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Dr. Sarah Alade, Deputy Governor (Economic Policy) of the Central Bank of Nigeria (CBN) recently emerged as the new chairman of the Board of the Africa Finance Corporation (AFC). She took over from Adebayo Ogunlesi, who retired from the board along with Mr Aliyu Dikko. The AFC’s Board also appointed Mr. Lamido Yuguda, Director of Reserves Management at the CBN as a director of the corporation.
In his remarks, Andrew Alli, AFC President and Chief Executive Officer, warmly welcomed Dr. Alade on 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,” he said. Alli thanked Ogunlesi for serving AFC with distinction in the last five 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 five 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,” Alli said.
Dr. Alade promised to ensure that the AFC continues to deliver its mission of fostering economic growth and industrial development in Africa. “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,” she said.
On his part, Ogunlesi said he was pleased to have had the opportunity of serving the board 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 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,” Ogunlesi said.
Other members of the board who would serve with Dr. Alade are Andrew Alli, President and Chief Executive Officer; Solomon Asamoah, Deputy Chief Executive Officer and Chief Investment Officer; Dr Adesegun A. Akin-Olugbade, Executive Director and General Counsel. Among the directors named are the former Group Managing Director of Access Bank Plc, Aigboje Aig-Imoukhuede, Jibril Aku, Mr Tony Elumelu, Mr Emeka Emuwa, Mr Tunde Lemo, Mr Olabisi Onasanya and Mr Ebenezer Onyeagwu. Others are Mr Lewis Tung, Mr Robert Tung, and Mr Lamido Yuguda.
AFC, a multilateral finance institution, was established in 2007 with an initial capital base of $1.1 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 has over the last six years, financed investments of approximately $1.9 billion across the continent, with a current portfolio of 26 projects.
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