Africa Finance Corporation (AFC), has appointed Banji Fehintola as its new Executive Director of Financial Services, effective August 1.
According to a statement from the Corporation, Banji brings extensive financial expertise and leadership experience to drive AFC’s strategic initiatives to further strengthen its financial position and enhance the Corporation’s growth trajectory.
Fehintola, who joined the Corporation in 2008 and rose through the ranks to become AFC’s pioneer Treasurer, was said to have been instrumental in securing the Corporation’s investment-grade credit rating and raising over US$ 12 billion in funding for AFC through diverse funding sources.
His new role
The Corporation noted that with over two decades of extensive experience in global markets, financial services, and infrastructure finance across Africa, Fehintola brought a wealth of expertise to his new role at AFC.
In his new position as Executive Director of Financial Services, AFC said Fehintola would oversee several functions including Treasury and Financial Institutions, Financial Advisory, Syndications, and the newly created Capital Mobilization and Partnerships.
The Corporations said his appointment would play a pivotal role in strengthening AFC’s unwavering commitment to unlock pragmatic solutions for infrastructure projects that enhance local value capture and spur industrialization.
The predecessor
AFC said Fehintola will be taking over from Sanjeev Gupta, who completes the final term of his appointment with the Corporation in October of this year, following nine years of exceptional service to the Corporation.
According to the Corporation, during Sanjeev’s leadership, AFC’s Financial Services division developed robust Financial Advisory and Debt Syndication teams to provide structuring and distribution solutions for the market, achieving numerous successful milestones for their clients and the Corporation.
“These include a fivefold expansion in borrowings from US$1.6 billion to over US$8 billion, remarkable growth of treasury assets from US$1.47 billion to US$ 5.29 billion, raising new equity capital of approximately US$ 1 billion, diversifying its shareholder base and a significant increase of AFC’s country membership from 13 to 43 member countries; successfully solidifying AFC’s position in the market as a truly pan-African institution,” the AFC stated.
What they are saying
Commenting on the appointment, President and CEO of AFC, Samaila Zubairu, said:
“We are immensely grateful for Sanjeev’s nine years of dedicated service to AFC and his significant contributions to supporting the Corporation’s growth and impact on the African continent and beyond.
“In the same vein, we are thrilled to welcome Banji as our new Executive Director, Financial Services. His deep understanding of the global financial landscape, coupled with his strong track record and institutional history with AFC make him a valuable addition to our Board and executive team, and we look forward to leveraging his capabilities to build on our success.”
On his part, the newly appointed Executive Director, Fehintola, said:
“I am very honoured to take on this new role at AFC, an institution that is very dear to my heart and at which I have spent the largest part of my career. By playing a critical role in shaping the future of Africa’s infrastructure landscape, AFC’s mission connects directly with my personal purpose and passion.”
“I look forward to building on the strong foundation that Sanjeev has laid and working with the executive management team and the Board to accelerate development impact for Africa.”
What you should know
AFC was established in 2007 to be the catalyst for pragmatic infrastructure and industrial investments across Africa. It was established to help address Africa’s infrastructure needs and challenges.
The Corporation has 43 member countries including Nigeria, which is the host country. AFC said it has invested US$13 billion in projects across 36 African countries since inception.