Lagos, 29 June 2018: Africa Finance Corporation (“AFC” or “the Corporation”), the leading infrastructure development finance institution in Africa, has announced the appointment of Samaila D. Zubairu as the Corporation’s 3rd President & Chief Executive Officer, succeeding Andrew Alli who comes to the end of his tenor, having successfully served in the position since 2008.
Samaila Zubairu is a distinguished Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an accomplished Infrastructure development finance specialist with over 29 years of professional experience. He is the CEO of Africapital Management Limited, in which position he established a joint venture with Old Mutual’s African Infrastructure Investment Managers (AIIM) to develop the Nigerian Infrastructure Investment Fund1(NIIF1) for infrastructure private equity across West Africa. He also recently coordinated the US$300 million acquisition of Eko Electricity Distribution Plc.
He was the pioneer CFO for Dangote Cement Plc, during which he launched Africa’s largest syndicated project finance facility for a local corporate to actualize the Obajana Cement project and managed the watershed unbundling of Dangote Industries Limited to listed subsidiaries on the Nigerian Stock Exchange. He has led finance transactions for over US$ 3 billion covering: green-field project finance facilities, acquisitions, corporate transformation initiatives, privatization and equity capital market transactions.
Samaila is an Eisenhower Fellow and sits on the Eisenhower Fellowship’s Global Network Council as well as the President’s Advisory Council. He is also an Advisory Board member for KSE Africa a leading Operations and Management provider of captive power plants in the mining sector of Botswana and Nigeria and is the Chairman of MDSA Nigeria Limited, a fintech company providing micro loans across sub-Saharan Africa. Samaila is the Independent Director and Chairman Statutory Audit Committee as well as a member of Finance and General-Purpose and Establishment and Governance Committees of Aiico Insurance Plc. He also serves as an Independent Director and Chairman of the Finance Committee for New Nigeria Commodity Marketing Company.
The appointment of Mr. Zubairu follows a six-month search process that saw over 100 candidates apply for the role. Mr. Zubairu will formally take the post imminently.
Dr. Okwu J. Nnanna, Chairman of AFC said: “On behalf of the Corporation, I am delighted to welcome Samaila Zubairu to AFC. In Samaila, we have identified an individual with the exceptional qualities across deal origination, execution, and capital raising that will continue to facilitate AFC’s ability to deliver transformational change through infrastructure investment as it moves into a new era.
“His track record of operational excellence will be of huge benefit to AFC and all its
stakeholders as we build on a decade that has seen AFC become a market leader in
Africa’s infrastructure space, positively impacting millions of lives every day. I would
like to thank Andrew Alli, who over the last decade has turned AFC from a start-up
into the world class institution that it is today. His departure is truly our loss, and I am
confident in saying I speak for all stakeholders to AFC in wishing Andrew the very best
in his future endeavours.”
Mr. Samaila Zubairu, AFC’s incoming President & CEO commented on the
announcement: “Africa Finance Corporation is one of the most dynamic
organisations on the continent. In the last decade, we have seen the organisation
grow its balance sheet by a remarkable 400%, produce competitive returns, whilst
transforming African economies through innovative infrastructure development and
financing. I am therefore immensely humbled by the distinct honour of this
appointment to lead such a distinguished organisation”.
“As the incoming President & CEO, I am confident of AFC’s market position as being
best placed to surmount Africa’s multi-sectoral infrastructure challenges, and no
doubt this success has been achieved in no small part, because of AFC’s outgoing
President & CEO, Mr. Andrew Alli and his team of exceptional professionals. I therefore
look forward to joining AFC’s highly reputable team, and together, enhancing AFC’s
position as an extremely capable project partner, able to deliver sustainable
development projects across the Continent.”
Mr. Andrew Alli, AFC’s outgoing President & CEO also commented on the
announcement: “Serving at the helm of AFC has been the highest privilege of my
career. However, having served my tenor, I am leaving assured that in Samaila
Zubairu, the Corporation will gain a truly confident self-starter and an industry heavyweight
ideally suited to lead AFC into the next chapter of its growth story. I wish him,
and the AFC family, all the success for the future.
“As I depart, I am proud to look back on all the things we have been able to achieve
across the width and breadth of the Continent, none of which would have been
possible without the incredible colleagues I have been honoured to work with, the
shareholders who gave me the opportunity to serve and the Board, which has given
me support and direction. I shall remain forever grateful to all of them.”
Notes to Editors
About AFC – www.africafc.org
Under its constitution, AFC’s President & CEOs can serve no more than two 5-year
terms of office [10 years maximum]. Having successfully served his two terms, Mr.
Andrew Alli is will step down imminently following a short handover to his successor,
Mr. Samaila Zubairu.
AFC, an investment grade multilateral finance institution, was established in 2007 with
an equity capital base of US$1 billion, to be the catalyst for private sector-led
infrastructure investment across Africa. With a current balance sheet size of
approximately US$4.2 billion, AFC is the second highest investment grade rated
multilateral financial institution in Africa with an A3/P2 (Stable outlook) rating from
Moody’s Investors Service. AFC successfully raised US$750 million in 2015 and US$500
million in 2017; out of its Board-approved US$3 Billion Global Medium Term Note (MTN)
Programme. Both Eurobond issues were oversubscribed and attracted investors from
Asia, Europe and the USA.
AFC’s investment approach combines specialist industry expertise with a focus on
financial and technical advisory, project structuring, project development and risk
capital to address Africa’s infrastructure development needs and drive sustainable
economic growth. AFC invests in high quality infrastructure assets that provide
essential services in the core infrastructure sectors of power, natural resources, heavy
industry, transport, and telecommunications. To date, the Corporation has invested
approximately US$4 billion in projects within 28 countries across North, East, West and
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