By VICTOR NZE
International investment grade multilateral finance institution and project developer, the Africa Finance Corporation (AFC), Tuesday, announced the appointment of the Deputy Governor of Central Bank of Nigeria (CBN), Dr Joseph Nnanna, as its new chairman.
Nnanna succeeds another Nigerian, Dr Sarah Alade, who while representing the CBN, from which she officially retired March 22, this year, had stepped down from her position as Chairman of the AFC Board of Directors with effect from Wednesday.
Nnanna has over three decades experience as an economist and banker. He has served as a consultant to the government of Nigeria, the United Nations Conference on Trade and Development, and, on the Board of the International Monetary Fund.
“It has been a privilege to serve as Chairman of such a dynamic and fast-growing organisation.
“I have had the pleasure of overseeing some of the company’s milestones, including the Company’s inaugural Eurobond, Swiss Franc (CHF) and Sukuk issuances, expansion of country membership from 9 to 14, expansion of the Corporation’s operational footprint to 28 countries, growth in the balance sheet to US$3.4 billion, and, the creation of the African Power Platform vehicle with Harith General Partners of South Africa. I have no doubt that the Corporation will continue to flourish under my successor and wish both him and AFC the best in the future,” remarked outgone chairman, Alade.
Also, President and Chief Executive of AFC, Andrew Alli, paid tribute to Dr Alade, remarked: “We are all very grateful for the notable contribution that Dr Alade has made to AFC during her time as Chairman of the Board.
“Over the course of her tenure the Corporation has expanded rapidly, and approximately US$ 4billion has now been invested in projects across 28 African countries, helping to drive economic and social development. We welcome Dr Nnanna to his new role and look forward to working with him to continue this success in the future.”
AFC will celebrate its 10th anniversary 15th – 16th May 2017 at the AFC Live Summit, which will bring together many of the top international players in African infrastructure investment for high level discussions on the industry’s many challenges, and potential solutions.
Established in 2007 to be the catalyst for private sector infrastructure investment across Africa, AFC is now one of the highest investment grade rated multilateral financial institutions in Africa with an A3/P2 (Stable outlook) rating from Moody’s Investors Service.