Tony Elumelu, Group Chairman of United Bank for Africa (UBA) and one of the founding members of Africa Finance Corporation (AFC), has called on the institution to stay focused on identifying and delivering projects that are scalable, impactful, and truly relevant to the continent’s development needs.
Speaking during the recently held AFC Day in London, Elumelu emphasised the importance of AFC’s role in Africa’s economic transformation, noting that the pace of global change demands proactive and homegrown solutions. “At a time like this, the world is changing very fast, and no one but us will develop Africa,” he said. “AFC is actually helping to make this happen, and that is why this institution must continue to catalyse projects that matter.”
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Elumelu used the occasion to commend the AFC’s leadership and the progress it has made over the years, particularly under the guidance of the current CEO, Samaila Zubairu. “First, I want to say a big word to the CEO of AFC, Samaila. You’re a unifier. You’re a good person. I was so impressed and touched to see Austine Ometoruwa, on stage. Austine was the founding CEO of AFC, and you’ve been able to connect with everyone. It’s so impressive,” Elumelu said.
He reflected on the early vision of AFC’s founders and expressed satisfaction that the institution had gone on to exceed expectations. “As one of the founders of AFC, we had big aspirations, and every day I’m amazed, pleasantly impressed at how Samaila and his team have been able to execute the vision, even doing better than we imagined. Well done to you and your team,” he said.
He also acknowledged the steady improvement in the Corporation’s international credit ratings, attributing it to the discipline and professionalism of the management. “I’ve seen the rating for AFC improve significantly, and I’m sure you and your team are not resting,” he remarked.
Recalling the founding days, Elumelu noted that he was part of the panel that interviewed Austine, AFC’s first CEO, and shared his appreciation for how the foundation laid back then has been built upon effectively. “I remember when Austine was interviewed. He was telling us what he could do from an investment banking perspective. I’m sure Austine is very happy seeing how those ideas are being executed today.”
Speaking both as a founder and a direct beneficiary of AFC’s work, Elumelu highlighted the Corporation’s catalytic role in driving private sector investment across Africa. “As the chairman of Transcorp Group, one of our investments was in the power sector. We know that access to electricity is very important for Africa’s development. We invested in that space, but we needed support, and AFC supported us with $120 million. That support was critical at the time,” he revealed.
Elumelu added that the loan had since been repaid in full, but the impact of AFC’s intervention went far beyond financing. “More importantly, that support was critical at the time. Thank you very much. We need more of such support for the private sector in Africa, especially now.”
He further cited another transaction in the energy sector, where AFC backed a $1.1 billion deal with $150 million in support. “That’s very well serviced today,” he said, acknowledging that deals of such scale could have been difficult to conclude without AFC’s involvement.
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“We, the private sector, Transcorp, Dangote Group, Regional African Satellite Communication Organization (RASCOM), have all benefited from AFC’s bold approach. These are signature transactions. For myself, some of these may not have been possible without AFC. So well done, well done, well done,” Elumelu declared.
Looking ahead, he expressed hope that the Corporation’s impact will continue to grow. “In the next 10 years and beyond, I hope we will gather again, maybe in Africa, maybe in China to celebrate more successes. Thanks so much and congratulations.”
Africa Finance Corporation, a pan-African multilateral development finance institution established in 2007, was created by African sovereign states to tackle the continent’s infrastructure deficit and challenging investment environment. The Corporation provides pragmatic solutions through a combination of debt and equity financing, project development, and advisory services.
