…As Chair, Zubairu will drive collaborative growth by strengthening partnerships among member institutions, African governments, and global agencies to build a robust financial architecture
MON FEB 24 2025-theGBJournal| The Alliance of African Multilateral Financial Institutions (AAMFI), also known as the Africa Club, has announced the appointment of President and CEO of the Africa Finance Corporation (AFC), Samaila Zubairu, as its new Chairperson.
Mr. Zubairu succeeds AAMFI’s founding Chair, Prof. Benedict Oramah, President and Chairman of the Board of Directors of African Export-Import Bank (Afreximbank).
His appointment was confirmed at the fifth meeting of the AAMFI Governing Council on 16th February 2025, on the sidelines of the 38th African Union Summit in Addis Ababa.
Additionally, Dr Corneille Karekezi, Group Managing Director and CEO Africa Re Corporation (Africa Re) and Mr Manuel Moses, Chief Executive Officer of the African Trade & Investment Development Insurance (ATIDI), were appointed as the first and second Vice Chairpersons of the AAMFI Governing Council, respectively.
Established in 2024, AAMFI brings together Africa’s leading multilateral financial institutions to promote sustainable economic growth and financial self-reliance for the continent. The Alliance plays a critical role in strengthening intra-African collaboration, mobilising capital for development, and advocating for Africa’s economic interests on the global stage.
Under Prof. Oramah’s leadership, AAMFI made significant strides, including its successful launch by African Heads of State in February 2024, the adoption of its governing Charter, the admission of 3 new members: Fund for Export Development in Africa (FEDA), African Solidarity Fund (ASF), and East African Development Bank (EADB), increasing its membership from seven founding members to a total of ten members.
Prof. Oramah’s leadership also saw the endorsement and recognition of AAMFI by key African Union organs and stakeholders, as well as successful elevation of the profile of the Alliance highlighting its key role in shaping discussions around African multilateral and development finance.
“I want to thank the leadership of AAMFI for entrusting me with this mandate. Looking back at what we have achieved, I am reminded of the immense potential and responsibility that lies ahead.
AAMFI has laid a strong foundation for Africa’s financial sovereignty, but there is still much more to be done. I am confident that under the leadership of Mr. Samaila Zubairu, the Africa will continue to drive impactful collaborations and innovative financial solutions to accelerate Africa’s economic transformation,” said Prof. Oramah, in his statement during the handover ceremony. “
As Chair, Zubairu will drive collaborative growth by strengthening partnerships among member institutions, African governments, and global agencies to build a robust financial architecture.
His agenda prioritizes youth empowerment through industrialization, financial literacy, and pension reforms, strategic investments in infrastructure, and developing capital markets to enhance liquidity and intra-African investment.
He will also advocate for cross-border capital mobilization and early warning systems to prevent financial vulnerabilities, ensuring Africa’s economic resilience and long-term prosperity.
While accepting the Chairmanship of the AAMFI for 2025, Mr Zubairu said: I am deeply honored to assume the chairmanship of AAMFI at this pivotal moment for Africa’s economic transformation.
Our collective mission is clear—to build a robust financial architecture that captures and retains value within the continent, mobilizes African capital for African priorities, and accelerate the infrastructure development that enables industrialization.
By fostering deeper intra-African collaboration, and strengthening our institutions, we will unlock opportunities that create high-quality jobs, drive innovation, and secure our long-term economic resilience. I look forward to working with my esteemed colleagues to chart a path toward true financial sovereignty and sustainable prosperity for Africa.”
Mr. Zubairu’s leadership of AFC since 2018 has been pivotal to mobilising capital for infrastructure, industrialization and trade across Africa. AFC leads some of the continent’s most significant infrastructure projects, including the Lobito Corridor, Africa’s largest rail project, and transformative renewable energy initiatives such as the Lekela Power and Red Sea Power wind generation projects, and Xlinks, which is set to export electricity from the Sahara to Europe.
Under his stewardship, AFC has doubled assets invested to $15 billion, and expanded membership from 18 countries to 44, representing 80% of African nations.
Members commended Prof. Oramah on his successful leadership and tenure and pledged their commitment and support towards a successful year for Mr Zubairu as the new Chairperson of AAMFI.
AAMFI members include AFC, Afreximbank, Trade and Development Bank Group (TDB Group), African Reinsurance Corporation (Africa Re), African Trade and Investment Development Insurance (ATIDI), Shelter Afrique Development Bank (SHAFDB), ZEP-RE (PTA Reinsurance Company), East African Development Bank (EADB), African Solidarity Fund (ASF), and the Fund for Export Development in Africa (FEDA).
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