The African Development Bank Group has appointed Mr Ifedayo Orimoloye as the Group Chief Risk Officer, effective 1 April 2021.

Ifedayo, a US national, has over 20 years of risk management and corporate finance experience from international and diverse financial institutions in Africa, Europe and North America.

As Bank Group Chief Risk Officer, Ifedayo is expected to lead the preparation and implementation of strategic plans within the Bank’s overall risk management framework, including the Bank’s risk appetite statement, credit risk, operational risk and market risk guidelines, policies and procedures.

Ifedayo, who holds an MBA (Finance) from California State University, started his banking career with Wachovia Bank in 1995 in corporate finance and later moved to senior risk management roles at Citibank, HSBC and Wells Fargo Bank.

Between 2010 and 2017, Ifedayo was the Group Chief Risk Officer at Ecobank Transnational Incorporated, the continent’s largest pan-African banking group, where he provided oversight of risk-taking activities in the 40 African countries and other regions where Ecobank has a presence.

Furthermore, he provided the Board of Directors with independent assessments of all sovereign, sub-sovereign and non-sovereign default risks, including the establishment of sectoral, country and cross-border limits on risk assets of $24 billion.

He joined Sterling Bank in 2018 as Chief Risk Officer, a role he positively transformed by implementing a strong framework that ensured rigor in the application of group-wide risk management policies and practices. He also embedded independent oversight and guidance for managing risk and ensuring compliance, including the development and implementation of risk and capital management measures across the organisation.

Ifedayo said he was excited to join the talented senior management team that President Akinwumi A. Adesina has been attracting to the Bank. “I am passionate about the Bank’s development agenda that has attracted global attention as bold and innovative for accelerating Africa’s development. The African Development Bank Group already has a globally acclaimed and high-performing risk management team. I am honoured to join to lead the outstanding team to further achieve accelerated development in Africa.”

Commenting on the appointment, President Adesina said: “I am delighted to appoint Ifedayo to lead the Bank’s risk management function. His hands-on risk management experience will be key in safeguarding the Bank’s financial integrity and in providing leadership on all core risk management activities of the Bank. Ifedayo is a respected professional, with a solid track record in risk management and his experience in Africa, Europe and North America, will help to further strengthen the Group’s risk management function.”