CHAIRMAN, United Bank for Africa
Plc, Tony O. Elumelu, has hailed the
African Finance Corporation on its various
initiatives and contributions targeted
towards supporting African economies
in the last few years noting that these
initiatives have gone a long way in fostering
growth and diversity on the continent.
Elumelu , who gave this commendation
during the AFC’s 10th Anniversary
celebrations of the corporation in Abuja,
Nigeria this week, was also full of praises for
the corporate governance culture exhibited
and practiced by the AFC, adding that its
impact has been felt not only in Africa, but
by the world over.
The UBA Group chairman who was
honoured and recognised at the event as
a long serving board member of the AFC,
said, “As a pioneer chairman of Risk and
governance at the AFC, I interacted closely
with management and the AFC has world
class leadership and management. We have
seen great seeds planted. This is indeed an
African institution domiciled in Nigeria
with world class standards’ he said as he
referred to the Triple A rating of the AFC.
Having served on the board of AFC for
9 years, he shared his vision and hopes for
the corporation in the next 10 years as he sat
on a panel titled The foundation for growth,
alongside the former Nigerian President
Olusegun Obasanjo and the Former
Central Bank governor of Nigeria, Professor
Chuwuma Soludo. ‘The commodity crisis
has demonstrated that we need to attract
more capital to Africa and I would like
to see the AFC mobilizing much needed
capital to the continent as we engage with
our political leaders to create the enabling
environment for growth and development’
Elumelu said.
Acting Nigerian President, Prof Yemi
Osinbajo, who had earlier opened the
AFC’s summit on Infrastructure revolution,
commended Obasanjo, for his clear vision
in conceiving the idea of an African
Development Finance Institution that
would be birthed on the continent; “the idea
of developing a wholly African Finance
Institution that was the will of African
leaders, nations and institutions, seemed
far – fetched a decade ago’ he said. He
expressed pride that Africa was on the right
path. ‘This coming decade is Africa’s time’
he stated, saying that the world would be
seeing real development on the continent in
the next few years.

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