AFEX Commodities Exchange Ltd

Address: 3rd Floor, Yobe Investment House, Central Business District, Abuja

UAN: +234 805 732 3452



Established: 2014

Type: Electronic Trading


AFEX is the first private sector-led commodity exchange in Nigeria. At AFEX, we harness Africa’s commodities and talent to build shared wealth and prosperity. Our investments in infrastructure and platforms work to unlock capital to power a trust economy in Africa’s commodities markets.

Since inception in 2014, we have developed and deployed a viable commodities exchange model for the West African market, and are on track to impact one million producers; providing services in productivity, access to finance and markets. By deploying an efficient market system, we will facilitate trade with Africa worth over USD500 million in the next five years.


Broker: This membership entitles the Company to be able to trade commodity contracts, listed on the Exchange on behalf of clients.

Dealer: This membership category allows the company to deal proprietarily on commodity contracts listed on the Exchange.

Broker-Dealer: This membership category gives the company the right to deal in commodity contracts listed on the Exchange both from a proprietary stand point and on behalf of investors.


Category  Contracts  
   Deliverable  Cash Settled
 Agricultural  Maize (IMT)  Maize (1kg)
   Soyabean (1MT)  Soyabean (1kg)
   Sorghum (1MT)  Sorghum (1kg)
   Cocoa (1MT)  Paddy rice (1kg)
   Cashew (1MT)  Cocoa (1kg)
   Paddy rice (1MT)  
   Ginger (1MT)  
   Sesame (1MT)  

Input Notes,

Asset Backed Commercial Papers,

Trade Finance Notes

Exchange Traded Fund (Commodities)  

FETC 1 and FETC 2



Chief Executive Officer (CEO)

Ayodeji Balogun is the Chief Executive Officer (CEO) of AFEX, where he is leading a team of experts leveraging technology, innovative finance, and inclusive agriculture to connect agriSMEs and smallholder farmers to commodity and financial markets. He holds an MBA from Lagos Business School; Global CEO – Africa from IESE Business School and a certificate in Creative Leadership from the THNK School of Creative Leadership. Ayodeji has almost twenty years’ experience trading across West Africa as well as in building and scaling businesses across Sub-Saharan Africa. He serves on several capital market boards and works with several institutions on food security and financing agriculture.

Ayodeji began his stint at AFEX by developing the company’s new market entry strategy in East and West Africa. He then resumed as the Country Manager for AFEX Commodities Exchange Limited in Nigeria, and the Business Lead for Africa Exchange Holdings Limited in West Africa. In both roles, he pioneered the development of a private sector-led commodities exchange and warehouse receipt system, and doubled as the Product Development Manager, leading value chain development in the agriculture Sector, and designing physical and derivative contracts for commodities across markets in Africa.

His interest in commodity trading was stoked early when he began learning about trade in the family business. His first solo run as an entrepreneur was at the age of thirteen when he had to consummate a transaction worth USD 4,000 (at today’s value), and he grew to manage the family-owned commodities trading business, with a turnover of over USD15 million, before joining the MBA program at Lagos Business School. He also founded a haulage business, was part of a mobile service start-up, and part-owned an agribusiness venture.


Chief Operating Officer - COO

Akinyinka currently serves as the AFEX’S Chief Operating Officer, a unique role that oversees the company’s workforce, strategy, technology, business development, products & Markets Development, and corporate support functions across AFEX’s global operating entities. He is responsible for integrating AFEX’s business units and operations into a single market-facing organization, thus increasing the company’s global sales footprint whilst monitoring the control chain on transactions and data to ensure compliance with the regulations and the management of the operational risks.

In addition to significantly engineering AFEX’s strategic direction, employee roadmap, technology, and development efforts, Akinyinka leads a team that spearheads the firm’s endeavor to leverage technology to transform agriculture in Nigeria whilst contributing to the further development of capital markets skills in the company to support wealth creation of its future growth.

He bagged his MBA from Lagos Business School and has a Certificate in Corporation Innovation from Stanford Graduate School of Business, California.


Vice President, Financial Markets

Oluwafunto is a market development expert with over 9 years work experience in delivering financial service solutions to medium and large enterprises. Adept at identifying strategic measures to strengthen operational performance, Oluwafunto has a strong reputation of effectively managing multiple clients’ engagement through all phases of product development, research, strategic planning, campaign testing and post-go-live.

Oluwafunto is the current Vice President, Financial Markets at AFEX, where she leads engagement with Capital Market Operators and Financial Institution to unlock funding for smallholder farmers and create portfolio products backed by commodities as alternative asset class for investors. Recently, she was involved in raising over a billion naira in funds that will provide 25,000 smallholder farmers quality input for the 2020 planting season.


Chief Financial Officer

Kunle Adesuyi is the Chief Financial Officer at AFEX. He is responsible for ensuring that all accounting allocations are appropriately made and documented, establishing and executing internal controls over the Company’s accounting and financial procedures whilst also responsible for Financial Planning, Reporting, and Analysis. He is also charged with the responsibility of managing the liquidity of the Company by ensuring that all current and projected cash inflows and outflows are monitored to ensure that there is sufficient cash to fund company operations, as well as to ensure that excess cash is properly invested.

He is an articulate professional with extensive experience in Financial Control, Treasury and Investment Management, and Business Development. He thrives in a team environment, collaborating across lines of business through a variety of risk analysis methodologies, investment assessments, and wealth creation initiatives with extensive experience that strategically places him in a position to deliver on laid down goals and objectives.

In his role, he leads a team that ensures Treasury and Cash Flow Management by being the Chief Treasurer for the business and driving sustainable value creation through intelligent and dynamic cash flow management, including but not limited to capital raise, fund management, investment decisions, budgeting, and payments amongst other key roles

Prior to joining AFEX, he has practiced as a qualified chartered accountant for ten (10) years with a first degree in Accounting from Covenant University. He proceeded to the University of Ibadan to obtain a master’s degree in Information Science. He is also a member of the Association of Finance Professionals (AFP), headquartered outside of Washington, D.C, USA. He obtained certification as a Certified Treasury Professional from AFP in Dubai, UAE in 2015.


Chief Technology Officer - CTO

Yusuf Oguntola is the Chief Technology Officer at AFEX and he leads a team of engineers and ICT specialists that manages AFEX’s technology infrastructure. In his role, he led the implementation team for the first public-facing agricultural commodity exchange system in Nigeria (ComX) running on Mobile and web-based platforms and Workbench 3.0, a SAAS ERP for agricultural aggregation/trading-based organizations.

Prior to this, he worked as a SharePoint Developer at Oando PLC, amongst a host of other experiences working with renowned engineers on world-class enterprise-grade systems. He is a vibrant solution architect with about a decade of experience architecting and engineering software solutions using diverse technologies including Java, Python, C#, etc.

To drive success in an organization that is de-facto for commodity trading & innovation across Africa, Yusuf is actively involved in building a solid data bank that rightly positions AFEX as an encyclopedia of information and robust infrastructural processes with insight into who we are, our capability, performance, and future ambitions in the commodities market.


Vice President, Corporate Services

Hemense Orkar is the Vice President, Corporate Services at AFEX. In his role, Hemense oversees the management of AFEX’s executive communications and assist to shape the brand’s reputation internally and externally as it strives to meet the diverse needs of its communities and clients. Prior to this, he previously served as the Vice President, Commercials, responsible for leading AFEX’s local and global sales of agro commodities whilst driving profitable growth across the agricultural value chain.
He has more than 10 years’ experience of industry operations experience and has been instrumental in the development, productization, and disbursement of market-fit solutions that address the underlining needs of key players in the value chain.

He has previously served as an Associate at Goldman Sachs working on various teams across the Operations and Investment Management divisions. He has also led teams responsible for driving the adoption of innovative financial services in the capital market.

Hemense graduated from Calvin University in Grand Rapids, Michigan where he earned a Bachelor of Science in Accountancy and a Master of Arts in Public Policy from the University of Chicago in Chicago, Illinois. He is passionate about revolutionizing the world of Industrialization in Africa, intending to have a positive effect on people’s lives. He also enjoys volunteering with organizations serving the youth and carrying out community development work.


Trading Manager

Nancy Ochonwe is the Trading Manager at AFEX. In her role she leads a team that nurtures new innovations, which support speedy clearance and settlement of trade deals at AFEX. As a pioneer staff, she championed a lot of the process development initiatives of AFEX both within the head office and in the field in key areas ranging from participating in outreach activities to supporting the introduction and adoption of the inventory system (SAP), trading process flow creation and the Electronic Warehouse receipts system.