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Tony Elumelu Retires as Non-Executive Director of AFC

Lagos, 8 February 2017: Africa Finance Corporation (AFC), a leading pan-African multilateral development finance institution and project developer, announces that Mr Tony Elumelu, non-executive director, has decided to retire from the AFC Board,  after 9 years of meritorious service.   He was a founding director and the first Chairman of the Corporation’s Risk and Investment Committee, which he chaired for 9 years. 
Mr Elumelu, Chairman of Heirs Holdings, represented United Bank for Africa Plc (UBA). He is succeeded by Mr Victor Osadolor, Deputy Managing Director of UBA. 
 
Dr Sarah Alade, Chairman of AFC, said “I am grateful for the notable contribution Mr Elumelu has made throughout the nine years he has served on the Board of AFC. I would like to thank him for his expertise and judgement, and for pioneering and chairing the Board Risk Investment Committee.    Mr Elumelu’s contribution has helped AFC to build our portfolio of investments that are supporting African economies to grow and diversify.”

 About AFC - www.africafc.org  
 
AFC is a dynamic, international investment grade multilateral finance institution whose mission it is to help bridge Africa’s significant infrastructure gap whilst delivering competitive financial returns, robust economic growth and positive social impact. 
 
Established in 2007 to be the catalyst for private sector infrastructure investment across Africa, AFC is now the second highest investment grade rated multilateral financial institution in Africa with an A3/P2 (Stable outlook) rating from Moody’s Investors Service. A successful borrowing programme has raised more than US$3.5 billion for AFC’s activities, including the Corporation’s debut US$750 million Eurobond issue which was over 6 times oversubscribed. In terms of impact, AFC has invested more than US$ 4 billion in projects across 26 African countries to date. 
 
AFC’s investment approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development and risk capital tailored to addressing Africa’s unique infrastructure development needs in the core sectors of power, natural resources, heavy industry, transport, and telecommunications. 

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