Changes to the AFC Board

Lagos, 30th July, 2014. The Board of the Africa Finance Corporation (AFC) today 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 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.

About the AFC:

AFC is an African-led multilateral development financial institution, established in 2007, with a mission to improve African economies by proactively developing and financing infrastructure, industrial and financial assets.

AFC is involved as an investor, developer and financier of various infrastructure projects, and is gaining recognition as the benchmark institution for financing the development of infrastructure projects in Africa.

AFC’s current authorized share capital is USD2.0 billion with shareholders’ funds of USD1.24 billion and a 2013 funding programme of USD700 million.

AFC is the second highest investment grade-rated multilateral financial institution on the African continent, with an A3 (long term) /P2 (short term) foreign currency debt rating by Moody’s Investors Service.

AFC’s projects:

AFC is the lead investor in the award winning Cabeolica project, a USD90 million, 26MW landmark renewable energy wind power project in Cape Verde.

AFC is the Technical Adviser to the Central Bank of Nigeria (CBN) on the CBN’s USD2.0 billion Power and Aviation Intervention Fund (PAIF).

AFC is a partner with Vigeo Holdings Limited and Tata Power Delhi Distribution Limited for the acquisition of power distribution assets, and a lead financier in the acquisitions of the Kainji and Ughelli power generation plants in the current Nigerian Government power sector privatisation round.

Additionally in Nigeria, AFC made investments to support marginal field operators in the up and mid-stream oil and gas sector companies such as Neconde, FHN and Seven Energy.

AFC is also the lead investor in Cenpower Generation Company Limited (Cenpower), which is implementing the Kpone IPP project – a 340 megawatt combined cycle gas turbine power plant in Tema, Ghana.

AFC is the lead investor in the Main One fibre optic cable project, enhancing West Africa’s connection to Europe and the rest of the world through faster and more technologically advanced broadband capacity.

AFC provided a USD50 million convertible debt investment in ARM Cement Limited (ARM), the second largest cement operator in Kenya to support expansion initiatives across Eastern and Southern Africa including; development and construction of a lime plant in Tanzania and expansion of ARM’s cement capacity in Kenya. The transaction marked AFC’s first bilateral investment in Kenya.

AFC provided financing for Ethiopian airlines fleet expansion in the acquisition of Africa’s first Boeing 777 airline.

AFC also invested in the Bakwena toll road project in South Africa, and in the EURO 270 million Konan Bedie Toll Bridge in Côte d’Ivoire; the signature Transport PPP project in Francophone Africa, underscoring its interest in investing in PPPs/PFIs in its focal sectors across the African continent.

AFC launched a landmark USD15 million project development facility with the Dutch Development Bank FMO in January 2013, to fund early-stage equity investments in projects under development pre-financial close, in the infrastructure sector across sub-Saharan Africa.

The AFC has established partnerships with national, regional and international organizations and with sponsors that are active in the infrastructure space in Africa.


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