What’s Important in Year One?

by Ayodeji Balogun, CEO AFEX

We floated our first instrument from family and friends along with our month-end salaries.

Akintoye Gbolahan and Olaoluwa Egunjobi were our first retail investors in 2014. Gbolahan was my classmate in the MBA program and Laolu was his rich friend, both worked at GE at the time. This happened in July 2014, just in time for Ramadan fasting. That was also the month I had to present our first budget and strategy to Jendayi for approval.

A Year of Clarity

2015 was a turbulent year, yet one with the most clarity. We had spent close to 10 million dollars of investors’ funds. Revenue was below $250,000 for both AFEX and EAX. Our investors had different views on how to proceed, and naturally, when elephants fight it is the grass that suffers. Jendayi was the hero, it was her fight and she fought it with mastery and grace. It took a year, but we came out of it wiser, smarter, and with more clarity on our purpose.

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AFEX’s infrastructure and platforms drive capital to build a trust economy in Africa’s commodity markets.