Multilateral infrastructure finance institution Africa Finance Corporation (AFC) has appointed Emeka Emuwa as its chairperson to oversee and guide the AFC on its future strategy and growth aspirations.

Emuwa brings a wealth of experience spread over three decades leading and transforming banking institutions across Africa. His extensive experience and unwavering dedication to the advancement of Africa make him a valuable asset to AFC at a time when it is rapidly expanding its operations across the continent and building partnerships through international collaborations, the financier says.

“The AFC’s mission is to accelerate development impact, foster industrialisation and enhance value capture and retention across the continent through the provision of critical infrastructure, which is crucial for African development and prosperity.”

After completing a 25-year career with Citibank, most recently as the Citibank Nigeria country officer and MD, Emuwa served as the Union Bank of Nigeria Group MD and CEO. In this role, he led the bank’s transformation and worked successfully with the new shareholders to transform and restore one of Nigeria’s oldest institutions back to its rightful position as a credible and strong provider of financial services.

Emuwa has been a part of AFC’s board since 2015, previously serving as the AFC board risk and investment committee chairperson, and as a member of the AFC board nominations and governance committee.

He also serves as the UK insurance and pension company Tangerine Financial chairperson.

“Mr. Emuwa’s considerable experience, insightful perspectives and immense dedication to Africa’s development seamlessly align with our mission. We are confident that under his guidance, AFC will continue to make significant strides in transforming the continent. He brings a deep understanding of Africa’s financial landscape within a global context, and has a clear vision for enabling AFC to further amplify its impact,” says AFC president and CEO Samaila Zubairu.

“I am deeply honoured to be appointed chairman of AFC, an institution that has, over the past 16 years, evolved into the leading infrastructure investor in Africa, delivering transformational projects across pivotal sectors of the economy.

“I look forward to continuing to work closely with the board, management, and all stakeholders to advance AFC's mission and strengthen its role as a driving force for economic growth and infrastructure development on the African continent,” Emuwa says.

Meanwhile, AFC, with its partners, is the biggest investor in renewable energy in Africa, following its recent acquisition of Lekela Power and leadership of major wind power projects, including in Djibouti.

Further, the AFC's development of special economic zones through its investee company Arise is helping to diversify the economies of nine countries, and building a global manufacturing base.

AFC was also appointed lead developer of the Lobito Corridor and Zambia-Lobito Rail Line, which brings together partners including the US government, the European Union, the African Development Bank and the governments of Angola, the Democratic Republic of Congo and Zambia.

AFC has an A3 rating with ratings agency Moody’s, and has successfully raised and mobilised significant amounts of capital from global markets and investors to work alongside African domestic capital to develop the African industrial and infrastructure base, it said.