AFC names Fola Fagbule to lead East, Central Africa expansion

Africa Finance Corporation (AFC) has appointed investment banker and infrastructure specialist Fola Fagbule to lead its regional office in Nairobi, as the pan-African development finance institution steps up efforts to expand its footprint across East and Central Africa.

The appointment places Fagbule at the centre of AFC’s investment strategy in one of Africa’s fastest-growing regions, where demand for transport, energy, digital infrastructure and industrial projects continues to rise. From Nairobi, he will oversee the Corporation’s work to develop new investment opportunities, strengthen partnerships with governments and investors, and mobilise long term capital for major infrastructure projects.

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The move also reflects AFC’s wider ambition to deepen its presence across the region as countries pursue industrialisation, improve regional trade links and invest in critical infrastructure to support economic growth.
Samaila Zubairu, AFC president and chief executive officer, said East and Central Africa presents some of the continent’s strongest opportunities for transformation through infrastructure and investment.

“East and Central Africa is home to some of the continent’s most compelling opportunities for economic transformation through infrastructure development, industrialisation and domestic capital mobilisation. This appointment reflects both the strategic importance of the region to AFC’s future growth and our longstanding commitment to developing leaders from within the Corporation.”

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He added that Fagbule’s experience and deep understanding of Africa’s investment landscape make him well placed to expand AFC’s regional operations.

Fagbule joined AFC in 2009 as an associate and has risen through the organisation over the past 17 years. Since 2017, he has led the Corporation’s financial advisory business, helping to originate, structure and execute transactions worth more than 12 billion dollars across infrastructure, natural resources and industrial sectors.

His experience spans power, transport, telecommunications, oil and gas, mining, heavy industry, technology and financial services. He has also advised governments, sovereign wealth funds, development finance institutions, pension funds and private sector investors on complex financing and investment deals across Africa.

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In his new position, Fagbule will be responsible for expanding AFC’s investment pipeline, strengthening relationships with governments, development partners and institutional investors, and supporting the development of strategic infrastructure projects across the region.

His appointment comes as AFC increases its activities in East and Central Africa. The Corporation recently invested in Dhamana Guarantee Company, is supporting the expansion of Dangote Group’s fertiliser and refining operations in the region, and is involved in plans to expand Jomo Kenyatta International Airport.

Speaking on his appointment, Fagbule said the region offers a unique opportunity to deliver projects that can have a lasting impact on economic development.

“It is a great privilege to be given this responsibility at such an important moment for AFC and the region. East and Central Africa offer some of the most exciting opportunities for transformational impact across AFC’s sectors of focus. I am excited to build on our strong foundations in the region, working alongside colleagues and partners to accomplish meaningful projects, unlock major investments and deliver lasting economic impact for Africa.”

Before joining AFC, Fagbule worked in investment research and corporate finance. He holds a degree in Physics, an MBA, and has completed executive education programmes at Harvard Business School and Stanford University. He is also the co-author of Formation: The Making of Nigeria from Jihad to Amalgamation, published in 2020.

Established in 2007, AFC has grown into one of Africa’s leading infrastructure finance institutions. The Corporation has 48 member countries and says it has invested more than $19 billion in projects across 36 African countries, focusing on sectors including energy, transport, telecommunications, natural resources and heavy industry.