Business - News - March 24, 2021

AFREXIMBANK names acting CEO for Export-Development Fund

The African Export-Import Bank (AFREXIMBANK) has appointed Emmanuel Assiak as Acting Chief Executive Officer (CEO) for its equity, development impact-oriented subsidiary, the Fund for Export-Development in Africa (FEDA).
The bank said the appointment takes effect from March 11, 2021, until the recruitment of a substantive CEO is finalised.
Assiak has more than 28 years of financial service experience, spanning private equity, banking, and manufacturing. He joined AFREXIMBANK in 2019 as Investment Director for FEDA. His appointment to Acting CEO comes after the death of the former CEO, Philip Kamau, in January 2021, who led the organisation since 2018.
Prior to joining AFREXIMBANK, Assiak was a Principal at African Capital Alliance, an African-focused private equity firm, with presence and networks across the continent.
Prior to his joining the private equity organisation, he worked at leading Nigerian banks, including Zenith Bank Plc and Continental Trust Bank, now part of United Bank for Africa (UBA Plc), where he had responsibility for banking operations, trade services, process management and product development.
Assiak holds a Bachelor’s and a Master’s Degree in Economics from University of Uyo and University of Lagos respectively, both in Nigeria and holds a Master’s in Business Administration from Manchester Business School, United Kingdom. He is a Certified Accountant and an alumnus of the Coller Institute of Private Equity, London Business School, United Kingdom.
FEDA was established by AFREXIMBANK to facilitate foreign direct investment flows into Africa’s trade and export sectors and to fill the equity funding gap that amounts to $110 billion per annum.
The organisation aims to provide equity financing to companies operating in key industries and sectors to significantly increase the likelihood of success in delivering on AFREXIMBANK’s development priorities.
It also aims to meet the Bank’s strategic goals under the main pillars of the intra-African Trade Strategy and the Industrialisation and Export Development Strategy.
President and Chairman Board of Directors of Afreximbank and Chairman of FEDA Board of Directors, Benedict Oramah, described Assiak’s appointment as an opportunity for him to build on his role as Director of Investment for FEDA over the past 18 months.
During the period, and as part of FEDA management team, Assiak worked closely with the FEDA Board to put in place the required service infrastructure in furtherance of achieving the envisioned FEDA objectives, including delivering targeted development impact in intra-African trade, industrialization, value addition and export development, while providing returns to investors.’’

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