The Executive Director and General Counsel of the Africa Finance Corporation (AFC), Dr. Adesegun Akin-Olugbade has stepped down from his role as the Executive Director and General Counsel of the Corporation.
Following Akin-Olugbade’s departure, Nana Eshun has been appointed as the General Counsel of the corporation.
In a statement made available to newsmen, the Corporation made known that Akin-Olugbade’s contractual term would end on December 31, 2018.
Akin-Olugbade had spent 11 years at the AFC, as Pioneer General Counsel and Corporate Secretary; Executive Director, Corporate Services and General Counsel; and Executive Director, Chief Operating Officer and General Counsel.
The statement has it that Akin-Olugbade played a key role in the corporation’s adoption of strong corporate governance principles, systems and structures; expansion of its country membership; contribution to the growth of the balance sheet from $1.1 billion to $4.3 billion and the attainment of an investment grade credit rating.
“Akin-Olugabde has served for over 30 years in the legal profession and financial services sector, having worked at both the technical and management levels, in the public and private sector, for leading commercial law firms, development banks and international financial institutions.
“He was previously general counsel and director at the African Development Bank and the First Chief Legal Officer and Head of the Legal Services Department of the African Export-Import Bank.” The statement read in part.
The Chief Executive Officer, AFC, Samaila Zubairu, thanked Akin-Olugbade for the key role he played in the evolution and growth of the corporation to a leading multilateral financial institution on the continent.
The Africa Finance Corporation is a pan-African multilateral development finance institution established in 2007 to bridge Africa’s infrastructure investment gap through the provision of debt and equity finance, project development, technical and financial advisory services.
AFC is majority-owned by private investors, the bulk of which are African financial institutions, which own 47.6% of the corporation. A further 42.5% is owned by the Central Bank of Nigeria (CBN).