The Alliance of African Multilateral Financial Institutions (AAMFI), also known as the Africa Club, has appointed Samaila Zubairu as its new Chairperson. Zubairu, President and CEO of the Africa Finance Corporation (AFC), takes over from the founding Chair, Prof. Benedict Oramah, President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank).
His appointment was confirmed at the fifth meeting of the AAMFI Governing Council, held on 16 February 2025, on the sidelines of the 38th African Union Summit in Addis Ababa. Dr Corneille Karekezi, Group Managing Director and CEO of Africa Re Corporation (Africa Re), and Mr Manuel Moses, CEO of the African Trade & Investment Development Insurance (ATIDI), were appointed as the first and second Vice Chairpersons of the AAMFI Governing Council.
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AAMFI’s role in Africa’s financial landscape
Established in 2024, AAMFI brings together Africa’s leading multilateral financial institutions to promote sustainable economic growth and financial self-reliance. The Alliance plays a key role in strengthening intra-African collaboration, mobilising capital for development, and advocating for Africa’s economic interests at the global level.
Under Prof. Oramah’s leadership, AAMFI achieved key milestones, including its official launch by African Heads of State in February 2024, the adoption of its governing Charter, and the expansion of its membership. The Fund for Export Development in Africa (FEDA), African Solidarity Fund (ASF), and East African Development Bank (EADB) joined AAMFI, increasing the number of members from seven to ten.
Prof. Oramah also oversaw AAMFI’s recognition by key African Union organs and stakeholders, strengthening its position as a central player in Africa’s multilateral and development finance landscape. Reflecting on his tenure, he said, “I want to thank the leadership of AAMFI for entrusting me with this mandate. Looking back at what we have achieved, I am reminded of the immense potential and responsibility that lies ahead. 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 Mr. Samaila Zubairu, the Africa will continue to drive impactful collaborations and innovative financial solutions to accelerate Africa’s economic transformation.”
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Zubairu’s vision for AAMFIAs
Chair, Zubairu will focus on strengthening partnerships among member institutions, African governments, and global agencies to build a robust financial framework. His priorities include industrialisation, financial literacy, pension reforms, and strategic investments in infrastructure. He will also work on enhancing capital markets to improve liquidity and intra-African investment.
Speaking on his appointment, Zubairu said, “I am deeply honored to assume the chairmanship of AAMFI at this pivotal moment for Africa’s economic transformation. Our collective mission is clear—to build a robust financial architecture that captures and retains value within the continent, mobilizes African capital for African priorities, and accelerates the infrastructure development that enables industrialization. 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. I look forward to working with my esteemed colleagues to chart a path toward true financial sovereignty and sustainable prosperity for Africa.”
He will also advocate for cross-border capital mobilisation and early warning systems to mitigate financial vulnerabilities, aiming to enhance Africa’s economic resilience and long-term stability.
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Zubairu’s leadership in infrastructure development
Since taking over as AFC President and CEO in 2018, Zubairu has led efforts to mobilise capital for infrastructure, industrialisation, and trade across Africa. AFC has been involved in major infrastructure projects, including the Lobito Corridor, Africa’s largest rail project, and renewable energy initiatives such as Lekela Power and Red Sea Power wind projects. The corporation has also played a key role in the Xlinks project, which will export electricity from the Sahara to Europe.
Under Zubairu’s leadership, AFC has doubled its assets to $15 billion and expanded membership from 18 countries to 44, covering 80% of African nations.
AAMFI’s commitment to growth
Members of AAMFI commended Prof. Oramah for his contributions and pledged their support for Zubairu as he leads the organisation. AAMFI’s membership includes 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).
