Oct 3, 2022

Mawazo Writing Africa

Writing about the main

Shelter Afrique starts search for new CEO

Shelter Afrique’s Board of Directors is seeking a new chief executive officer to replace Andrew Chimphondah, who was sacked in February.

Mr Chimphondah joins a list of executives who have abruptly led the pan-African housing financier at or below have left a cloud of controversy.

“The Managing Director reports to the Board of Shelter Afrique and has overall responsibility for the implementation of Shelter Afrique’s mandate, resources for housing development and related infrastructure in Africa mobilize.” the agency said in a statement.

“In cooperation with private and public institutions, he/she will identify, develop and implement housing and related infrastructure projects, mobilize the necessary resources, manage them and use them judiciously to enable Shelter Afrique to carry out its mission.”

Mr. Chimphondah, the who took the helm three and a half years ago was tasked with steering the turnaround after turbulent years in which it was pushed into a financier financial crisis.

The board did not disclose why the Zimbabwean national was fired, but did only stated that the landlord is making a transition.

Shelter Afrique, owned by 44 African countries and three developing institutions – African Development Bank, African Reinsurance Corporation and African Solidarity Fund – has had three in less than eight years CEOs.

Mr. Chimphondah joined the housing financier in September 2018, succeeding Femi from Sierra Leone Adewole, who had been in an acting capacity for less than two years and then served as Content Director since early 2017.

Mr Adewole was appointed following the resignation of Ugandan James Mugerwa in February 2017 after a three-year term. Meanwhile, Mr. Muwowo, the CFO, served.

Mr. Mugerwa, who took office in August 2014 following the bitter departure of Mauritanian national Alassane Ba, left the company a day after board members conducted a forensic audit of Deloitte had adopted a report that involved him in subprime lending and creative accounting.

The undercurrents at Shelter Afrique surfaced in September 2016 when the firm’s chief financial officer, Godfrey Waweru, emailed the financial health of the lender.

The financier was struggling with losses amid high financing costs at the time, which negatively impacted its ability to raise new capital and fund new projects.

Under Mr. Chimphondah’s tenure, he undertook oversight of a turnaround, including raising capital and debt restructuring.

The Company announced last year that it has completed the repayment of the balance of $186 million owed to eight lenders three years ahead of schedule.

Shelter Afrique intends to complete its proposed $1.25 billion offering conducting new borrowings from African capital markets.

It will seek US$500 million from East Africa and a similar amount from Nigeria, with the remaining US$250 million coming from the Francophone markets.