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Papa Madiaw Ndiaye

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Papa Madiaw Ndiaye
Founding Partner and CEO of AFIG Funds
Incumbent
Assumed office
December, 2005
Chairman at Ecobank Transnational Inc
Incumbent
Assumed office
June, 2024
Preceded byAlain Francis Nkontchou
Personal details
Born
Papa Madiaw Ndiaye

(1965-09-29) 29 September 1965 (age 59)
Dakar, Senegal
Alma materHarvard College
Lauder Institute
Wharton School
OccupationBusiness executive
ProfessionFund Management
PortfolioBusiness Finance

Papa Madiaw Ndiaye (born 29 September 1965), is a financier and investor, who was born and grew up in Senegal. He is the CEO of Advanced Finance and Investment Group (AFIG Funds), one of the African owned private equity investment firms that he founded in 2005.[1][2] In addition, since June 2024, Papa Madiaw sits as the Chairman of Ecobank Transnational Inc, a pan-African banking conglomerate, with banking operations in 33 African countries.[3]

Prior to AFIG Funds, Papa had a rich career, working at global financial institutions including International Financial Corporation, JP Morgan and,Salomon Brothers, since 1988.[4] Between 1996 and 2000, Papa Madiaw served at the IFC’s investment department overlooking financial institutions establishment and investments in Africa. In 2000, Papa Madiaw was one of the three partners to raise and manage the AIG African Infrastructure Fund and managed through the Emerging Markets Partnership (EMP, now ECP) in Washington.[5] In 2000, he was appointed Chairman of the National Council of Economic Advisors for President Abdoulaye Wade of Senegal. In 2004, he was inducted as Young Global Leader by the World Economic Forum of Davos. In 2018, he was awarded the Outstanding Leadership Award by the Private Equity Africa Awards.[6]

Biography

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Papa Madiaw was born on 29 September 1965; he grew up in Dakar, Senegal, and completed his International Baccalaureate diploma at UWC Atlantic College in Wales.[7] In 1984, Papa Madiaw attended Harvard College in the U.S., he graduated with a bachelor's degree in economics in 1988. In 1990, Papa Madiaw enrolled at the University of Pennsylvania's Lauder Institute in the U.S. to pursue a postgraduate degree, he earned there a master's degree in international affairs in 1992. Papa Madiaw also holds an MBA from the Wharton School of Business since 1992.[8][9]

Career

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In 1988, after graduating from Harvard College, Papa Madiaw began his career at the Salomon Brothers and joined the JP Morgan's Emerging Markets Group in 1992. In 1994, he launched JP Morgan's securities trading business in Africa and the Middle East. Between 1996 and 2000, Papa Madiaw held senior positions for the International Finance Corporation's (IFC) equity and debt investment activities, capital markets, and financial institutions in Africa.[10][8]

In 2000, Papa Madiaw was appointed as the Special Advisor for Economic and Financial Affairs to the President of the Republic of Senegal, Abdoulaye Wade, and the Chairman of the Senegalese Presidential Economic and Financial Advisory Council. In the same year, he launched the MIDROC BVI, a direct investment vehicle for Sheikh Mohammed Al-Amoudi.[11] Papa Madiaw served as director and was one of three partners who raised the $407 million fund of the AIG African Infrastructure, which when launched in 2000, was the largest pan-African fund.[9] Papa Madiaw served on the board of several entities, including the African Private Equity and Venture Capital Association (AVCA) and Nouvelle Mici Embaci among others, and he is currently the chairman of Ecobank Transnational Inc, since June 2024.[12][13]

AFIG Funds

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In December 2005, Papa Madiaw founded the Advanced Finance and Investment Group (AFIG Funds). AFIG Funds is a fund management company domiciled in Mauritius with offices in Dakar (Senegal), Johannesburg (South Africa), and Washington, DC (USA), founded to invest in profitable or growing companies in Africa.[9][14]In July 2008, the first fund was launched by the AFIG team, named Atlantic Coast Regional Fund (ACRF), with total commitments of US$122.5m and covering 29 countries in West, Central, and East Africa.[15][16][17] Through ACRF, AFIG invested in multisector companies including FSDH Holding, Primrose Properties, Ecobank Rwanda, and Senbus Industries to mention a few.[18][14]

AFIG's second fund, named AFIG Fund II, was launched in 2016 with total commitments of US$135.1m and covering 32 countries in West, Central, and East Africa. Through AFIG Fund II, AFIG invested in companies like Tecnicil Indústria, First Atlantic Bank, NEM Insurance, and Nouvelle Mici Embaci to mention a few.[19][20][21]

Recognitions

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  • 2004: Papa Madiaw was chosen as a Young Global Leader by the World Economic Forum in Davos.[22]
  • 2009: Papa Madiaw was recognized as one of the Frontier 100 CEOs.[23]
  • 2018: Papa Madiaw was awarded the Outstanding Leadership Award by Private Equity Africa Awards.[24]

References

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  1. ^ vipeoples.net. "Pape Madiaw Ndiaye, le sénégalais qui gère discrètement des dizaines de milliards". Vipeoples.net | Site d'actualité générale sénégalaise des VIP (in French). Retrieved 2024-07-05.
  2. ^ Adams, Segun (2020-04-14). "NEM announces key changes to Board". Businessday NG. Retrieved 2024-07-05.
  3. ^ "Papa Madiaw Ndiaye Appointed Chairman of Ecobank Group as Alain Nkontchou Steps Down". Business in Cameroon. Retrieved 2024-07-05.
  4. ^ "Bonaberi.com : Enquête : Ces cadres africains qui retournent au pays". Bonaberi.com (in French). Retrieved 2024-07-11.
  5. ^ "AFRICA : IFC a driving force in African oil - 16/07/2013 - Africa Energy Intelligence". Africa Intelligence. 2024-07-11. Retrieved 2024-07-11.
  6. ^ "Papa Ndiaye, PDG d'AFIG Funds, reçoit le prix de leadership exceptionnel de Private Equity Africa en 2018". Magazine des dirigeants et chefs d'entreprise en Afrique. 2018-09-13. Retrieved 2024-07-11.
  7. ^ "Ces cadres africains qui retournent au pays". Les Echos (in French). 2006-08-04. Retrieved 2024-07-05.
  8. ^ a b "Africa 2003 - Papa Madiaw Ndiaye's Advice: Go Home - Papa Madiaw Ndiaye's Advice: Go Home". HBS Working Knowledge. 2003-03-24. Retrieved 2024-07-05.
  9. ^ a b c LESOIRDEDAKAR. "Pape Madiaw Ndiaye : Cet homme lève des millions de dollars". Dakarposte.com - Le site des scoops (in French). Retrieved 2024-07-08.
  10. ^ Bate, Felix (2014-04-09). "AFIG Funds sees opportunities in Africa's neglected SMEs". Retrieved 2024-07-07.
  11. ^ Wade, Ousmane. "Ecobank TI: Le Sénégalais Pape Madiaw Ndiaye, nouveau PCA". Leral.net - Sénégal (in French). Retrieved 2024-07-07.
  12. ^ First, Togo. "Papa Madiaw Ndiaye Takes the Helm of Ecobank's Board of Directors". www.togofirst.com. Retrieved 2024-07-05.
  13. ^ "ETI diversified business model paves way for N2b revenue, shareholders laud". Guardian Nigeria News. 2024-06-06. Retrieved 2024-07-05.
  14. ^ a b Gbadeyanka, Modupe (2017-09-22). "FSDH Merchant Bank Gets Funding Lifeline from AFIG Funds". Business Post Nigeria. Retrieved 2024-07-08.
  15. ^ "AFIG Funds Closes a US$50 Million Recapitalization of the Atlantic Coast Regional Fund (Sub-Saharan Africa) – GPCA". 2014-02-04. Retrieved 2024-07-08.
  16. ^ "Papa Madiaw Ndiaye (Atlantic College 1982 - 1984) dans Les Afriques du 25 janvier 2009". uwcsenegal.blog4ever.com (in French). Retrieved 2024-07-05.
  17. ^ "Afig lève 50 millions de dollars - Jeune Afrique.com". JeuneAfrique.com (in French). Retrieved 2024-07-05.
  18. ^ "AFIG Funds sees opportunities in Africa's neglected SMEs". www.thehabarinetwork.com. Retrieved 2024-07-05.
  19. ^ Africa, Ventures (2023-07-20). "MCB acts as lead arranger in structuring the financing for the takeover of Nouvelle Mici Embaci in Côte d'Ivoire". Ventures Africa. Retrieved 2024-07-08.
  20. ^ Sule, Teliat (2019-01-20). "AFIG Fund II in NEM raises foreign control of Nigeria's insurance industry". Businessday NG. Retrieved 2024-07-08.
  21. ^ Rédaction (2017-09-26). "First Atlantic Bank announces investment by AFIG". Financial Afrik (in French). Retrieved 2024-07-08.
  22. ^ "Ce qu'il faut savoir sur Papa Madiaw Ndiaye, le nouveau président du Groupe Ecobank". sikafinance.com (in French). Retrieved 2024-07-08.
  23. ^ "AFIG Funds CEO, Papa Ndiaye, Receives 2018 Private Equity Africa's Outstanding Leadership Award". Kapital Afrik. 2018-06-17. Retrieved 2024-07-08.
  24. ^ "Winners Announced for Private Equity Africa Awards 2018". BusinessGhana. Retrieved 2024-07-05.
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