Following a recently held board meeting, it was decided that managing director Andrew Chimphondah and pan-African housing financier Shelter Afrique would part ways.
MD Andrew Chimphondah to part ways with Shelter Afrique.
Chimphondah, who was appointed MD in September 2018, is a chartered accountant and oversaw the turnaround strategy of the housing financier approved by its General Assembly in 2017. Chimphondah also presided over a return to profit and was instrumental in raising substantial capital subscriptions from member countries.
The organisation, however, is in the middle of a reorganisation and restructuring to optimise service delivery and during this transition, it will be stewarded by Kingsley Muwowo, the chief finance officer, as acting MD pending the recruitment of a substantive MD.
In 2021, the financier announced plans for a $500m Naira Bond and is in advanced stages of completing the process of floating the bond on the Nigerian Stock Exchange.