3a Osborne Road, Ikoyi Lagos State, Nigeria

Africa Must Urgently Develop Vaccine Manufacturing Capacity

  • Reliance on global supply chains has left Africa unable to secure adequate vaccines and critical medical supplies to combat the coronavirus pandemic.
  • As a result, vaccination rates are dismally low even amid lethal variant-driven waves. Of the 3bn Covid vaccine doses administered globally this year, less than 2% are in Africa. And with close to 80% of Africa’s current vaccine supply already administered, only c.1% of the region’s population has been fully vaccinated.
  • Based on current trends, Africa is significantly behind global targets to combat the pandemic. Africa has received just 6.5% of the total vaccine supply that would be required to vaccinate 60% of the adult population – a conservative estimate of the herd immunity threshold. With most of the available vaccines already snapped up by wealthier regions, Africa faces significant supply challenges in getting from the 61m doses already received to the additional c.420m and c.500m doses needed in 2021 and 2022, respectively.
  • International donation and procurement initiatives such as COVAX and the African Union’s AVATT programs are insufficient to assure the supplies needed for a mass vaccination campaign across Africa. The solution lies in Africa developing its own vaccine manufacturing capacity as the central plank of a continental strategy for exiting the Covid-19 pandemic. This should be coupled with boosting health infrastructure over the longer term.
  • Scaling up Africa’s vaccine manufacturing will still depend on international cooperation. It will require the cooperation of global manufacturers through vaccine technology transfers and opening up of supply chains for vaccine raw materials. This is a model that is being promoted by the World Health Organization and the World Trade Organization.
  • Developing local manufacturing capacity in medical supplies, including vaccines, and investing in health infrastructure, are critical factors for Africa’s future health and economic security.
African countries’ Covid-19 vaccination rates are dismally low
(as of June 30, 2021)


Source: Africa CDC

Africa’s vulnerability to global supply chains is on brutal display. After what appeared to be relatively mild first and second waves of the coronavirus pandemic, Africa now faces a variant-driven, highly contagious, and more deadly third wave that is yet to crest. Without mass vaccination, further dangerous waves will likely recur, delaying Africa’s exit from the pandemic while the rest of the world moves on.

Most concerning is that, despite the lowest inoculation rate of any region globally, vaccine doses are running perilously low. And Africa finds itself at the back of the line to replenish stock.

The lesson that has become abundantly clear is that medical supplies need to be viewed as critical national security goods whose production must never be entirely outsourced. Covid has upended Ricardian economic theory that it is better for consumers to import goods for which a country or region has no comparative advantage in producing locally.

As everywhere else in the world, exiting the pandemic and easing the economic and human toll requires the vaccination of a critical mass of the population to achieve herd immunity. This demands an urgent marshaling of efforts to boost vaccine production while also channeling investment into Africa’s health infrastructure and capacity to produce medical supplies.

Unable to secure adequate quantities of vaccines and critical medical supplies, Africa has so far received 61.4mn doses, just 6.5% of the estimated 1bn required to inoculate 60% of the region’s adults, the so-called minimum herd immunity threshold needed to bring an end to the pandemic[1].

Inoculation rates remain dismally low. Of the nearly 3bn Covid vaccine doses administered globally, less than 2% were in Africa. And with close to 80% of the region’s current vaccine supply already administered, only c.1% of the population has been fully vaccinated. While the continent has placed enough orders to meet Africa CDC’s target of 60% vaccination by the end of 2022, deliveries are unlikely to materialize before late 2022/ early 2023 due to order backlogs made worse by India’s decision in May to prioritize vaccinations at home amidst soaring infection rates.

[1] The WHO has suggested the global herd immunity threshold is at least 70% or perhaps higher given new variants.

Securing enough Covid-19 vaccines for Africa’s needs appears increasingly impossible without a continental vaccine production strategy


Sources: IMF, Haver Analytics, AFC Research 1/ Assumes 2 doses per adult; extrapolated from IMF analysis

Africa’s vaccination rates against Covid-19 are the lowest of any region of the world

Share of the population that have received at least a single COVID-19 vaccine as of June 2021

Africa 1 in 50 people
Asia 1 in 14 people
Oceania 1 in 8 people
South America 1 in 5 people
Europe 1 in 3 people
North America 1 in 2.5 people

Based on current trends, Africa will be held back from reaching global herd immunity targets, with significant and long-lasting economic and development implications. The region is already significantly lagging behind the IMF’s proposal to end the pandemic by vaccinating at least 40% of the population in all countries by end-2021, and at least 60% in the first half of 2022. In fact, not a single African country is on track to meet these targets. Morocco, which has by far the highest inoculation rate in Africa, has vaccinated 22% of the population and exhausted 94% of current vaccine stocks.

Prolonged development setbacks come on top of output contraction and human development losses experienced in 2020. Amidst the region’s first recession in 25 years, economic output is not projected to return to pre-pandemic levels before 2023. In short, the region faces a “lost decade” or more if it fails to raise vaccination rates.

International proposals to date are insufficient for the urgency and scale of the threat to Africa from new waves. Having purchased a third of all global production capacity for 2021, G7 governments recently announced plans to divert excess supply of some c.500m doses to poorer countries through the COVAX facility. Crucially, however, the promised excess supplies are not expected until “sometime in 2022,” too late to get ahead of the much more contagious and lethal third wave of the pandemic currently unfolding across Africa.

For all its benefits, the COVAX program was only ever intended to vaccinate 20% of the population and cannot deliver the doses needed to fully vaccinate Africa’s population. And while the African Union expected a further 30% vaccination coverage through the African Vaccine Acquisition Task Team (AVATT)[1], the program faces delivery delays owing to global manufacturers’ order backlogs.

Africa’s current vaccine manufacturing capacity is extremely weak, and thus any efforts are starting from a low base. Currently there exist only ten identified African vaccine manufacturers, and they are consolidated in seven countries: Egypt, Ethiopia, Ghana, Nigeria, Senegal, South Africa and Tunisia. Four manufacturers — the Pasteur Institutes in Dakar, Tunis and Algiers, and Biovac in Cape Town — have the capacity to manufacture the substances that vaccines are made of. Ethiopia Public Health Institute in Addis Ababa and Biovaccines in Lagos have announced plans to reach that point. Two manufacturers (i.e., Vacsera in Egypt and Aspen in South Africa) plan to be only ‘fill and finish’ processes, or packaging and labeling. The sector’s inability to compete with cheaper imported vaccines has been cited as a key limiting factor in local production.

Urgent scaling up of local vaccine manufacturing for Covid-19 vaccine requirements depends on international cooperation. The World Health Organization and World Trade Organization have promoted establishment of vaccine manufacturing hubs in Africa. This is supported by technology transfers from richer countries facilitated by the WHO. The first such hub is currently being set up in South Africa with a consortium of South African companies, and in time is expected to provide training to other manufacturers across the continent.

However, the speed at which these new hubs will be able to swing into full-scale production depends on whether pharmaceutical companies with proven mRNA vaccines will commit to supporting the initiative.

As things stand today, global vaccine production supply chains are concentrated in 13 countries. Producers in this “Vaccine Club” are both the main source and destination of exports of Covid-19 inoculation ingredients. It is therefore no surprise that the same group of countries also accounts for the highest vaccination rates globally.

Together, the Vaccine Club nations have fully vaccinated 60% of their 2.9 billion population as of June 2021. Given similar production capacity, Africa would have achieved a vaccination rate of 26%, compared to the current 1% of its population of 1.3 billion.

Opening these supply chains is critical to decentralizing global vaccine production and allowing Africa to develop its own local manufacturing capacity.

Once the pandemic subsides, there will continue to be a case for developing an African vaccine industry. Excluding Covid vaccines, Africa is the second largest purchaser of inoculations globally, accounting for 1.2 billion of the 5.5 billion doses produced for the global market in 2019.

Despite having the highest incidence of mortality from infectious diseases, Africa has lacked the capacity to manufacture essential vaccines. As a result, the region has faced rising costs from its import-dependent vaccine procurement setup. For example, even though international donors such as UNICEF and the Gavi Vaccine Alliance have helped to subsidize the cost of vaccine imports, co-financing requirements have meant that African countries’ annual public market vaccine sales are about $1.3 billion, or around a quarter of the $33 billion total global market. The overall dollar value of vaccine imports is probably higher still once factoring in private sector imports.

Beyond the immediate health and security imperative, there is a compelling commercial business case for developing vaccine manufacturing as the continent’s demand continues to grow. Africa’s current market of c.US$1.3billion is projected to increase to between US$2.3-5.4billion by 2030., This presents an untapped opportunity for investment in local manufacturing, together with the necessary enabling components of the industry, from research and development to cold chain storage.

While the domestic markets for most countries in Africa will be too small to enable economies of scale, the African Continental Free Trade Area (AfCFTA) agreement presents opportunities for intra-regional exports.

Developing local manufacturing capacity in vaccines and medical supplies is critical to Africa’s future health and economic security. As the world’s largest consumer of vaccines, Africa imported 99% of its vaccines pre-Covid, and relied almost entirely on global producers for products now proven as critical for public health and national security. As the only continent with an expanding population, Africa has a rapidly growing market for vaccines. Developing a continental vaccine production industry has clear economic and employment benefits.

The need to boost investment in Africa’s health infrastructure and develop self-sufficiency in vital medical and pharmaceutical supplies is clear in light of the Covid-19 pandemic. Looking further ahead, there is a need to improve preparedness for the next pandemic, which may not be as sparing on Africa.

Ayaan Adam – Senior Director & Chief Executive Officer, AFC Capital Partners

Ayaan Adam is Senior Director & CEO of Africa Finance Corporation’s wholly owned AFC Capital Partners. She has over 27 years of visionary leadership and a strong track record in emerging markets investment and asset management, private equity, infrastructure, and climate change related financing products, with a particular focus on African and Asian Markets.

Prior to joining AFC, Ms. Adam was the Head and Director of the Private Sector arm of the Green Climate Fund (GCF) based in South Korea. She played a key role in building the mandate of the GCF Private Sector Facility and rapidly scaling its portfolio to US$ 2.1 billion in three years across Africa, Asia Pacific, and Latin America and the Caribbean.

Ms. Adam was previously Managing Director of Africa Funds at CDC Group, following a 17-year career with the International Finance Corporation (IFC) spent in India as well as Washington, DC.

Ms. Adam holds a Master of Business Administration (MBA) from Massachusetts Institute of Technology (MIT) Sloan School of Management, and a Bachelor of Arts in Mathematics - Summa cum laude from Clark University.





Mr. Batchi Baldeh

Mr. Batchi Baldeh is an investment banker, infrastructure developer and utility management specialist, with over 33 years’ professional experience across the power value chain and financing capital structure. He is currently the Director, Power Systems Development, at the African Development Bank, which he joined in 2017, and is also responsible for managing its private sector energy loan portfolio.

Prior to joining AfDB, he was Director, Power Business, Investments Division, at the Africa Finance Corporation. He has also been a consultant to the World Bank, European Union/BizClim and Government of Lesotho, and was pioneer Managing Director of Gambia’s National Water and Electricity Company. He is currently a Non-Executive Director of the Development Bank of Nigeria and was Chairman of the Board of Directors of Cabeolica S.A. and Cenpower Operations and Services Limited.

He was an Alternate Director and Technical Committee member of the Benin Electricity Distribution Company. Mr. Baldeh holds a BSc Honours in Electrical & Electronic Engineering from Newcastle-upon-Tyne University, UK. He is a member of the Institute of Engineering & Technology, UK, and a Fellow of the Institute of Directors

Ms Nana Eshun – Director & General Counsel

Nana Eshun is the General Counsel and Corporate Secretary of the Corporation with oversight responsibility for Legal and Corporate Secretarial functions. Ms. Eshun is a finance lawyer with over 30 years’ experience in the legal profession and specialist expertise in infrastructure financing across Africa and internationally.

Nana’s experience includes representing AFC as a project developer and financier of various corporate transactions covering: project finance, debt and equity investments, public private partnerships in key infrastructure sectors of natural resources (oil & gas and mining), power, transport, heavy industry and telecommunications as well as corporate borrowings and investment funds.

Prior to joining AFC in 2008, Nana worked for the African Development Bank (AfDB) where she led on the legal aspects of financing of projects covering infrastructure and for economic development. She also represented the Ministry of Finance/Government of Ghana as lead finance lawyer primarily on the West African Gas Pipeline Project. Before that, she worked as a solicitor with City commercial law firms in the United Kingdom – Denton Wilde Sapte Solicitors and Eversheds Solicitors on private finance initiative projects.

Nana Eshun is dual qualified as a Barrister-at-Law, Ghana (1987) and Solicitor, England and Wales (1994). She holds a BA (Law & Sociology) from the University of Ghana, BL (Barristers Law Practicing Certificate) from the Ghana School of Law, Law Society Finals (UK Solicitors Qualifying Course) from the College of Law, Guildford (UK) and an LLM (International Business Law) from the University of London.




Mr. Roosevelt Ogbonna

Roosevelt Ogbonna is Group Deputy Managing Director of Access Bank PLC and has over 20 years’ experience in banking across treasury, commercial, corporate and investment banking.

Prior to his appointment, he was the Executive Director, Wholesale Banking Division of Access Bank PLC. He is on the Boards of several institutions including Access Bank UK Limited, Access Bank (Zambia) Ltd and Central Securities Clearing System PLC. In 2015, he was selected as one of the Institute of International Finance (IIF) Future Global Leaders.

He has a Bachelor’s degree in Banking and Finance from University of Nigeria, Nsukka, and is a Fellow of the Institute of Chartered Accountants of Nigeria, a Senior Executive Fellow of Harvard Kennedy School, an alumnus of Harvard Business School and a CFA charter holder.

He holds a Master’s degree in Business Administration from IMD Business School, and Executive Master’s degree in Business Administration.


Mr. Ahmad Abdullahi

Ahmad Abdullahi is Interim Chairman of the Board Audit and Compliance Committee. He was Director and Head of Banking Supervision Department at the Central Bank of Nigeria (CBN) until February 2020.

He joined CBN as a manager and rose to Director. At CBN he oversaw Retail Banking Services at three CBN branches prior to other senior roles in CBN’s Banking Supervision Department. He was promoted to Director Governor’s Department in 2012 and then to Director of Other Financial Institutions Supervision Department in 2014.

Previously he was a Lecturer at Usman Danfodiyo University, Sokoto, Nigeria. He has a Bachelor of Science in Agricultural Economics from the Ahmadu Bello University Zaria, Nigeria, and is a member of the Society of Corporate Compliance and Ethics and a certified Compliance & Ethics Professional.

He holds a Master’s degree in Agricultural Economics from the University of Ibadan, Nigeria, and a Master’s degree in Banking


Ms. Kirstine Damkjaer  

Kirstine is the immediate past Chief Executive Officer of EKF Denmark’s Export Credit Agency.  Kirstine has vast global experience having worked for several years at the International Finance Corporation (IFC) and the World Bank in various senior capacities, including as the Global Industry Head of Equity and Chief Investment Officer, Global Infrastructure and Natural Resources, and Global Administrative Manager. She joins the AFC Board with significant experience sitting on global boards. She currently sits on the boards of Pension Denmark, Danish – Chinese Business Forum, Copenhagen Infrastructure Partners New Markets Fund.

Kirstine holds Postgraduate degrees on Leading and Working Across Cultures from INSEAD, and IMD on High Performance Boards. She is a qualified Chartered Financial Analyst (CFA). Kirstine is multilingual with proficiency in English, Dutch and Mandarin languages.

Ayotunde Anjorin

Ayotunde Anjorin is a Director and the Chief Financial Officer of the Corporation. Prior to this, he was AFC's Senior Vice President and Head of Finance & Operations with strategic leadership responsibilities for all finance-related activities comprising banking operations, financial reporting and control, product control and settlement. Mr. Anjorin joined the Corporation as the Vice President and Financial Controller. Prior to AFC, He worked at Standard Chartered Bank Nigeria, where he held many positions within the Finance group and Internal Audit at national and regional levels. He was the regional Head of Wholesale Banking Finance at Standard Chartered Bank responsible for managing wholesale banking finance activities across West Africa. He has also worked as a consultant for KPMG.

Mr. Anjorin holds a BSc in Accounting from Obafemi Awolowo University, Ile-Ife, Nigeria. Ayotunde is a chartered accountant with more than 15 years post qualification experience encompassing financial accounting, reporting and control, management accounting, financial risk management, process re-engineering and reviews. He has also attended Executive Management programmes at Harvard Business School, USA, IMD Business School, Switzerland and Wharton School, University of Pennsylvania, USA.

David Johnson

David Johnson is the Corporation's Director and Chief Risk Officer. Until his appointment, Mr. Johnson was the Senior Vice President, Market Risk Management. Prior to joining AFC, he spent fifteen years working as a Risk Manager, Trader and Structurer at various international banks including Stanbic IBTC Bank, where he was Regional Head of Market Risk for West Africa, and Risk Manager for the Credit Derivatives Group at WestLB AG (Westdeutsche Landesbank, London) and the Asset Backed Commercial Paper (ABCP) conduit at Abbey National Treasury Services.

He holds a BSc in Mechanical Engineering, MSc in Computing, MSc in Mathematical Trading and Finance from the City University, London, UK.

Anthony Arabome, Director, Corporate Services

Mr. Anthony Arabome is currently Director, Corporate Services Division with oversight responsibility for Human Resources, Administration, Information Technology and Procurement Functions whilst doubling as the Corporation’s Human Resources Director. He has 35 years’ experience, at both technical and management levels, in Human Resource Management and General Management, across the Oil & Gas and Financial Services sectors, having worked for leading global institutions throughout his career.

Prior to joining the Corporation in 2009, he was HR Director of Shell International’s Nigeria Exploration & Production Company (SNEPCo) and concurrently, the Regional Talent Manager for Shell E&P Africa. He was also on the Board of SNEPCo.

Mr. Arabome is a distinguished Fellow of the Chartered Institute of Personnel Management of Nigeria and one of the Institute’s Past Presidents. He is also an esteemed member of the international Society for Human Resource Management (SHRM) and Nigeria Institute of Management (NIM). He is an alumnus of several Executive Education programmes in HRM, Leadership, Strategy, Execution and Business Management, of the University of Michigan USA, IMD Switzerland, Cornell University USA, INSEAD USA and London Business School, UK. He holds an honours BSc degree in Economics from the University of Ife, Nigeria and an MSc degree in Human Resource Management from the University of London, UK.




Samaila Zubairu

President/Chief Executive Officer

Samaila Zubairu is AFC’s 3rd President and Chief Executive Officer. With over 30 years’ of professional experience, his entrepreneurial leadership propelled the development and implementation of a new five-year corporate strategy, which, at its core, addressesthe urgent mandate of developing and financing infrastructure, natural resources and industrial assets on the continent. Key pillars of the strategy include enhancing the capacity of the team and entrenching a High-Performance Culture; coherent ecosystem strategy for value accretive beneficiation and import substitution; proactive risk and portfolio management to improve AFC’s rating and diversifying the Corporation’s funding sources.

Prior to his appointment, Mr. Zubairu was the CEO of Africapital Management Limited, where he established a joint venture with Old Mutual’s African Infrastructure Investment Managers, to develop the Nigerian Infrastructure Investment Fund for infrastructure private equity across West Africa.

As Chief Financial Officer for Dangote Cement Plc, he launched Africa’s largest syndicated project finance facility for the Obajana Cement project and managed the unbundling of Dangote Industries Limited to listed subsidiaries on the Nigerian Stock Exchange. Prior to that, he was the Treasurer for the Dangote Group during its transformation from a trading company to an industrial conglomerate.

Mr. Zubairu is an Eisenhower Fellow and the first African appointed to the Board of Trustees of the 67-year old international leadership exchange programme. He holds several Non-Executive Board positions.

He holds a BSc in Accounting from Ahmadu Bello University, Nigeria and is a Fellow of the Institute of Chartered Accountants, Nigeria (FCA).



Mr. Patrick Akinwuntan

Patrick Akinwuntan is Managing Director and Regional Executive at Ecobank Nigeria, prior to which he was Group Executive of Ecobank’s Consumer Bank, leading the business across 33 countries in Africa.

Under his leadership, Ecobank has launched several digital innovations that are revolutionising banking, creating an unrivalled payments ecosystem through Ecobank’s unified Mobile app, EcobankPay Merchant QR, Xpress Account, Xpress Cash (enabling card-less ATM withdrawals), Pan-African Card and Rapidtransfer, which enables cross-border remittances across 33 African countries in 18 currencies.

His previous roles at Ecobank included Group Executive Director Domestic Bank, Group Executive Director, Operations, Technology, Transaction and Retail Banking and Managing Director of eProcess International. He has an MBA in Finance from Obafemi Awolowo University, is an Honorary Fellow of the Chartered Institute of Bankers of Nigeria, a Fellow of the Institute of Chartered Accountants of Nigeria, an Associate of the Chartered Institute of Taxation of Nigeria and an alumnus of the Harvard Business School executive programme.

Mr. Henry Oroh

Henry Oroh is an Executive Director at Zenith Bank International Plc. Prior to his current appointment, he was the Managing Director & CEO of Zenith Bank Ghana. He began his banking career in 1992 at Citibank, where he served for seven years in Operations, Treasury and Marketing.

Mr. Oroh has almost two decades of experience in the banking industry. He holds a Bachelor’s degree in Accounting from the University of Benin, Edo State. He is a Chartered Accountant and is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), an honorary member of the Chartered Institute of Bankers (CIBN), Nigeria.

He holds an LLB from the University of London and an MBA from Lagos State University.


Dr. Kingsley Obiora

Dr. Obiora is Deputy Governor (Economic Policy) at the Central Bank of Nigeria (CBN). Prior to this, he was an Alternate Executive Director at the International Monetary Fund in Washington DC, USA, where he was a member of the Executive Board responsible for conducting the daily operations of the IMF and assisted representation of 23 African countries at the Board.

He joined the IMF in 2007, working in the European Department and the Strategy, Policy and Review.

Department, focusing on exchange rate assessment, debt sustainability analyses, decoupling and spillovers, real sector analyses, and several reviews of Financial Sector Assessments. He also worked at the West African Monetary Institute and the Centre for Econometric and Allied Research at the University of Ibadan.

He was Special Adviser on Economic Matters to the Governor of the CBN for four years until 2018, with his extensive international and national economic experience helping the Bank understand and deal with the external shocks emanating from the drop in oil prices. He was Technical Adviser to Nigeria’s National Economic Management Team and Special Assistant to President Jonathan’s Chief Economic Adviser, playing key roles in shaping the country’s economic policies on several fronts, including energy subsidies, power sector reform, measurement of job creation, architecture of development financing, regulatory framework for doing business and asset-based economic mapping and modeling.

He has a degree from the University of Benin and Master’s and Doctorate degrees in Economics from the University of Ibadan.


Dr. Adesola Adeduntan

Dr. Adeduntan is CEO of FirstBank Group, where he was previously Executive Director and Group CFO. He is a Fellow of the Institute of Chartered Accountants of Nigeria and the Chartered Institute of Bankers of Nigeria.

His previous roles included Director and pioneer CFO/ Business Manager of Africa Finance Corporation; Senior Vice-President and CFO at Citibank Nigeria; Senior Manager in the Financial Services Group of KPMG Professional Services; and a Manager at Arthur Andersen Nigeria. He is on the Boards of FBN Holdings Plc, FBNBank UK, Nigeria Interbank Settlement System PLC (NIBSS), Shared Agent Network Expansion Facilities Ltd (SANEF) and the Nigeria Economic Summit Group (NESG).

He holds a Doctor of Veterinary Medicine degree from the University of Ibadan and is a member of Sigma Educational Foundation which focuses on enhancing the quality of Nigeria’s tertiary education system. He has an MBA from Cranfield University Business School, UK, which he attended as a Chevening Scholar.


Mr. Victor Osadolor

Victor Osadolor has been Deputy Group Managing Director, United Bank for Africa Plc Group and Managing Director of UBA Africa, a Director of UBA Capital Europe and Chairman of UBA Pensions Custodians Limited. Previously he was Group Director of Heirs Holdings (HH) Limited, Chief Operating Officer for Corporate and Investment Banking and Chief Strategist for Ecobank Transnational Incorporated.

His other roles at various UBA subsidiaries have included Managing Director, Deputy Managing Director, Executive Director – Risk & Finance and Group Chief Finance Officer. He has also held senior roles at Standard Trust Bank, CTB, Ecobank Nigeria, Guaranty Trust Bank and Coopers & Lybrand.

He holds a Bachelor of Science with Honours in Accounting from the University of Benin, is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), an alumnus of Harvard Business School’s Advanced Management Programme and an honorary life member of the Chartered Institute of Bankers of Nigeria (CIBN).

Mr. Osadolor’s career spans over 28 years. Prior to joining Ecobank Transnational Incorporated , he served as Managing Director - UBA-Capital; and other senior appointment at UBA., Standard Trust Bank; Deputy Managing Director, Continental Trust Bank; Chief Finance Officer, Ecobank Nigeria; Chief Finance Officer, Guaranty Trust Bank; and Auditor, Coopers & Lybrand now (Price Waterhouse Coopers).

Soula I. Proxenos

Soula I. Proxenos was appointed as an Independent Director of the Corporation during the year. She has over 30 years’ financial services experience and has a deep understanding of capital markets, fundraising, brand building and real estate. She is an adjunct Professor at Johns Hopkins Carey School of Business and School for Advanced International Studies (SAIS). She is an Independent Non-Executive Director, consultant and adviser of several organisations and has extensive experience as Board chair, committee chair (nominations, and compensation committees), committee member (audit and credit) of not-for-profit and commercial Board of Directors.

Ms. Proxenos was formerly Managing Director of International Housing Solutions. She founded South African Workforce Housing Fund, developed its concept and was responsible for staffing, raising capital, strategy and government relations. She was also co-chair of the investment committee and remains on the group’s advisory Board.

Prior to this, she was Managing Director of Fannie Mae’s International Housing Financial Services. She had responsibility for the P+L of Fannie Mae’s international consulting services and training programmes, assisting in the development of market based housing finance systems in over 35 countries. She holds a BA from Wits University and an MBA from University of Stellenbosch.


Mr. Sanjeev Gupta

Sanjeev Gupta is AFC’s Executive Director and Head of the Financial Services Division, responsible for treasury, trade finance & syndications, country relations and the corporate advisory lines of business within AFC.

Mr. Gupta has over 25 years’ experience in Investment Management, private equity and corporate advisory services. Mr. Gupta’s forte is blending together global and indigenous corporates, financial investors and governments to develop commercially viable business and development models that leave a sustainable impact on emerging market economies.

Prior to joining AFC, Mr. Gupta was the Managing Partner of Emerging Markets M&A Center of Excellence at Ernst Young (EY). He was also the Chief Executive Officer of Sanlam Investment Management Emerging Markets operations and a Founder and erstwhile Managing Partner of Emerging Opportunity Consulting, a boutique advisory firm specialising in SME financing. He holds a Bachelor’s degree from the University of Calcutta, India, and is a Fellow of the Institute of Chartered Accountants of India (FCA). He is an alumnus of the Said Business School, University of Oxford, UK.


Sameh Shenouda

Sameh Shenouda is Executive Director and Chief Investment Officer of the Africa Finance Corporation. He leads origination, execution and portfolio management of transactions across a wide range of sectors and products at AFC.

With over 27 years of experience in infrastructure investments, project development and fundraising in international capital markets, Mr. Shenouda has a deep knowledge of African markets as well as the Power, Transport & Logistics and Oil & Gas sectors.

Prior to joining AFC, Sameh was the Chief Executive Officer of Zarou, a developer, owner, investor and operator of infrastructure projects in Africa, the Middle East and Asia, that is 100% owned by The Blackstone Group.

Mr. Shenouda previously spent 5 years as Head of Infrastructure at CDC Group Plc, the UK’s development finance institution. He built the institution’s direct infrastructure equity business, investing in excess of US$2 billion in Africa and South Asia. His earlier experience also includes Natural Gas Industries Director at Orascom Construction Industries and Investment Principal at Actis.

Sameh holds an MBA in Financial Management from the University of Exeter, UK and degrees from the American University in Cairo, Egypt in Development Studies and Economics. He is also a graduate of INSEAD’s International Executive Program.