News Column

AFC Gets New Chairman, Director

August 1, 2014

THE Africa Finance Corporation (AFC) has announced changes in its board, following the retirement of its Chairman, Adebayo Ogunlesi and Director, Aliyu Dikko.

Consequently, the board has elected Dr. Sarah Alade as Chairman and Lamido Yuguda as a director.

Alade is the Deputy Governor (Economic Policy) of the Central Bank of Nigeria (CBN) while Yuguda is the Director of Reserves Management at the apex bank.

AFC President and Chief Executive Officer, Andrew Alli thanked the out-going Chairman,Ogunlesi and Dikko for their service.

According to him,"Ogunlesi has served with distinction for 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."

"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."

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 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."

Alade, on her part, said: "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 $1.1 billion, to be a catalyst for private sector infrastructure investment across Africa.

The corporation 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.

Over the last six years, AFC has financed investments of approximately $1.9 billion across the continent, with a current portfolio of 26 projects.

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Source: AllAfrica

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