Akin-Olug­bade takes fi­nal bow from AFC

Business a.m. - - WORLD BUSINESS & ECONOMY - Busi­ness a.m.

ADESEGUN AKINOLUG BADE, the long serv­ing pi­o­neer general coun­sel of the Africa Fi­nance Cor­po­ra­tion has fi­nally made take his exit from the de­vel­op­ment fi­nance in­sti­tu­tion.

Akin-Olug­bade, who holds a doc­tor­ate de­gree, is be­lieved to have made a last play to for the chief ex­ec­u­tive po­si­tion fol­low­ing the com­ple­tion of the ten­ure of erst­while CEO, An­drew Alli, but lost out to the even­tual ap­pointee, Sa­malia Zubairu.

Dur­ing his time, he was re­garded as be­ing in­flu­en­tial in the af­fairs of the cor­po­ra­tion and be­strode him­self like a colos­sus, with many believ­ing that if the po­si­tion was not tenured, he would have wanted to serve an­other term, and an­other term, and an­other term.

In a state­ment put out by the AFC, it sim­ply said it was an­nounc­ing “the de­par­ture of Akin-Olug­bade at the end of his con­trac­tual term on 31 December, 2018 after 11 years of mer­i­to­ri­ous ser­vice to AFC, as pi­o­neer general coun­sel and cor­po­rate sec­re­tary (2007-2008), ex­ec­u­tive di­rec­tor cor­po­rate ser­vices and general coun­sel (2009-2014) and ex­ec­u­tive di­rec­tor chief op­er­at­ing of­fi­cer and general coun­sel (2015-2018).”

The or­gan­i­sa­tion at­trib­uted to him con­tri­bu­tions he made to the in­sti­tu­tion’s earned “en­vi­able rep­u­ta­tion in the in­fra­struc­ture space in­ter­na­tion­ally,” adding that as a mem­ber of AFC’s ex­ec­u­tive com­mit­tee, Akin-Olug­bade played a key role in the AFC’s adop­tion of strong cor­po­rate gover­nance prin­ci­ples, sys­tems and struc­tures, the ex­pan­sion of its coun­try mem­ber­ship, as well as con­tribut­ing to the growth of its bal­ance sheet from $1.1 bil­lion to $4.3 bil­lion with op­er­a­tions in 28 African coun­tries and the at­tain­ment of in­vest­ment grade credit rat­ing by the cor­po­ra­tion.

Cur­rent CEO, Sa­maila Zubairu said: “We thank Adesegun for the key role he played in the evo­lu­tion and growth of AFC to a lead­ing mul­ti­lat­eral fi­nan­cial in­sti­tu­tion on the con­ti­nent and wish him ev­ery suc­cess in his fu­ture en­deav­ours”.

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