Finance Infrastructure

AFC creates new asset management division – wants to raise $2bn for African infrastructure

The 25.5 MW Cabeólica Wind Farms in Cabo Verde is one of many green energy projects financed by the AFC in Africa.

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The Africa Finance Corporation (AFC) plans to step up its infrastructure financing in Africa with a new asset management division, AFC Capital Partners. Its debut offering, the Infrastructure Climate Resilient Fund (ICRF) is planning to raise $500m within the next twelve months and $2bn over the next three years.

The fund will act as a direct investor and a co-investment fund to support key projects across the continent such as ports, roads, bridges, rail, telecommunications, clean energy, and logistics.

The AFC has made it clear that sustainable infrastructure will be at the core of its activities by appointing Ayaan Zeinab Adams as the CEO of AFC Capital Partners. She is the former head of the private sector arm of the Green Climate Fund under the UN Framework Convention on Climate Change, as well as a former CIO and Senior Manager of the World Bank Group’s International Finance Corporation (IFC).

Ayaan played a key role in building the mandate of the Green Climate Fund Private Sector Facility and rapidly scaled its portfolio within three years to US$2.1 billion invested across Africa, Asia-Pacific, Latin America, and the Caribbean. She also previously also served as UK-based CDC Group’s Managing Director of Africa Funds.

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‘Hotel Rwanda’ hero sentenced to 25 years in prison by Rwandan court

Unsurprisingly, Paul Rusesabagina was sentenced to 25 years in prison on Monday, September 20, by the Kigali Tribunal. On trial since February, the former manager of the Hôtel des Mille Collines, who became a fierce opponent of President Paul Kagame, was found guilty of supporting a “terrorist” group which “attacked people in their homes, in their cars”, in the words of Judge Béatrice Mukamurenzi. While Paul Rusesabagina confirmed his participation in the creation of the National Liberation Forces (FLN), the armed wing of the Rwandan Movement for Democratic Change (MRCD) responsible for attacks that killed nine people in 2018 and 2019 in the southwest of Rwanda, he rejected any involvement in these crimes. Since March, the 67-year-old opponent, who appeared with 17 other defendants, boycotted the court hearings with his lawyers, denouncing a “political” trial made possible by his “kidnapping” by the Rwandan authorities. According to the indictment drafted by the attorney general of the Kigali court, Paul Rusesabagina was charged with nine counts relating to acts of terrorism. In the investigation, carried out by Rwanda in collaboration with the Belgian judicial authorities, he appears as the founder and “one of the main financiers of the FLN”, which he admits to having “supported up to 20,000 euros”.

President Buhari directs incorporation of NNPC Ltd and appoints its board

Before his departure to New York for the U.N. General Assembly on Sunday, President Muhammadu Buhari, in his capacity as Minister of Petroleum Resources, has directed the incorporation of the Nigerian National Petroleum Company (NNPC) Limited. This is in consonance with Section 53(1) of Nigeria’s newly signed Petroleum Industry Act 2021, which requires the Minister of Petroleum Resources to cause for the incorporation of the NNPC Limited within six months of commencement of the Act in consultation with the Minister of Finance on the nominal shares of the company. As a result, NNPC’s current Group Managing Director, Mele Kolo Kyari, has been directed to take necessary steps to ensure that the incorporation of the NNPC Limited is consistent with the provisions of the PIA 2021. Under the power granted by Section 59(2) of the PIA 2021, President Buhari has also approved the appointment of the Board and Management of the NNPC Limited, with effect from the date of incorporation of the company. The Chairman of the Board will be Senator Ifeanyi Ararume, while Mele Kolo Kyari will be Chief Executive Officer (CEO) and Umar I. Ajiya will be Chief Financial Officer (CFO). Other Board Members appointed over the weekend are Dr. Tajudeen Umar (North East), Mrs. Lami O. Ahmed (North Central), Mallam Mohammed Lawal (North West), Senator Margaret Chuba Okadigbo (South East), Barrister Constance Harry Marshal (South South), and Chief Pius Akinyelure (South West).