Africa Finance Corporation appoints New Chairman and announces Changes to its Board

Africa Finance Corporation (“AFC” or the “Corporation”), the leading infrastructure solutions provider in Africa, today announced the appointment of Dr. Kingsley Obiora as its new Chairman as well as the appointment of Mr. Henry Oroh, Ms. Soula Proxenos, and Mr. Batchi Baldeh Non-Executive Directors.

Appointment of Dr. Obiora as Chairman of the Board of Directors

A distinguished economist who also currently serves as Deputy Governor (Economic Policy) of the Central Bank of Nigeria, Dr Obiora brings 19 years of banking and financial services experience. He has advised three Nigerian Presidents on economic policy, as well as a Governor of the Central Bank of Nigeria (CBN).

Prior to this, he was an Alternate Executive Director in the International Monetary Fund (IMF) in Washington DC, USA. In this capacity, he was a member of the Executive Board, collectively responsible for conducting the daily operations of the IMF. He also assisted to represent the interests of 23 African Countries, including Nigeria, at the Board.

Dr. Obiora holds two doctorates, the first in Monetary & International Economics, and the second in Econometrics, from the University Ibadan, Nigeria and the George Washington University, USA respectively.

Dr. Obiora replaces Dr. Joseph Nnanna, who following three years of distinguished service to the Corporation, retires from AFC’s Board of Directors.

Additional appointments

Alongside Dr. Obiora, AFC also announces the following board appointments:

• Ms. Soula Proxenos joins the Corporation as an Independent Non-Executive Director. She was previously Managing Director of International Housing Solutions, the South African real estate fund manager focused on affordable housing. She holds several Independent Non-Executive Directorships and is an Adjunct Lecturer at John Hopkins SAIS and the Carey Business School

Ms. Proxenos was also Managing Director at the US’s Fannie Mae’s International Housing Financial Services as well as having had responsibility for transforming Old Mutual’s business prior and during South Africa’s political transformation. She brings more than 30 years of financial services experience and holds an MBA from Stellenbosch as well as a BA from Witwatersrand University.

• Mr. Batchi Baldeh joins the Corporation as Non-Executive Director representing the African Development Bank following its recent equity subscription of AFC. An investment banker, infrastructure developer and utility management specialist, Mr. Baldeh brings 33 years of experience, including his current position as Director, Power Systems Development at the African Development Bank. He is also an alumni of AFC, where he served as Director, Power Business, Investments Division, and has also advised several African governments, the World Bank Group, the European Union, and other public and private organisations.

Mr. Baldeh holds a BSc (Hons) in Electrical & Electronic Engineering from Newcastle-upon-Tyne University, UK and is a member of the Institute of Engineering & Technology, UK, as well as a fellow of the Institute of Directors, Southern Africa. He also holds MBA from Boston University, USA,

• Mr. Henry Oroh, who joined AFC as a Non-Executive Director representing Zenith Bank International Plc, where he also holds the position of Executive Director. Mr. Oroh has two decades of international banking experience, including having previously served as Managing Director & CEO of Zenith Bank Ghana, as well as having spent seven years with Citibank in Operations, Treasury and Marketing.

A chartered accountant, Mr. Oroh holds an LLB from the University of London, a bachelor’s degree in accounting from the University of Benin and is a member of the Chartered Institute of Bankers, Nigeria. He also holds MBA from the Lagos State University.

Samaila Zubairu, President & CEO of AFC, commented on the announcement: “On behalf of the AFC Board, I welcome Dr. Obiora as Chairman. His experience, having had worked with governments and multilateral finance institutions in a variety of capacities, including debt sustainability and development financing, is incredibly relevant to the Corporation as we make strides to create inclusive and sustainable growth across Africa.

“I am also equally pleased to welcome Ms. Proxenos, Mr Oroh and Mr Baldeh to our Board of Directors, they will broaden and deepen the significant experience and skills of our Non-Executive Board and will assist the Corporation with its growth strategy.

“Lastly, I would like to thank Dr. Nnanna, who not only provided strong and excellent leadership to our organisation during a period of various transitions, but also gave much needed wise counsel. I speak on behalf of the Corporation as whole in thanking him for his service.”

Dr. Obiora also commented on the announcement: “AFC has over the past decade grown to become a leading investors in Africa, delivering projects that have transformed communities and economies. As I join the organisation as Board Chairman, I look forward to leveraging my experience to this esteemed organisation in helping it expand its investment footprint across the width and breadth of Africa.”