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United Kingdom IC Publications 7 Coldbath Square London EC1R 4LQ Tel: +44 20 7841 3210 E-mail: icpubs@icpublications.com www.icpublications.com FOUNDER Af i f Ben Yedder PUBLISHER AND EDITOR-IN-CHIEF Omar Ben Yedder o.benyedder@icpublications.com EDITOR Anver Versi a.versi@icpublications.com ASSOCIATE EDITOR Jon Haynes j.haynes@icpublications.com VP DEVELOPMENT Saliba Manneh s.manneh@icpublications.com COMMERCIAL DIRECTOR Roman Zincenko r.zincenko@icpublications.com ADVERTISING advertising@icpublications.com ADVERTISING SALES DIRECTORS Bay t i r Samba, Nick Rosef ield DISTRIBUTION distribution@icpublications.com PRODUCTION MANAGER S t u a r t We s t s.west@icpublications.com TUNISIA Nejib Ben Yedder n.benyedder@icpublications.com PRINTERS Roularta Media Group Meensesteenweg 300 8800 Roeselare SUBSCRIPTIONS IC Publications Webscribe Unit 4, College Business Park College Road North Aston Clinton, HP22 5EZ UK Telephone: +44 (0) 1442 820580 contact@webscribe.co.uk https://african.business/subscribe Al l pictures AFP unless indicated. Registered with t he Brit ish Librar y. ISSN 1757-1413 ©2024 IC Publications Ltd Dépôt léga l : av r i l 2024 Cover Story BOAD – 50 years as a development icon Readers’ Views 5 Your comments and letters News in Brief 6 Banking sector news from around the continent African Bankers World 12 Who’s going where in the African banking industry Editorial 17 Saluting captains of Africa’s financial world Cover Story 18 In Conversation: Serge Ekué, President, BOAD – 50 years at the heart of Africa’s development Essay 24 Time to cast off Africa’s financial shackles Event 28 Djibouti – Forum rolls out investment red carpet 30 Investors gather in the Horn of Africa In Conversation 32 Claver Gatete, ECA – A regional approach can deliver fast development Research 36 The benefits of digital transformation Country Focus: Nigeria 40 Tinubu defiant as reforms bite Tr i b u t e 44 Herbert Wigwe – In memory of an African banking icon In Conversation 46 Oliver Alawuba, United Bank for Africa – Perfectly positioned to support African growth In Conversation 50 Baba Yusuf Musa, WAIFEM – Public services are key to fixing economic woes Topic 54 Banks face fossil fuel financing dilemma African Capital Markets 58 East Africa gets new bond exchange 59 $1.2bn power listing lights up NGX 60 Foreign investors dump Kenyan shares 60 New CEOs for Nairobi and Lusaka exchanges 60 Nairobi SE setting up recovery board for troubled shares 61 Fashion to the fore on Egyptian exchange Islamic Finance 62 The steady rise of African sukuk West Africa Focus 66 Ecowas threatened as states withdraw Country Focus: South Africa 70 Economic green shoots bolster ANC’s poll hopes The Last Word 74 Which is best – state or private ownership?

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