Companies The Central African Finance Company Limited FollowLONDON, Sept 7 - (This Sept. 7 story has been corrected to fix AFC's ownership structure based on updated guidance from the AFC in paragraph 5)The Africa Finance Corporation (AFC), which is owned by Nigeria's central bank and other African financial institutions, has no intention of backing away from fossil fuel investments, a senior executive said on Thursday. While governments and U.N. leaders at Africa's first-ever climate summit in Nairobi this week sought to promote the continent as a source of renewable energy solutions, the development of fossil fuel projects remains firmly on the agenda for many countries. "The world still needs energy security, the world still needs energy source diversity. The Lagos-based AFC is a pan-African multilateral development institution, with 40 member states. It is 43.1%-owned by Nigeria’s central bank and 42% by other African financial institutions, according to its website.
