Rwanda: Nick Barigye's ‘homecoming' at Crystal Ventures as CEO
He replaces Jack Kayonga, who has been at the helm of Rwanda's biggest private company since 2020.
In the appointment notice, CVL board described Barigye as a seasoned leader with vast experience across multiple sectors and a proven track record in operational excellence, innovation and sustainable growth.
Barigye joins CVL from government-owned Kigali International Financial Centre (KIFC), where he served as CEO for over five years.
During his tenure, he is credited with positioning Rwanda as a financial hub and achieving notable success in global visibility, investor confidence and institutional partnerships.'We're especially proud to welcome him back as an alumnus of CVL,' the company stated. 'With his global and local insights, we are confident that under his leadership, CVL will continue to thrive and advance its strategic goals.'Barigye has previously held various roles at CVL and its subsidiaries.
Private sector growthCVL was established in 1995 and operates as an investment firm run by the Rwandan Patriotic Front, the ruling party of Rwanda. It was initially known as Tri-Star Investments before changing its name in a rebranding move.
CVL's interests include engineering and construction, fast-moving consumer goods and security services.
Kayonga, who took over as CEO in March 2020, is credited with steering the company through a period of pandemic-related uncertainty while consolidating its position as a key player in Rwanda's private sector growth.
CVL has been at the centre of the Rwanda's recovery and economic development, investing in key strategic sectors such as infrastructure, energy, telecommunication, fast-moving consumer goods, construction, among others.
The CVL portfolio includes leading firms such as the dairy and beverage company Inyange Industries, NPD Contraco, Isco, and East African Granite.
By 2017, CVL had grown to become the second-largest employer in the country, with an estimated investment portfolio of $500 million.
The company says the leadership transition is part of a broader strategy to sustain long-term growth and reinforce Rwanda's competitive edge in regional and global markets.
CVL has extended its investment tentacles to countries such as the Central African Republic and Mozambique, where Rwandan military support has helped to quell terrorist insurgents threatening these governments.
Following Rwanda's military intervention in Cabo Delgado province in 2021 to secure $20 billion Mozambique LNG project owned by TotalEnergies, CVL's civil engineering subsidiary NPD Contraco Ltd secured contracts related to the liquefied natural gas project.
The firm is specifically involved in clearing and structural work for TotalEnergies' gas project on the Afungi Peninsula.
Macefield Ventures, a CVL subsidiary that focusses on overseas mining and electrification, has also established mining investments in Mozambique. Macefield is also implementing an electrification project in Zimbabwe.
Barigye's appointment comes at a time when CVL is expanding its portfolio in infrastructure, agriculture, real estate and technology investments across Rwanda and the region.
Although data on its investments is limited, it is estimated that CVL's total investments now stand at $1.8 billion, and its portfolio is expected to continue expanding as it increases its investments in other African countries.
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