Emeka Emuwa, ex-Union Bank CEO, appointed board chairman of AFC

Africa Finance Corporation (AFC) has appointed Emeka Emuwa, a Nigerian banker, as the new chairman of its board.

The corporation announced the appointment in a statement on Wednesday.

According to the statement, Emuwa’s extensive experience and unwavering dedication to the advancement of Africa make him a valuable asset to AFC at a time when the corporation is rapidly expanding its operations across the continent and building partnerships through international collaborations.

The AFC said the Nigerian brings a wealth of 30 years of experience, leading and transforming banking institutions across Africa.

Before joining the AFC, Emuwa had a stint with Citibank, where he worked for 25 years and rose to the position of country officer and managing director.

He also served as the group managing director and chief executive officer (CEO) of Union Bank of Nigeria (UBN), one of the largest commercial banks in the West African nation, the firm said.

“Emuwa played a pivotal role in turning around Union Bank of Nigeria, transforming it from a struggling institution to a strong and viable provider of financial services,” the AFC said.

The institution disclosed that Emuwa has been a part of its board since 2015, and previously served as the chairman of the board risk and investment committee, and on the board of nominations and governance committee, which is responsible for ensuring that AFC’s governance practices are consistent with best practices.

In addition, Emuwa also chairs Tangerine Financial (U.K.), a financial services group providing insurance and pensions solutions across the continent.

“This dual role gives him a unique perspective on the African financial sector and how AFC can best leverage its position to make a positive impact on the continent,” the AFC said.

“The mission of AFC to support development impact, foster industrialisation, and enhance value capture and retention across the continent through the provision of critical infrastructure, is essential for African development and prosperity.”

‘UNDER EMUWA, AFC WILL MAKE SIGNIFICANT STRIDES IN AFRICA’

Speaking on the appointment, Samaila Zubairu, president and CEO of AFC, said Emuwa’s considerable experience, insightful perspectives, and immense dedication to Africa’s development seamlessly align with its mission.

“We are confident that under his continued guidance, AFC will continue to make significant strides in transforming the continent. He brings a deep understanding of Africa’s financial landscape within a global context, and has a clear vision for enabling AFC to further amplify its impact,” he said.

On his part, Emuwa highlighted the AFC’s role as a key driver of economic growth and infrastructure development in Africa.

He expressed his enthusiasm for the work that the corporation has done so far and his commitment to working with the board, management, and all stakeholders to further its mission.

“I am deeply honoured to be appointed Chairman of AFC, an institution that has, over the past 16 years, evolved into the leading infrastructure investor in Africa, delivering transformational projects across pivotal sectors of the economy,” he said.

“I look forward to continuing to work closely with the board, management, and all stakeholders to advance AFC’s mission and strengthen its role as a driving force for economic growth and infrastructure development on the African continent.”

The AFC, with its partners, is the biggest investor in renewable energy in Africa following its recent acquisition of Lekela Power, and leadership of major wind power projects including in Djibouti.

According to the statement, the corporation was appointed lead developer of the Lobito Corridor and Zambia-Lobito rail line, bringing together partners including the US government, the European Union, the African Development Bank (AfDB) and the governments of Angola, the Democratic Republic of Congo and Zambia.