Africa Finance Corporation, AFC, a leading pan-African multilateral development finance institution and project developer, has announced the retirement of Mr. Tony Elumelu as non-executive director from its Board, after nine years, with Mr. Victor Osadolor, Deputy Managing Director of UBA Plc announced as his replacement.

Elumelu, Chairman of Heirs Holdings, represented United Bank for Africa, UBA, Plc on the Board of the agency.

Tony Elumelu

AFC said in a statement, yesterday, that Elumelu was a founding director and the first Chairman of the Corporation’s Risk and Investment Committee, which he chaired for nine years.

Reacting to the develop-ment, Dr. Sarah Alade, Chairman of AFC, said: “I am grateful for the notable contribution Mr. Elumelu has made throughout the nine years he has served on the Board of AFC.”

“I would like to thank him for his expertise and judgment, and for pioneering and chairing the Board Risk Investment Committee.

“Mr. Elumelu’s contribution has helped AFC to build our portfolio of investments that are supporting African economies to grow and diversify.”