Africa Finance Corporation (AFC) is positioning itself to play a bigger role in East and Central Africa’s economic transformation after appointing Fola Fagbule to lead its new regional office in Nairobi. The move comes as the development finance institution steps up efforts to mobilise long-term investment into infrastructure and industrial projects that are expected to drive growth across the region.
The Nairobi office will serve as a key platform for identifying investment opportunities, strengthening partnerships and supporting the development of infrastructure, industrialisation, energy security, digital connectivity, regional integration and long-term capital mobilisation across the region.
AFC President and Chief Executive Officer Samaila Zubairu said the region presents “some of the continent’s most compelling opportunities for economic transformation through infrastructure development, industrialisation, and domestic capital mobilisation.” He added that the appointment reflects both the region’s growing strategic importance to AFC and the corporation’s commitment to developing leaders from within.
“Fola’s experience, judgment and deep understanding of AFC and Africa’s investment landscape make him exceptionally well positioned to lead our regional platform and expand our engagement across the region,” Zubairu said.
Driving investment and regional growth
In his new role, Fagbule will lead AFC’s activities across East and Central Africa by developing investment opportunities, strengthening partnerships and expanding relationships with governments, development finance institutions, institutional investors, financial institutions and corporate clients.
He will also oversee efforts to grow AFC’s investment pipeline, accelerate project development and mobilise long-term capital for strategic infrastructure and industrial projects.
The appointment comes as AFC continues to expand its footprint in the region following its equity investment in Dhamana Guarantee Company, its strategic role in supporting the expansion of the Dangote Group’s fertiliser and refining operations in East Africa, and its backing of the proposed expansion of Jomo Kenyatta International Airport.
Fagbule joined AFC as an Associate in 2009 and has played a major role in the organisation’s growth over the past 17 years. Since 2017, he has led AFC’s financial advisory business, originating, structuring and executing transactions worth more than US$12 billion across infrastructure, industrial and natural resource projects.
His experience spans power, transport, telecommunications, oil and gas, mining, heavy industry, technology and financial services. He has also advised governments, sovereign wealth funds, pension funds, development finance institutions and corporate clients on complex investment transactions.
Experienced leadership for a growing region
Before joining AFC, Fagbule worked in investment research and corporate finance. He holds a Bachelor of Science in Physics, a Master of Business Administration and has completed executive education programmes at Harvard Business School and Stanford University. He is also co-author of Formation: The Making of Nigeria from Jihad to Amalgamation, published in 2020.
Speaking on his appointment, Fagbule said he was honoured to take on the leadership role as AFC expands its presence in the region.
“It is a great privilege to be given this responsibility at such an important moment for AFC and the region,” he said.
He described East and Central Africa as offering “some of the most exciting opportunities for transformational impact” across AFC’s priority sectors and said he looked forward to “build on our strong foundations in the region… to accomplish meaningful projects, unlock major investments and deliver lasting economic impact for Africa.”
Established in 2007, AFC focuses on infrastructure and industrial investments across Africa through project development, financial and technical advisory, project structuring and risk capital. The corporation has grown to include 48 member countries and has invested more than US$19 billion in 36 African countries, supporting projects across energy, transport, telecommunications, heavy industry and natural resources.
