ECOBANK GROUP : Pape Madiaw Ndiaye Appointed New Chairman of the Board of Directors

Pape Madiaw Ndiaye, a seasoned Senegalese investor, has just been propelled to the head of the Ecobank group, one of the largest pan-African financial institutions. During the 36th edition of the bank’s General Assemblies, held on June 6 in Lomé, Togo, the Board of Directors endorsed the appointment of this investment fund manager to the chairmanship of the board of directors (PCA) of the group.

At the age of 55, Pape Madiaw Ndiaye is an experienced financier, recognized for his expertise in emerging markets. He succeeds Alain Nkontchou, the Cameroonian who has held this position since 2016. Perfectly bilingual in French and English, the new PCA of Ecobank has a solid background in the world of finance.

Before founding his own fund management company, Afig Funds, in 2005, Pape Madiaw Ndiaye held several management positions in renowned financial institutions. He has worked at Salomon Brothers, JP Morgan and the International Finance Corporation (IFC), the investment arm of the World Bank Group.

It was at EMP (Emerging Markets Partnership), an asset manager specialized in emerging markets, that Pape Madiaw Ndiaye made a name for himself. In 2000, he was one of three partners who raised $407 million for the AIG African Infrastructure Fund, which was then the largest pan-African fund ever created. This fund generated an annual net return of around 30%.

A savvy entrepreneur, Pape Madiaw Ndiaye was also appointed Special Advisor for Economic and Financial Affairs to the President of the Republic of Senegal in 2000. That same year, he launched MIDROC BVI, a direct investment vehicle for the Saudi billionaire, Sheikh Mohammed Al-Amoudi.

With this rich experience, the new PCA of Ecobank has established himself as one of the most influential African investors. He sits on the boards of directors of many African companies and non-profit organizations related to the continent.

Holder of an MBA from the Wharton School of Business, an MA in International Affairs from the University of Pennsylvania, and a BA in Economics from Harvard College, Pape Madiaw Ndiaye has combined academic excellence and practical experience to build an impressive career.

At the helm of Ecobank, the Senegalese financier will be tasked with continuing the development momentum of the pan-African banking group, which has nearly 35,000 employees spread across 39 African countries. With a balance sheet of $26 billion in 2022, Ecobank is one of the largest financial institutions on the continent.

Under the leadership of Alain Nkontchou, the group has indeed recorded solid performance in recent years, posting steady growth in its profits. Pape Madiaw Ndiaye will therefore have to work to maintain this upward trajectory, while strengthening Ecobank’s position in African markets.

Known for his expertise in investments in Africa, the new PCA will also have to ensure the diversification of the group’s activities, to make it less dependent on the traditional banking market. These are major challenges, but this experienced financier will be able to meet them, thanks to his experience and network within the African economic ecosystem.

S.N