Africa Re GMD Karekezi emerges AAMFI chairman

Corneille Karekezi, group-managing director/CEO of African Reinsurance Corporation (Africa Re), has been named the chairperson of the Governing Council Alliance of African Multilateral Financial Institutions (AAMFI) also known as the “Africa Club.

This was announced at the 9th Council Meeting of AAMFI, where he succeeded Samaila Zubairu, the president/CEO of Africa Finance Corporation (AFC).

In his remarks, Karekezi appreciated the members for the privilege and reiterated the vision of AAMFI to “promote sustainable economic development, deepen Continental integration, and strengthen Africa’s financial sovereignty”.

He highlighted the challenges: “Our infrastructure deficits constrain growth and competitiveness. Our trade potential remains underutilized. Our economies are increasingly exposed to climate-related risks. And the cost of capital for African institutions and economies remains disproportionately high, particularly amid evolving global economic conditions”.

He also noted that these challenges reinforce the urgency of repositioning Africa’s financial architecture and strengthening collaboration among our institutions. He urged members to prioritise collaboration, pooling expertise, aligning strategies, and deploying innovative financing solutions to address Africa’s development needs at scale.

He further added that, “this alliance is not about replacing global partnerships. Rather, it is about strengthening Africa’s voice and negotiating position within them. It is about ensuring that Africa’s development priorities are financed in ways that reflect our realities, align with Agenda 2063, and support long-term sustainability”.

Corneille Karekezi thanked the staff of the AAMFI Secretariat, led by its Executive Secretary, Babajide Sodipo, and gave some insights into some specific initiatives for his tenure.

As part of his responsibilities as AAMFI Chair, Corneille Karekezi, along with staff of the Secretariat, held bilateral meetings with the Executive Secretary of the United Nations Economic Commission for Africa (UNECA); The African Union (AU) Commissioner for Economic Development, Tourism, Trade, Industry and Minerals (ETTIM),

Established in 2024 in collaboration with the African Union (AU) Commission, AAMFI serves as a continental coordination platform bringing together Africa-owned multilateral development finance, trade finance, insurance, and guarantee institutions.

Collectively representing balance sheets exceeding $70 billion, AAMFI members collaborate to strengthen Africa’s financial architecture, amplify the continent’s voice in global financial reform processes, and scale innovative financing solutions aligned with Agenda 2063.

Modestus Anaesoronye

Modestus Anaesoronye is a leading Nigerian financial journalist with over two decades of experience reporting on the insurance and pension sectors across Nigeria and West Africa. He has held key editorial positions at major national media outlets, including The Comet, The Nation, and Financial Standard, and currently serves as a Senior Financial Analyst at BusinessDay Media Ltd. A widely travelled reporter, he has covered industry developments in more than 14 countries across Africa and Asia. Anaesoronye is a multiple award-winning journalist, honoured several times as Insurance Journalist of the Year and Pension Journalist of the Year by recognised industry bodies, including PensionScope and the Pension Fund Operators Association of Nigeria (PenOp), among others.