Former KenGen Managing Director and CEO Albert Mugo has joined Africa50 board as one of five independent directors.
Mr Mugo has over 35 years of experience in the energy sector, including 10 years in operations and maintenance of power systems and over 20 years in planning and development of the generation and transmission of electricity supply. He previously worked at the Kenya Pipeline Company and Kenya Power.
The new five new board members, hailing from France, Lebanon, Kenya, Nigeria and South Africa, are recognised senior experts in infrastructure or related fields, and have substantial experience as non-executive directors in Africa and globally.
Their appointment follows Africa50 shareholders’ approval of the expansion of the Board of Directors to include at least half independent directors. Others are Imoni Akpofure, Monhla Wilma Hlahla, Sophie L’Helias and Assaad Jabre.
Ms Akpofure is currently a Senior Associate with KINA Advisory Ltd, a socio-economic advisory firm. In addition, she is a non-executive Director of Guaranty Trust Bank Plc Nigeria, and also serves on the Investment Committees of Africa50 and the Fund for Agricultural Finance in Nigeria (FAFIN).
Ms Hlahla is an experienced director of companies and currently serves as Chairperson of the Boards of Royal Bafokeng Holdings and Denel SOC Limited, both in South Africa.
Ms L’Helias is an expert on governance and sustainability issues. She started as an attorney in M&A and stock market law in New York and Paris and has also served as Managing Director of an arbitrage fund. She is co-founder of the International Corporate Governance Network, focused on institutional investors, and the founder of Leaderxxchange, which promotes diversity on corporate boards.
Mr Jabre currently serves on the board of the Mobile for Development Foundation, and the Strategic Committee of Agence France Trésor.
An experienced corporate advisor, he worked at IFC from 1980 to 2005, serving as acting CEO after several high-level assignments, including Vice-President for Investments and Advisory Operations, and Vice-President for Portfolio Management.
“I am pleased to welcome the new members to the Board. They bring with them a wealth of experience at the highest levels in infrastructure, corporate governance, public service, law, sustainability, and development finance. I am convinced that they will make a substantial contribution to the work of our Board as Africa50 ramps up its activities to help close the continent’s infrastructure gap,” said Akinwumi Adesina, President of the African Development Bank and Chairman of the Board of Directors of Africa50.
“I am pleased that Assaad, Albert, Imoni, Monhla, and Sophie have joined the Board. They combine top-level regional and sectoral skills with long service on the boards of other companies. This is a very important addition to Africa50’s governance structure. Combined with our world-class Senior Leadership Team, which is now in place, they will help us accelerate infrastructure development in Africa,” said Alain Ebobissé, CEO of Africa50.
Africa50, which is now based in Casablanca, Morocco, is an infrastructure investment platform established by the African Development Bank. It contributes to Africa’s growth by developing and investing in bankable projects, catalysing public sector capital, and mobilizing private sector funding, with differentiated financial returns and impact