Shelter Afrique, MD Chimphondah part ways
BUSINESS REPORTER
Shelter Afrique has parted ways with managing director Andrew Chimphondah following a decision made at a recent board meeting, the Pan African housing financier has said.
The Zimbabwean executive was appointed to head the Nairobi-headquartered financial institution in 2018 and oversaw the turnaround strategy of the housing financier approved by its General Assembly a year earlier.
“Chimphondah also presided over a return to profit and was instrumental in raising substantial capital subscriptions from member countries,” said the housing financier which deals exclusively with the promotion of affordable housing.
The company said it is in the middle of a reorganisation and restructuring to optimise service delivery and during this transition, it will be stewarded by Kingsley Muwowo, the Chief Finance Officer as acting head pending the recruitment, on a competitive basis, of a substantive MD.
“The Board extends to Mr Chimphondah its gratitude for his years of service and wish him well in all future endeavours,” Shelter Afrique said.
In 2021, Shelter Afrique announced plans for a $500m Naira Bond and is in advance stages of completing the process of floating the Bond on the Nigerian Stock Exchange.
The board and management are dedicated to making the capital raise a success as a demonstration of how effective capital markets can be to spur development in Africa, Shelter Afrique said.
