Africa Finance Corporation (AFC) appoints Dr. Joseph Nnanna as Chairman, net income tops $109M up 51%

Africa Finance Corporation (AFC) appoints Dr. Joseph Nnanna as Chairman, net income tops $109M up 51%

Africa Finance Corporation (AFC), a leading pan-African multilateral development finance institution and project developer, announces that Dr Sarah Alade, its Chairman, representing the Central Bank of Nigeria, from which she officially retired on 22 March, 2017, has also stepped down from her position as Chairman of the AFC Board of Directors with effect from today.

Dr Alade will be succeeded by Dr Joseph Nnanna, Deputy Governor at the Central Bank of Nigeria. Dr Nnanna has over three decades experience as an economist and banker. He has served as a consultant to the government of Nigeria, the United Nations Conference on Trade and Development, and, on the Board of the International Monetary Fund.

Dr Sarah Alade, said: “It has been a privilege to serve as Chairman of such a dynamic and fast-growing organisation.

“I have had the pleasure of overseeing some of the company’s milestones, including the Company’s inaugural Eurobond, Swiss Franc (CHF) and Sukuk issuances, expansion of country membership from 9 to 14, expansion of the Corporation’s operational footprint to 28 countries, growth in the balance sheet to US$3.4 billion, and, the creation of the African Power Platform vehicle with Harith General Partners of South Africa. I have no doubt that the Corporation will continue to flourish under my successor and wish both him and AFC the best in the future.”

Andrew Alli, President and Chief Executive of AFC, paid tribute to Dr Alade: “We are all very grateful for the notable contribution that Dr Alade has made to AFC during her time as Chairman of the Board.

“Over the course of her tenure the Corporation has expanded rapidly, and approximately US$ 4billion has now been invested in projects across 28 African countries, helping to drive economic and social development. We welcome Dr Nnanna to his new role and look forward to working with him to continue this success in the future.”

AFC will celebrate its 10th anniversary 15th – 16th May 2017 at the AFC Live Summit, 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.

Financial Results

Meanwhile AFC has announced its 2016 fiscal year results.

Robust financial performance
* US$115.3 million in Total Comprehensive Income, up 64% year-on-year
* US$109.4 million in Net Profit, up 51% year-on-year
* US$3.4 billion in Total Assets, up 13% year-on-year
* US1.4 billion in Total Equity, up 6% year-on-year
* US$192.8 million in Interest Income, up 21% year-on-year
* US$21.9 million in Fees, Commissions and other Income, up 121% year-on-year

Continued strong operational performance
* Key milestones achieved:

o US$688 million of new investments
o Growth in the balance sheet to US$3.4 billion
o Expansion of the Corporations’ operational footprint to 28 countries and 14 country members with expansion to the Horn of Africa (Djibouti).
o Creation of the African Power Platform Vehicle with Harith General Partners
o Closing of the first bauxite mining transaction (Alufer in Guinea)
o Issuance of debut unsecured Swiss Franc denominated bond, raising CHF 100 million
* Prioritised investing in projects in sectors crucial for stimulating strong economic growth
o Invested in the Gabon Special Economic Zone, (GSEZ), a joint venture between Olam and the Republic of Gabon, with a diversified portfolio of strategic infrastructure assets being developed, constructed and operated across various sectors including transport, in Gabon. This AFC investment in a single transport platform vehicle, facilitated the simultaneous development of several projects.
o Financed Hakan, a peat to power plant, which will increase Rwanda’s installed capacity by 40% when it comes online.

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