The experienced banker has been appointed on Thursday June 6 in Lomé, at the Annual General Meeting of Ecobank, the leading pan-African private-sector banking group, operating in 35 countries in sub-Saharan Africa, as well as in France, the UK, the United Arab Emirates and China.
Papa Madiaw Ndiaye replaces the retiring Cameroonian Alain Nkontchou, who held the position for 4 years. “After nearly a decade as a director and almost four years as Chairman of the Ecobank Group, Alain Nkontchou is retiring. His experience, wise counsel, vast knowledge of the business world and strategic vision have been exemplary,” said Ecobank Group.
Papa Madiaw Ndiaye is the founding partner and managing director of Advanced Finance & Investment Group (“AFIG Funds”), a leading investment fund management company founded in 2006, which makes growth equity investments in various sectors in West, Central and East Africa. Incorporated in Mauritius, with its head office in Dakar, AFIG Funds finances and supports local entrepreneurs, as well as developing African companies into regional and global leaders. “With proven leadership experience and a strong commitment to our mission, we are confident that he will guide Ecobank Group to new heights,” said the pan-African bank which employs over 14,000 people and has over 32 million customers.
For his part, the new Ecobank CEO said: ‘I am honoured to take on the role of Chairman of the Ecobank Group. Together, we will continue to build on our heritage of excellence, innovation and commitment to sustainable growth across Africa.
One of the managers of the largest pan-African fund ever created
As Managing Director and Founding Partner of AFIG Funds, Papa Madiaw Ndiaye leads the strategic direction of the fund, manages partner relationships and oversees the investment process as Chairman of the Investment Committee.Prior to joining AFIG Funds, Papa Madiaw Ndiaye was co-founder and Chief Investment Officer of Emerging Markets Partnership in Washington (EMP, now ECP). He was one of three partners to raise and manage the USD 407 million AIG African Infrastructure Fund, which, when launched in 2000, was the largest pan-African fund ever created.
Prior to EMP, the Senegalese financier worked in the investment department of the International Finance Corporation (a member of the World Bank Group) covering financial institutions in Africa between 1996 and 2000. In this capacity, he participated in the launch of several landmark funds in Africa.
Early career on Wall Street
Papa Madiaw Ndiaye began his career on Wall Street at Salomon Brothers, before joining JP Morgan’s Emerging Markets Group in 1992. In 1994, he launched JP Morgan’s securities operations in Africa and the Middle East.
In 2000, Papa Madiaw Ndiaye was appointed Special Advisor for Economic and Financial Affairs to the then President of Senegal and Chairman of the Senegalese Presidency’s Economic and Financial Advisory Council. In the same year, he launched MIDROC BVI, a direct investment vehicle for Sheikh Mohammed Al-Amoudi, a lead investor in the AIG African Infrastructure Fund.
Young Global Leader
Papa Madiaw Ndiaye holds an M.B.A. from the Wharton School of Business, one of the world’s most prestigious business schools, an M.A. in International Affairs from the University of Pennsylvania’s Lauder Institute, and a B.A. in Economics from Harvard College. In 2004, he was selected as a Young Global Leader by the World Economic Forum in Davos, and in 2009 was named one of the Frontier 100 CEOs by the Initiative for Global Development.
Ecobank’s new CEO is a member of the board of directors of several African companies, including the beneficiaries of AFIG Fund investments. He is also a board member of AVCA, the African Private Equity Association.
