Africa50 appoints former CEO of KenGen as an independent director

The African Development Bank’s (AfDB) pan-African infrastructure fund, Africa50, has appointed Albert Mugo as an independent director.

Mugo is the former Chief Executive Officer and Managing Director of the Kenya Electricity Generating Company (KenGen).

The Moroccan-based fund targets investments in medium and large-scale infrastructure projects that can generate good returns and will have a significant impact.

Africa50 is to hire at least five new independent directors as part of an expansion of the board.

The other directors include Imoni Akpofure, Monhla Wilma Hlahla, Sopie L’Helias, and Assaad Jabre.

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“I am pleased to welcome the new members to the Board,” commented Akinwumi Adesina, President of the African Development Bank and Chairman of the Board of Directors of Africa50.

“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.”

“I am pleased that Assaad, Albert, Imoni, Monhla, and Sophie have joined the Board,” remarked Alain Ebobissé, CEO of Africa50.

“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.”