The Board of the Africa Finance Corporation (AFC) on Wednesday, 30th July, 2014, announced that as part of AFC’s Board succession process, Mr. Adebayo Ogunlesi and Mr. Aliyu Dikko retired from the Board of Directors. Following the retirement of Mr. Ogunlesi and Mr. Dikko, the Board elected Dr. Sarah Alade as Chairman of the Board of Directors and Mr. Lamido Yuguda was appointed as a Director of the Corporation. Dr. Sarah Alade, is the Deputy Governor (Economic Policy) of the Central Bank of Nigeria (CBN) and Mr. Lamido Yuguda is Director of Reserves Management at the CBN.
Commenting on the changes AFC President and Chief Executive Officer, Andrew Alli said: “On behalf of the Board, I would like to offer my warmest thanks to our out-going Chairman and to Mr Aliyu Dikko for their service. Mr Ogunlesi has served with distinction for the last 5 years. He has provided invaluable guidance and support as we have built the corporation into one of Africa’s leading multilateral finance institutions. Under his leadership, we have demonstrated the commercial viability of African infrastructure as an asset class, delivering consistent annual profitability, while funding several projects over the last 5 years. His tenure culminated in the award of an A3 (long term) /P2 (short term) foreign currency debt rating, making the AFC the second highest investment grade rated multilateral financial institution on the African continent.”
“I would also like to welcome Dr Sarah Alade and Mr Lamido Yuguda to the Board. Dr Alade takes up the role of Chairperson at a very exciting time for AFC. Having proven the commercial viability of infrastructure as an asset class in Africa, and with the strength provided by an international class credit rating, we are very strongly positioned to grow our balance sheet and deepen our ability to support the expansion of Africa’s infrastructure under her leadership.”
The outgoing Chairman, Adebayo Ogunlesi said: “I am pleased to have had the opportunity over the past several years to serve as Chairman of the AFC during which time the Corporation has continued to make good on its goal of becoming a market leader in infrastructure financing in Africa. The vision of establishing an African-led, commercially oriented multi-lateral institution was always an ambitious one, but one which is well on its way to being been fulfilled. I am grateful to my former colleagues on the Board for their support and wish them, the new Chairperson and the AFC Team well as the Corporation enters a new phase in its growth.”
Incoming Chairperson, Dr Sarah Alade commented: “I am privileged to take up the Chairmanship of the AFC at a significant time for the Corporation. With a strong and growing balance sheet, an expanding geographically diverse base and a deep pipeline of new investment opportunities, the corporation is very well placed to continue to deliver on its mission to foster the economic growth and industrial development of African countries.”
AFC, a multilateral finance institution, was established in 2007 with an initial capital base of USD1.1 billion, to be a catalyst for private sector infrastructure investment across Africa. AFC was established to help fill a critical void in providing project structuring expertise and risk capital to address Africa’s infrastructure development needs, and is increasingly being seen as the benchmark institution for private sector-led investment in the core infrastructure sectors of power, natural resources, heavy industry, transport and telecommunications.
The AFC Board of Directors is now constituted as follows:
- Dr Sarah Alade, Chairperson
- Mr Andrew Alli, President and Chief Executive Officer
- Mr Solomon Asamoah, Deputy Chief Executive Officer and Chief Investment Officer
- Dr Adesegun A. Akin-Olugbade, Executive Director and General Counsel
- Mr Aigboje Aig-Imoukhuede, Director
- Mr Jibril Aku, Director
- Mr Tony Elumelu, Director
- Mr Emeka Emuwa, Director
- Mr Tunde Lemo, Director
- Mr Olabisi Onasanya, Director
- Mr Ebenezer Onyeagwu, Director
- Mr Lewis Tung, Director
- Mr Robert Tung, Director
- Mr Lamido Yuguda, Director
Over the last six years, AFC have financed investments of approximately US$1.9 billion across the continent, with a current portfolio of 26 projects.