Africa Finance Corporation (AFC) has announced that Sarah Alade has stepped down from her position as Chairman of the AFC Board of Directors, effective immediately.

Andrew Alli, President and CEO of AFC, said: "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 $4bn has now been invested in projects across 28 African countries, helping to drive economic and social development. 

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 $3.4bn, 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.”

Alade will be succeeded by Joseph Nnanna, Deputy Governor at the Central Bank of Nigeria. 

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.

“We welcome Dr Nnanna to his new role and look forward to working with him to continue this success in the future,” said Alli.