Africa Finance Corporation

The Kenyan president, William Ruto, met with Nigerian industrialist Aliko Dangote in New York on the sidelines of the 81st United Nations General Assembly.

The two leaders met around September 21, 2026, alongside Africa Finance Corporation CEO Samaela Zabairu.

The agenda, their discussions were focused on the final preparations and financing for the proposed 17 billion Kenyan shilling, 2.2 trillion East Africa refinery project in Lamu, Kenya.

Okay, so it's not actually saying what they're refining.

But also, I think from speaking to people this week, I couldn't help but felt a slight sense of, you know, a little bit of coincidence that two, three deals have happened at the same time.

I cannot lie about that and that tie everything back to the to the broader rates backdrop and because two of these issuers like i said were issuing for the first time as you can imagine it's not a deal that you think of today and then you can bring to the market tomorrow a lot of the things have to line up systems talking to investors making sure everything fits everything's aligned and pricing precisely as well is a big decision making factor for these issuers before they jump into the market and The only other issuer who's not a first-time issuer, that is the World Bank's AFC, they are coming back to the market for the first time in seven years as well.

So there's considerable preparation work behind bringing that transaction to the market as well.

The two debut issuers I should have mentioned are the Nordic Investment Bank as well as the Council of Europe Development Bank.

And his playbook had changed.

Whereas he would usually have stakes in several businesses and go to sleep, Otedola's long history with banking from his days of CenterForce when he was sort of a micro-lender, to his days at Zenon where he successfully acquired stakes in Africa Finance Corporation, Zenith Bank, UBA, and several other banks in Nigeria, always making sure he was in the top five shareholders, mostly top two.

He now decided that he was now going to spread his risk across all the banks.

He was now going to focus on First HoldCo and acquire a fifty-one percent controlling stake, even though he was the board chairman, but he needed to make sure the direction of the company was going somewhere.

And every other week we talk about strategies for black power.

So WIOCC Group, an African digital infrastructure company, just secured a $300 million investment from African finance corporation Envision Invest.

It was signed on September 1st at the LEAP Leap 2026 in Riyadh.

The money goes to three things, and this is the important part and goes to the title of this story.

But the important thing is real.

African institutions are now participating in owning and operating the strategic aspects of digital infrastructure.

The African Finance Corporation president put it plainly.

The Africa we build must create value from the digital economy, not, and this is important, not just consume it.

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