AFC appoints Banji Fehintola as Executive Director

Onwubuke Melvin
Onwubuke Melvin

The Africa Finance Corporation has selected Banji Fehintola as its new Executive Director of Financial Services, beginning August 1.

According to the Corporation, Banji offers considerable financial expertise and leadership experience to AFC’s strategic objectives, which aim to strengthen the Corporation’s financial condition and accelerate its growth trajectory.

Fehintola, who joined the Corporation in 2008 and ascended through the ranks to become AFC’s first Treasurer, was stated to have played a key role in achieving the Corporation’s investment-grade credit rating and raising more than $12 billion in finance for AFC from a variety of sources.

The Corporation added that Fehintola, who has over two decades of experience in global markets, financial services, and infrastructure finance across Africa, brings a lot of knowledge to his new post at AFC.

AFC said that Fehintola will supervise many activities in his new role as Executive Director of Financial Services, including Treasury and Financial Institutions, Financial Advisory, Syndications, and the newly formed Capital Mobilization and Partnerships.

The Corporations noted his appointment will play a critical role in enhancing AFC’s steadfast commitment to unlocking realistic solutions for infrastructure projects that boost local value capture and industrialization.

AFC announced that Fehintola will succeed Sanjeev Gupta, who will complete his final term with the Corporation in October of this year after nine years of great service.

According to the Corporation, under Sanjeev’s leadership, AFC’s Financial Services division established strong Financial Advisory and Debt Syndication teams to provide market structuring and distribution solutions, achieving numerous successful milestones for both 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.

In his remark on the appointment, the 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.”

Meanwhile, Fehintola on his new role 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 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.”

AFC was founded in 2007 to serving as a catalyst for realistic infrastructure and industrial investments throughout Africa. It was founded to solve Africa’s infrastructure requirements and concerns.

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