Joy Agwunobi
The Alliance of African Multilateral Financial Institutions (AAMFI), also known as the Africa Club, has appointed Samaila Zubairu as its new chairperson.
Zubairu, who serves as the president and CEO of the Africa Finance Corporation (AFC), takes over from Benedict Oramah, the founding chair of AAMFI and president of the African Export-Import Bank (Afreximbank).
His appointment was confirmed during the fifth meeting of the AAMFI Governing Council, held on the sidelines of the 38th African Union Summit in Addis Ababa, Ethiopia. Alongside him, Corneille Karekezi, group managing director and CEO of Africa Re Corporation (Africa Re), and Manuel Moses, CEO of African Trade & Investment Development Insurance (ATIDI), were named as the first and second vice chairpersons of the AAMFI Governing Council, respectively.
As the new chairperson, Zubairu is expected to strengthen partnerships among African financial institutions, governments, and global agencies to build a resilient financial system. His leadership will focus on youth empowerment, financial literacy, pension reforms, strategic infrastructure investments, and capital market development to drive intra-African investments.
He will also advocate for cross-border capital mobilisation and early warning systems to prevent financial vulnerabilities across the continent.
Since assuming leadership at AFC in 2018, Zubairu has played a key role in mobilising capital for major infrastructure and trade projects across Africa. Under his guidance, AFC has supported large-scale initiatives such as the Lobito Corridor railway project, the Lekela Power and Red Sea Power wind farms, and the Xlinks energy project, which seeks to export electricity from the Sahara to Europe.
AFC has also doubled its invested assets to $15 billion and expanded its membership from 18 to 44 countries, covering 80 per cent of the continent.
With his track record in infrastructure financing and regional economic development, Zubairu’s appointment signals a new phase for AAMFI, as it works to strengthen Africa’s financial landscape and enhance economic integration across the continent.
The AAMFI, established in 2024, unites Africa’s leading multilateral financial institutions to foster economic growth and financial self-reliance. The organisation plays a key role in mobilising capital, facilitating intra-African collaboration, and advocating for Africa’s economic interests on the global stage.
Under Oramah’s leadership, AAMFI achieved significant milestones, including its formal launch by African Heads of State in February 2024, the adoption of its governing Charter, and an increase in membership from seven to ten institutions. New members include the Fund for Export Development in Africa (FEDA), African Solidarity Fund (ASF), and East African Development Bank (EADB). His tenure also saw AAMFI gain endorsement from key African Union stakeholders and elevate its influence in shaping discussions around multilateral and development finance.
During the handover ceremony, Oramah reflected on the alliance’s achievements and expressed confidence in Zubairu’s ability to lead AAMFI into its next phase.
“AAMFI has laid a strong foundation for Africa’s financial sovereignty, but there is still much more to be done. I am confident that under the leadership of Samaila Zubairu, the alliance will continue to drive impactful collaborations and innovative financial solutions to accelerate Africa’s economic transformation,” he stated.
In his acceptance speech, Zubairu emphasised the need to build a stronger financial architecture that retains value within the continent. He underscored the importance of mobilising African capital for African priorities, accelerating industrialisation, and fostering deeper intra-African collaboration to drive job creation, innovation, and long-term economic resilience.
“Our collective mission is clear—to build a robust financial architecture that captures and retains value within the continent, mobilises African capital for African priorities, and accelerates infrastructure development that enables industrialisation. By fostering deeper intra-African collaboration and strengthening our institutions, we will unlock opportunities that create high-quality jobs, drive innovation, and secure our long-term economic resilience,” Zubairu said.
“I look forward to working with my esteemed colleagues to chart a path toward true financial sovereignty and sustainable prosperity for Africa,” he added.
AAMFI’s membership includes leading African financial institutions, such as: Africa Finance Corporation (AFC), Afreximbank, Trade and Development Bank Group (TDB Group), African Reinsurance Corporation (Africa Re), African Trade and Investment Development Insurance (ATIDI), Shelter Afrique Development Bank (SHAFDB), ZEP-RE (PTA Reinsurance Company), East African Development Bank (EADB), African Solidarity Fund (ASF), and the Fund for Export Development in Africa (FEDA).
