CDC Group, the UK’s development finance institution, has appointed two new Non-Executive Directors, Dolika Banda and Andrew Alli, who will bring extensive African experience to the Board.

The decision to expand the size of the Board was taken to diversify the breadth of expertise brought to CDC.

Dolika Banda is joining as an additional member to the Board. 

Andrew Alli is joining to replace Valentine Chitalu, who is stepping down in January 2019 after serving the maximum of three, 3-year terms. 

Alli will also take over as Chair of the Audit and Compliance Committee, a position currently held by Chitalu. 

Both Banda and Alli are based on the continent, in Lusaka and Lagos respectively, and have extensive business careers on the continent, including within development finance.

Banda is CEO of African Risk Capacity Insurance and has held Non-Executive Director positions at Ecobank Transnational and the UK Department for International Development’s Financial Sector Deepening Africa programme. 

She has over 25 years’ experience in international finance and banking and has worked across the world in Africa, Europe, Latin America, the Caribbean and the US. 

A former Director at the IFC, and a former Regional Director for Africa at CDC Group, Banda’s involvement in development finance followed a successful career in banking. 

She has held senior positions at Barclays Bank Zambia in corporate and merchant banking and at Citibank Zambia in financial control, credit, treasury and international relationships. 

Dolika holds a Master’s in International Business from Schiller University and was recognised in 2012 with a prize for vision and courage by Africa Femmes Performantes (Africa’s Performing Women) in Washington, DC.

Alli was, most recently, the President and CEO of the Africa Finance Corporation, a multilateral financial institution focused on improving Africa’s critical infrastructure. 

A financial professional with over 30 years’ experience in both developed and developing countries, he is currently a Non-Executive Director for the Development Bank of Nigeria, where he chairs the Audit Committee. 

He spent over a decade with the International Finance Corporation (IFC), where he held senior positions including as Country Manager for Nigeria and South Africa. 

Alli is a Chartered Accountant and has a BEng in Electronics and Electrical Engineering from King’s College, University of London and an MBA from INSEAD.

Graham Wrigley, CDC Chairman, said: “I am delighted that Andrew and Dolika have chosen to join CDC’s non-executive team. As well as bringing an impressive wealth of experience in finance and development finance, both will play an important role in bringing the voice of African business right into the heart of CDC’s governance as we seek to accelerate economic development on the continent.”

“I would also like to thank Valentine Chitalu who has given years of dedicated service to CDC, most recently as a Board member, but previously as an employee. His depth of knowledge of CDC and the way we can have the most impact in Africa has been invaluable as we sharpened our strategic focus on the continent. I know that his dedication means that he’ll continue to give his best to CDC until his departure,” he added.

Both appointments are subject to regulatory approval by the Financial Conduct Authority.