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Africa Finance Corporation suspends president

The development-focussed bank, which makes private equity style investments, has appointed a temporary replacement while it looks to a successor.

Africa Finance Corporation, a development bank, has indefinitely suspended its president and chief executive, Austine Ometoruwa

Following strong criticism of his leadership the board took the unanimous decision in an emergency meeting in Lagos yesterday.

The board has named Solomon Asamoah as acting president and chief executive until further notice. Asamoah was executive director and executive vice president of the AFC.

AFC is a hybrid investment bank and development finance institution created to help mobilise and channel capital to drive African development.

Established in 2007, it focuses on infrastructure in Africa, in particular, power, transport infrastructure, heavy industries, oil and gas, mining, and telecommunications.