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Nigeria central bank deputy governor named AFC chair

Joseph Nnanna replaces Sarah Alade, who retired from her role as central bank governor a week ago.

The Africa Finance Corporation has appointed Joseph Nnanna as chairman of its board, taking effect today.

Currently deputy governor of Nigeria’s central bank, Nnanna will take over the position from Sarah Alade, who was also his boss at the monetary authority before she stepped down from her role as governor last week.

Nnanna has served most of his career as an economist and banker, working as a consultant to the government of Nigeria and the United Nations Conference on Trade and Development as well as sitting on the Board of the International Monetary Fund.

Upon departing, Alade received an accolade from Andrew Alli, the institution’s president and chief executive.

“Over the course of her tenure the Corporation has expanded rapidly, and approximately $4 billion has now been invested in projects across 28 African countries, helping to drive economic and social development.”

In recent years, she oversaw the AFC’s inaugural Eurobond, Swiss Franc and Sukuk issuances as well as the launch of the African Power Platform vehicle alongside South Africa’s Harith General Partners.

The energy platform was created in June 2016 through the pooling of both investors’ power assets, allowing for the existence of a single $3.3 billion entity with 1,575MW in generation capacity.

The two partners are hoping to grow the company’s portfolio to 5-6GW over the next decade, Alli told Infrastructure Investor last November.