Elumelu Retires as AFC Non-executive Director

The Africa Finance Corporation (AFC) has announced that Mr. Tony Elumelu, a non-executive director of the corporation has decided to retire from its board, after nine years of “meritorious service.”

Elumelu, according to a statement yesterday, was a founding director and the first chairman of the corporation’s risk and investment committee, which he chaired for nine years.

Elumelu, Chairman of Heirs Holdings, represented United Bank for Africa Plc (UBA) on the board. He is succeeded by Mr. Victor Osadolor, who is the Deputy Managing Director of UBA.

Commenting on this development, the Chairman of AFC, Dr. Sarah Alade said: “I am grateful for the notable contribution Mr. Elumelu has made throughout the nine years he has served on the Board of AFC. I would like to thank him for his expertise and judgement, and for pioneering and chairing the Board Risk Investment Committee. Elumelu’s contribution has helped AFC to build our portfolio of investments that are supporting African economies to grow and diversify.”

AFC has a diverse funding base, with a range of funding from sources across different markets. Last year the corporation issued its debut Swiss Franc denominated long three-year bond, raising CHF 100 million, and accepted a US$150 million 15 year loan facility from KfW Development Bank. In 2015 AFC’s inaugural 144A/Reg S, US$750 million 5-year international bondwas more than six times oversubscribed at over US$4.7 billion, attracting institutional investors from across Asia, Europe, Middle East and the United States.

The corporation will celebrate its 10th anniversary in 2017 at the AFC Live Summit this year, 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.