Shelter Afrique has sacked Managing Director Andrew Chimphondah. This follows a recent board meeting where a decision to part ways with the MD was made.
It is not yet clear why Chimphondah was shown the door at such time, in the middle of a reorganisation and restructuring.
Mr Kingsley Muwowo, the Chief Finance Officer, has been appointed as acting managing director pending the recruitment of a substantive Managing Director.
Mr Andrew Chimphondah, a Zimbabwean national was appointed as the Managing Director in September 2018.
Chimphondah, who is a Chartered Accountant oversaw the turnaround strategy of the housing financier approved by its General Assembly in 2017. Chimphondah also presided over a return to profit and was instrumental in raising substantial capital subscriptions from member countries.
“The Board extends to Mr Chimphondah its gratitude for his years of service and wish him well in all future endeavours,” said Shelter Afrique in a statement.
In 2021, the financier announced plans for a $500m Naira Bond and is in advance stages of completing the process of floating the Bond on the Nigerian Stock Exchange.