Africa Finance Corporation Appoints Ireti Samuel-Ogbu as New Chair of the Board

Mrs. Samuel-Ogbu’s appointment marks a significant milestone in AFC’s evolution, reflecting the Corporation’s continued commitment to bold, strategic leadership.

 

The Africa Finance Corporation (AFC) (www.AfricaFC.org), a key driver of transformative infrastructure solutions across Africa, has announced the appointment of Mrs. Ireti Samuel-Ogbu as the new Chair of its Board of Directors. She succeeds Mr. Emeka Emuwa, who completed 12 years of distinguished service, leaving a legacy of strong leadership and remarkable contribution to the Corporation’s growth and success.

A Visionary Leader for a New Era

Mrs. Samuel-Ogbu’s appointment marks a significant milestone in AFC’s evolution, reflecting the Corporation’s continued commitment to bold, strategic leadership. With an illustrious career spanning over three decades, Mrs. Samuel-Ogbu has carved a reputation as a transformational leader in the banking sector across Europe, the Middle East, and Africa.

Most recently, she served as the Managing Director for Citi’s institutional businesses in Nigeria and Ghana, overseeing operations across Banking, Markets, and Services. Her tenure was distinguished by steering the franchise through complex macroeconomic and regulatory challenges, reinforcing Citi’s strategic momentum, and fostering resilience amid volatile environments.

Her expansive career at Citibank also included influential leadership roles across more than 50 countries within the Europe, Middle East, and Africa (EMEA) region. Her professional journey saw her stationed in key financial hubs including the United Kingdom, Nigeria, and South Africa, providing her with a unique international perspective and an in-depth understanding of emerging and developed markets alike.

Extensive Boardroom Expertise

Beyond her executive roles, Mrs. Samuel-Ogbu brings extensive boardroom experience that will be instrumental in shaping AFC’s next growth chapter. She served as a Non-Executive Director at Citibank Nigeria for six years, chairing the Risk Committee prior to assuming the Managing Director role. Additionally, she was a board member of CHAPS Clearing UK—one of the United Kingdom's premier high-value payment systems now operated by the Bank of England—and served on the board of Opportunity International, a UK-based charity focused on financial inclusion.

Her board experience underpins a deep commitment to sound governance, risk management, and sustainable growth strategies—key pillars for AFC’s ambitious plans.

A Record-Breaking Year for AFC

Mrs. Samuel-Ogbu’s appointment comes at a time of exceptional performance for AFC. In the fiscal year 2024, the Corporation reported a historic financial outcome, with total revenue surging by 22.8% to reach US$1.1 billion. This achievement marks the first time AFC has crossed the billion-dollar revenue threshold, a testament to its growing influence and operational excellence.

This stellar performance was fueled by AFC’s involvement in several landmark projects, including:

• The Lobito Corridor Project: Acting as Lead Project Developer for a transformative multi-country transport network linking Angola, Zambia, and the Democratic Republic of Congo (DRC).

• Expansion of the Kamoa-Kakula Copper Complex: Providing crucial financing support for one of the world’s highest-grade, low-carbon underground copper mines in the DRC.

• Commissioning of the Dangote Refinery: Supporting the launch of Africa’s largest refinery, a project set to dramatically shift Africa’s energy landscape.

These projects align with AFC’s strategic focus on enabling inclusive and sustainable prosperity through innovative financing models and catalytic partnerships.

Leadership Endorsements

Commenting on the appointment, Mr. Samaila Zubairu, President & CEO of AFC, stated:

"We are delighted to welcome Mrs. Ireti Samuel-Ogbu as Chair of the Board. Her wealth of experience, visionary leadership, and deep understanding of Africa’s financial landscape will be invaluable as we navigate our next phase of growth—expanding our impact, mobilising urgently needed capital, and delivering transformative projects that enable inclusive and sustainable prosperity across the continent."

In her acceptance remarks, Mrs. Samuel-Ogbu expressed her enthusiasm for the role:

"I am honoured to take on the role of Chair at AFC, an institution that serves as a trusted bridge between international capital and Africa’s dynamic growth opportunities. I look forward to working closely with the board, management, and all stakeholders to advance the Corporation’s mission and strengthen its role as the leading provider of strategic, investment-driven solutions that unlock Africa’s full economic potential."

Looking Ahead

Under Mrs. Samuel-Ogbu’s leadership, AFC is poised to deepen its transformative impact on the continent by leveraging her experience in risk governance, strategic execution, and cross-border investment. Her appointment signals AFC’s intent to scale its operations, foster innovation, and reinforce its position as the premier catalyst for infrastructure development and economic growth in Africa.

As Africa faces an era of both unprecedented challenges and opportunities, Mrs. Samuel-Ogbu’s leadership promises a bold and visionary future for AFC—and for the continent’s broader aspirations for sustainable, inclusive development.