Development finance company Africa Finance Corporation (AFC) has appointed David Johnson as chief risk officer.
He would succeed Roger Ellender, who would retire.
Prior to this appointment, Johnson served as AFC’s market risk management VP.
He would now be responsible for the continuous review, implementation and enhancement of AFC’s enterprise-wide risk management framework, which comprised credit, market, operational, environmental and social risk management.
During his five-year tenure as VP, Johnson contributed to the avoidance, mitigation and management of risks in AFC’s investments, enhancement of policies, procedures and information technology systems for market, credit, operational, environmental and social risk management.
Johnson also spent 15 years working as a risk manager, trader and structurer at various international banks including Stanbic IBTC Bank, where he headed market risk for West Africa.
He also served as risk manager for the Credit Derivatives Group at WestLB AG and the Asset Backed Commercial Paper conduit at Abbey National Treasury Services.
Noting that infrastructure financing was by its “very nature” a risky business, AFC CEO Andrew Alli said projects could take years to develop, meaning a long wait for return on investment.
“Additionally, the high-impact projects that AFC undertakes require large volumes of capital so the corporation always conducts careful evaluation of the risks before embarking on any new project. We welcome David to his crucial new post and wish him every success with it,” he added.