AFC Taps Fola Fagbule to Lead East and Central African Operations

The Africa Finance Corporation (AFC) has appointed Fola Fagbule as the new director and head of its regional office in Nairobi.

The strategic move signals a major push by the corporation to deepen its footprint across East and Central Africa.

In his new capacity, Fagbule will spearhead AFC’s regional activities, taking charge of a vital market expected to drive the continent’s infrastructure development, energy security, industrialization, and digital connectivity, according to a statement on Tuesday.

Fagbule, who joined AFC as an associate in 2009, has been instrumental in the corporation’s growth over the past 15 years. Since 2017, he has led the firm’s financial advisory services, originating, structuring, and executing transactions valued at over $12 billion. His extensive portfolio spans power, transport, telecommunications, oil and gas, and heavy industry, advising a diverse roster of governments, sovereign wealth funds, and corporate clients.

Samaila Zubairu, president and CEO of AFC, praised the appointment, highlighting the strategic necessity of the Nairobi hub. 

“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,” he said. “Fola’s experience, judgment, and deep understanding of AFC and Africa’s investment landscape make him exceptionally well-positioned to lead our regional platform and expand our engagement across the region.”

As regional head, Fagbule will be tasked with originating new investment opportunities, forging strategic partnerships, and accelerating the mobilisation of long-term capital, according to the statement. His leadership comes at a busy time for the AFC in the region, following its recent equity investment in the Dhamana Guarantee Company, its role in expanding the Dangote Group’s regional fertilizer and refining operations, and its backing of the proposed expansion of the Jomo Kenyatta International Airport.

Prior to his tenure at AFC, he built a strong foundation in investment research and corporate finance. He holds a Bachelor of Science in Physics, an MBA, and has completed executive programs at Harvard Business School and Stanford University. Additionally, he is a recognized voice in African development, having co-authored the 2020 book, ‘Formation: The Making of Nigeria from Jihad to Amalgamation’.

“It is a great privilege to be given this responsibility at such an important moment for AFC and the region,” Fagbule said regarding his new role. “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… to unlock major investments and deliver lasting economic impact for Africa.”