For much of the past two decades, Fola Fagbule has occupied a distinctive position in African finance—part investment banker, part infrastructure strategist, helping to structure the transactions that connect governments, institutional capital and the infrastructure projects on which economic growth depends.
His appointment as Director and Head of the Africa Finance Corporation’s (AFC) Regional Office in Nairobi marks the latest chapter in that journey.
More than a routine executive promotion, it reflects AFC’s strategy of strengthening its presence in East and Central Africa, regions where demand for transport, energy, telecommunications and industrial infrastructure continues to accelerate.
Based in Nairobi, Fagbule will lead the Corporation’s efforts to originate investments across the region while deepening relationships with governments, development finance institutions, commercial banks, institutional investors and corporate clients.
His mandate extends beyond financing projects to cultivating the partnerships that increasingly determine whether major infrastructure investments move from concept to execution.
Growing with AFC
Fagbule’s professional story has become closely intertwined with that of AFC itself.
He joined the Corporation in 2009 as Special Assistant to the President and Chief Executive Officer, arriving at a time when AFC was still establishing itself as a specialised infrastructure finance institution.
Working alongside the chief executive exposed him to the breadth of the organisation’s activities, from power and transport to telecommunications, mining, heavy industry and oil and gas, providing an unusually broad understanding of infrastructure investing across Africa.
As AFC expanded, so too did his responsibilities.
In 2011, he became Head of Origination, leading business development and client engagement across multiple sectors.
The role required identifying commercially viable opportunities while working closely with governments and project sponsors to structure investments capable of attracting long-term capital into markets where infrastructure financing often presents significant execution risks.
An Entrepreneurial Interlude
In 2014, Fagbule stepped away from AFC for what would become a brief but formative entrepreneurial chapter.
As a private investor, he acquired a controlling stake in a Nigerian internet infrastructure business, overseeing its strategic direction while serving on its board.
The experience offered him a perspective uncommon among career investment bankers—that of an owner responsible not only for financing businesses but also for building them.
The entrepreneurial detour would prove temporary.
Within a year, he returned to AFC, bringing with him a deeper appreciation of the operational realities facing businesses seeking long-term infrastructure capital.
Advising Africa’s Largest Infrastructure Projects
Since rejoining AFC in 2015 as Vice President, Investments, Fagbule has steadily moved into increasingly senior leadership roles.
He later became Senior Vice President and Head of Financial Advisory, where he worked with governments and private-sector sponsors to develop some of Africa’s most ambitious infrastructure and industrial projects.
Rather than simply arranging finance, his work focused on helping sponsors structure complex transactions capable of attracting institutional investors and development finance institutions.
Since 2022, as Deputy Director and Head of Financial Advisory Services, he has led teams advising on transformational infrastructure projects across the continent.
His work has increasingly reflected AFC’s evolution from a traditional lender into a project developer, strategic adviser and long-term infrastructure investor.
The Nairobi appointment builds naturally on that experience, placing him at the forefront of AFC’s expansion into markets where infrastructure investment is expected to remain one of the defining drivers of economic growth over the coming decades.
Foundations in Investment Banking
Long before becoming one of Africa’s better-known infrastructure financiers, Fagbule built his career in Nigeria’s investment banking industry.
At Afrinvest (West Africa) Limited, he began in corporate finance, working on mergers and acquisitions as well as capital-raising transactions across West Africa.
He later became Head of Research, leading analysis of Nigerian banks and listed companies for domestic and international institutional investors, developing expertise in financial markets that would later underpin his infrastructure investment career.
His earliest professional experience came at Shell Trustees, where he helped develop management information systems for one of Nigeria’s largest pension fund administrators.
Although far removed from infrastructure finance, the role introduced him to institutional asset management and the long-term investment horizon that continues to shape his work today.
A Career Aligned with Africa’s Infrastructure Ambition
Across every stage of his career, a consistent thread has emerged: financing the physical assets that make economic development possible.
Whether analysing listed banks, structuring capital raises, advising governments or leading infrastructure transactions, Fagbule has remained focused on mobilising long-term investment into sectors that underpin industrialisation and economic transformation.
His appointment to lead AFC’s Nairobi office comes as East and Central Africa attract increasing investor attention for opportunities in energy, transport, digital infrastructure and manufacturing.
For AFC, strengthening its regional presence is intended to bring the institution closer to project sponsors and policymakers.
For Fagbule, it represents the next step in a career spent helping shape Africa’s infrastructure landscape.
About Africa Finance Corporation
Founded in 2007 by Nigerian sovereign initiative but established as a pan-African multilateral infrastructure finance institution, Africa Finance Corporation has grown into one of the continent’s leading infrastructure investors, with activities spanning power, transport, telecommunications, natural resources and heavy industry.
Unlike traditional development finance institutions, AFC combines commercial investment principles with a developmental mandate, investing its own balance sheet while also arranging capital from international investors.
Over the past decade, it has played leading roles in financing landmark projects ranging from railways and ports to renewable energy plants, fibre-optic networks and critical minerals.
The Corporation’s shareholder base has evolved significantly since its early years.
What began with African central banks and financial institutions has expanded to include sovereign wealth funds, pension funds, development finance institutions and private institutional investors from across Africa, Europe, Asia and the Middle East, broadening both its capital base and international reach.
In 2025, AFC raised $500 million through its inaugural perpetual hybrid bond, attracting strong demand from global investors and further diversifying its funding sources.
The institution has consistently maintained investment-grade credit ratings from major international agencies, reinforcing its reputation as one of Africa’s strongest infrastructure finance platforms.
Today, AFC has invested tens of billions of dollars across the continent and operates from regional offices in Lagos, Abuja, London, Casablanca and Nairobi, positioning itself not only as a financier but increasingly as a developer, adviser and long-term partner in Africa’s industrial and infrastructure transformation.
