of Stanbic Bank Kenya opines.

The two-day forum will feature more than 60 discussion sessions ranging from presidential keynotes to national investment promotion pitches, and from CEO Talks to closed-door strategic industry roundtables.

Some of the notable business captains expected at the event include Makhtar Diop, Managing Director of IFC, Mesfin Tassew, Group CEO of Ethiopian Airlines, James Mworia, Group CEO & MD of Centum Investment, Sudhir Ruparelia, Chairman of Ruparelia Group, Clare Akamanzi, CEO of NBA Africa, Rostam Aziz, CEO of Taifa Gas, Hardy Pemhiwa, President & CEO of Cassava Technologies or Patricia Poku Diaby, CEO Plot Enterprise Ghana, Karl Olutokun Toriola, MTN Nigeria’s CEO, Faith Mukutu, CEO of Zambeef, Diane Karusisi, CEO Bank of Kigali and Patty Karuaihe-Martin, CEO of NamibRe.

In a press statement on Friday, April 5, 2024, CBK Governor Kamau Thugge said the lender had taken a strategic decision to close the office to focus on digital service.
The termination took effect on April 2.

“The Central Bank of Kenya (CBK) announces the cancellation of the authority granted to the Bank of Kigali (BoK) to operate a Representative Office in Kenya under Section 43 of the Banking Act, effective April 2, 2024.

“The voluntary termination of BoK’s presence in Kenya follows a strategic decision taken by the Bank of Kigali Group Plc (BoK’s parent company) to focus more on digital service delivery channels. CBK authorised the establishment of Bank of Kigali’s Representative Office in Kenya on February 12, 2013,” CBK stated.

Bank of Kigali, headquartered in Kigali, was established in 1966. It’s licensed and supervised by the National Bank of Rwanda under the Law governing the organisation of banking.

In 2023, BK Group recorded a 25 per cent year-on-year increase in net profit, reaching Rwf74.8 billion in 2023. The group saw its profit before tax cross the $100 billion mark, growing at 23.8 per cent.

Among these leaders were the Chairman of the AGRA Board, Hailemariam Desalegn, and the President of AGRA, Dr. Agnes Kalibata.

The Office of the President has explained that their discussions focused on the upcoming African food conference to be held in Kigali from September 2 to 6, 2024, and the journey of agricultural transformation on the African continent.

“This afternoon at Urugwiro Village, President Kagame received Alliance for a Green Revolution in Africa [AGRA] Board Chair, H.E Hailemariam Desalegn, AGRA President Dr. Agnes Kalibata and their delegation for discussions on the upcoming Africa Food Systems Summit and the progress of agriculture transformation on the continent,” reads the statement.

AGRA’s primary goal is to aid Africa in achieving food self-sufficiency and surplus for export through agricultural development.

In 2022, the alliance initiated a five-year plan aimed at enhancing agriculture in 16 countries where it operates, including Rwanda.

Desalegn explained that the program would cost $550 million.

He stated, “We aim to transform the nutrition of Africans, ensuring that everyone has access to affordable and nutritionally diverse diets. However, this comes at a cost, requiring $550 million to support the program.”

AGRA was established in 2006 by Kofi Annan, the Ghanaian who served as the Secretary-General of the United Nations. He led its Board until 2013 when he was succeeded by Strive Masiyiwa, who was then replaced by Desalegn in 2019.

Over the past couple of years, the company has made strides in innovating and expanding its brand portfolio to meet evolving consumer preferences.

As part of the expansion project, Bralirwa invested over 30 million Euros (40 billion RWF) that included the installation of its inaugurated packaging line. This is in line with the company’s commitment to developing the Rwandan beer market for sustainable growth and proactively investing in digital technology and innovation to improve its operations.

The new production line will also operate with reduced energy and water consumption, contributing to HEINEKEN’s mission to achieve net-zero across all its production sites by 2030.

The event, which was held at the company’s brewery in Rubavu District, was graced by RDB Ag. Chief Investment Officer, Mr. Philip Lucky, Her Excellency the Ambassador of the Netherlands, Ambassador Joan JJ Wiegman, the Mayor of Rubavu District, Mr. Mulindwa Prosper, the Director General of Industrial Promotion and Entrepreneurship Development at the Ministry of Trade and Industry, Mr. Fred Mugabe, as well as representatives from the private sector, distributors, and others.

Speaking at the event, Saada Etienne, Bralirwa’s Managing Director, thanked the Rwandan government for its visionary leadership, transparency, and commitment to promoting sustainable investment.

” For the past 67 years, Bralirwa has continuously invested in innovation and growth with a clear goal – to win the hearts of our customers. This has been made possible by an environment conducive to growth and prosperity, as well as the commitment and dedication of our key stakeholders and employees,” said Etienne Saada, Managing Director of Bralirwa.

RDB Ag. Chief Investment Officer, Mr. Philip Lucky, commended Bralirwa for its continued investment in the country and said that the new production line is a testament to the company’s commitment to its vision, dedication, and continuous investment.

“This brewery expansion is a shining example of the positive impact that strategic investments can have on our economy and society,” said Mr. Philip.

Bralirwa’s commitment to customer satisfaction is evident through its ongoing investment initiatives. The leading beverage company has taken a significant step towards its commitment to excellence, quality, and passion for delivering products that its consumers love.

The company said that deliveries of battery electric vehicles (BEVs) jumped by 74.4 percent year-on-year, to more than 376,000 units, meeting the full-year target for all-electric vehicles in total sales of 15 percent.

“With our new, highly attractive and technologically outstanding vehicles, we were able to ramp up electromobility even more dynamically in 2023,” said Jochen Goller, member of the board of management of BMW AG.

This year, one in five of the company’s newly-built cars is set to be a BEV, and by 2025 the target is one in four. “We see continued high demand for our fully-electric products,” Goller added.

In China, the carmaker saw sales of the BMW brand and MINI rise by 4.2 percent, to almost 825,000 vehicles.

The acquisition follows the fulfilment of conditions precedent to the acquisition, including regulatory and corporate approvals and was completed on November 30, 2023. EGH now holds 198,250 shares representing 99.1250% of the issued share capital of Cogebanque, officially making Cogebanque its subsidiary.

On June 14, 2023, EGH publicly disclosed its entry into a binding term sheet for the acquisition of 91.93% of Cogebanque’s issued shares from the Government of Rwanda, Rwanda Social Security Board, Sanlam Vie Plc, and Ms. Judith Mugirasoni (the sellers).

The completion of the acquisition was subject to various conditions, including confirmatory due diligence, execution of definitive agreements, regulatory approvals from the Central Bank of Kenya, the National Bank of Rwanda, the COMESA Competition Commission, and corporate approvals.

The Minister of Finance and Economic Planning Dr. Uzziel Ndagijimana said, “The consolidation of Equity Bank Rwanda Plc and Cogebanque will create a stronger and more resilient banking institution better equipped to serve the needs of the people of Rwanda and will contribute to Rwanda’s economic growth and development. Additionally, this partnership demonstrates investors’ confidence in Rwanda’s economic potential and presents new opportunities for the financial sector to thrive.”

On July 28, 2023, EGH entered into a share purchase agreement with the Sellers by which it agreed to acquire, on completion, 183,854 shares at a price of Rwanda Francs 297,406 per share.

Simultaneously, EGH offered to acquire all the remaining shares from the rest of the Cogebanque shareholders, intending to acquire up to 100% of the issued shares of Cogebanque.

Equity Group Holdings Plc Managing Director and CEO, Dr. James Mwangi, said, “We are delighted to welcome Cogebanque’s employees and customers to Equity Group. Through our focus on innovation, cutting-edge technology, and superior service, we aim to provide enhanced financial services, improve lives, expand opportunities for wealth creation, and deliver significant value to all our stakeholders in Rwanda.

The eventual merger of Cogebanque and Equity Bank Rwanda will consolidate Equity Group’s position in Rwanda and support delivery of its overarching strategy, the Africa Recovery and Resilience Plan. The expansion of Equity Group’s business in Rwanda aims to bolster Rwanda’s financial services landscape and fortifies the Group’s commitment to catalyzing socio-economic development across the African continent.”

Dr. Mwangi went further to add, “By synergizing the operations of Cogebanque and Equity Bank Rwanda, EGH is strategically positioned to deliver an expanded array of competitive, customized financial services. This strategic alignment is designed not only to meet the diverse needs of our customers but also to catalyze economic growth, empower local communities, and contribute to the realization of the Group’s vision as Sub-Saharan Africa’s premier financial institution.”

According to its recently released results as at 30th September 2023, Equity Group Holdings reported deposits growth of 20% to Kshs1,208.6 billion up from Kshs 1,007.3 billion with subsidiaries contributing a 49% growth and Equity Bank Rwanda growing by 39%. Loans grew by 26% to Kshs 845.9 billion up from Kshs 673.9 billion with subsidiaries contributing a 46% growth, and Equity Bank Rwanda growing by 20%. Total assets grew by 24% to Kshs1,691.2 billion up from Kshs1,363.7 billion again with subsidiaries contributing 47% and Equity Bank Rwanda growing by 40%.

About Cogebanque

Cogebanque is a public limited company licensed by the National Bank of Rwanda to provide banking services in Rwanda. At the end of 2022, Cogebanque was the fifth largest bank in Rwanda as measured by reported book value of total assets and shareholders’ equity and served customers in the corporate, small- and medium-sized enterprise and retail customer segments through twenty-eight (28) branches, approximately six hundred (600) active bank agents and thirty-six (36) automated teller machines.

As at 31st December 2022, Cogebanque reported net assets of Rwf47.35 billion and profit after tax of Rwf9.06 billion.

About Equity Bank Rwanda Plc

Equity Bank Rwanda Plc is a wholly owned subsidiary of Equity Group Holdings Plc and is licensed by the National Bank of Rwanda to provide banking services in Rwanda. Equity Bank Rwanda ranked third amongst Rwandan banks in terms of reported total assets as at 30th September 2023 and served over 1,351,486 customers through a network of 18 branches, 3,880 agents, 23 ATMs and 1,775 merchants.

As of 30th September 2023, Equity Bank Rwanda Plc reported total assets of Rwf682.9 billion, and profit after tax of Rwf23.2 billion.

About Equity Group Holdings Plc and Equity Group

Equity Group Holdings Plc is a non-operating holding company with banking subsidiaries in Kenya, Rwanda, Tanzania, Uganda, South Sudan and Democratic Republic of Congo, a Commercial Representative Office in Ethiopia and non-banking subsidiaries in Kenya that are engaged in providing investment banking and stock-broking, insurance, custodial services, payment services and telecommunication services.

Equity Group Holdings Plc is listed at the Nairobi Securities Exchange and other regional exchanges with a market capitalization of KES. 1.34 trillion (USD 0.9bn).

Equity Group Holdings Plc reported a consolidated asset base of KES. 1.7 trillion (USD 11.4bn), deposits of KES. 1.21 trillion (USD 8.2bn) and 8,155.0a customer base of over 18.9 million customers as at 30th September 2023. Equity Group has a footprint of over 360 branches, 69, 656 Agents, over 950,000 Pay With Equity (PWE) Merchants, 34,844 Point-of-Sale (POS) Merchants, over 700 ATMs and an extensive adoption of digital and mobile banking channels.