March 29, 2024

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Jack Kayonga Returns To Crystal Ventures Limited

By:  TAARIFA

As the business arm of the Ruling Rwanda Patriotic Front Party endures stability challenges, a high profile industry captain, Jack Kayonga, has been re-appointed to return to and fix Crystal Ventures Limited.

Speaking exclusively to Taarifa early Tuesday morning, Kayonga confirmed in very few words without divulging details, “I have left AgDF for CVL.”

Kayonga’s strength is portfolio management, advisory skills from Finance Ministry and changing organisations such as the Development Bank of Rwanda that have stumbled upon difficult times.

These are still the skills that he takes back to Crystal Ventures Limited.

CVL is not new to Kayonga. In 2013, he replaced Prof. Nshuti Mannaseh as Board Chairman.

CVL has over 12 subsidiary companies. It is the second largest employer after government of Rwanda.

For almost half of last week, Kayonga was seen at Village Urugwiro and his phone had been persistently going unanswered.

Taarifa worked round the clock to understand the state of affairs as Kayonga was neither attending to matters at Agaciro Development Fund.

He was indeed undergoing induction.

Local business analysts argue that the massive Crystal Ventures Limited has been limping and the last time Kayonga had been at the helm of this company, he had made impressive positive strides that may have played a crucial role in his return.

Seven years ago when Kayonga had been appointed to CVL, a source in the ruling party had been quoted saying that Crystal Ventures demands results and has zero-tolerance for under-performance.

“It is not easy to be a Chief Executive Officer especially when there has been a natural progression in an institution. Like managing peers who believe are better,” he said during an exclusive interview in 2015 with CNBC Africa.

According to Kayonga, there are particular principles that enabled him institute workable changes at CVL seven years ago.

“It all begins with people. There are misgivings about you or even high expectations. You can’t go in the institution and just judge people and assume that you know it all or assuming that people there cannot do a good job,” Kayonga previously said.

In explaining how to implement changes in such massive companies, Kayonga argues that It is better to first give the team you find in place the benefit of doubt and later you begin the transformation process. Then later you got to stress-test them to the limit.

“A big percentage is about attitude. You subject them to stress-test and then see their attitudes. It is from this that you can make a watch list,” Kayonga explained his humble strategy.

“I don’t believe in a big bang but a sequential process although it may be painful but sustainable. You need to know the trouble makers of the institution and understand the politics of the company. Then check on the company resources. Know the stakeholders issues. Then you start coming up with a program,” Kayonga gave a narrative of how he does his assignments that push for transformation.

In his reaction when he was first appointed Board Chairman at CVL, Kayonga noted about the changes, “But is it also linked to improving efficiency — we are looking for value.”

Crystal Ventures is a massive company worth more than $500 mllion with more than 10000 employees. It invests in unexplored high risk areas that yield high returns but that present opportunity for significant social-economic spillovers.

 

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