Africa Finance Corporation (AFC), a leading provider of infrastructure solutions in Africa, has appointed Banji Fehintola as its new Executive Director of Financial Services, effective August 1. Banji will leverage his extensive financial expertise and leadership skills to drive AFC's strategic initiatives, fortify its economic standing, and propel its growth trajectory.
Banji takes over from Sanjeev Gupta, who will conclude his nine-year tenure with AFC in October. Under Sanjeev's leadership, the Financial Services division achieved significant milestones, including a fivefold increase in borrowings from US$1.6 billion to over US$8 billion, and a growth in treasury assets from US$1.47 billion to US$5.29 billion. Additionally, Sanjeev spearheaded raising approximately US$1 billion in new equity capital, diversified AFC’s shareholder base, and expanded the Corporation's country membership from 13 to 43 nations, firmly establishing AFC as a pan-African powerhouse.
With over two decades of extensive experience in global markets, financial services and infrastructure finance across Africa, Banji brings a wealth of expertise to his new role at AFC. He joined the Corporation in 2008 and rose to become AFC’s pioneer Treasurer. His leadership of the funding team was instrumental in securing the Corporation’s investment-grade credit rating and raising over US$ 12 billion in funding for AFC through diverse funding sources. Banji's strategic vision, innovation and financial acumen propelled AFC’s Treasury team to global recognition, winning awards such as "Best Supranational Treasury & Funding Team of the Year" as well as recognition for several landmark transactions.
In his new position as Executive Director, Financial Services, Banji will oversee several functions including Treasury & Financial Institutions, Financial Advisory, Syndications, and the newly created Capital Mobilization & Partnerships. His appointment will play a pivotal role in strengthening AFC’s unwavering commitment to unlock pragmatic solutions for infrastructure projects that enhance local value capture and spur industrialisation.
Samaila Zubairu, President and CEO of AFC, 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."
Sanjeev commented: "It has been an absolute privilege to serve at Africa Finance Corporation for the past nine years. Our accomplishments together have been most satisfying for me and I am confident that with the appointment of Banji Fehintola, AFC is well-positioned for continued success. I wish Banji the best as he takes on this role and contributes his expertise to furthering AFC's mission in Africa."
Banji has had a distinguished career in the finance industry, having held leadership roles at leading multinational financial institutions. Prior to joining AFC, he worked at Citibank Nigeria within the Fixed Income, Currencies and Commodities team, and at former Arthur Andersen in the Tax and Business Advisory Division. Banji is an alumnus of Harvard Business School, and he has a first-class degree in Economics and Master’s degrees in International Finance and International Business. He is also a Chartered Accountant and a CFA Charter holder and sits on the Boards of several companies including the Board of Governors of the CFA Institute.
"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 personal purpose and passion,“ Banji said. “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."
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