- At its recently concluded Board Meeting, Professor Kelly Mua Kingsley was elected as the new Chair of the Board and Ms. Christina Westholm- Schröder was elected as the new Vice Chair of the Board.
- ATIDI was recently upgraded by Moody’s from A3/Positive to A2/Stable – while S&P affirmed its A/Stable rating, reflecting the organization’s strong financial management and strategic direction.
Nairobi, 14 October 2024 — At its 101st meeting held on 5 October 2024, the Board of Directors of African Trade & Investment Development Insurance – ATIDI (commonly known as the African Trade Insurance Agency), announced the election of Professor Kelly Mua Kingsly as the new Chair of the Board. He is deputized by Ms. Christina Westholm- Schröder.
The election of the new Board leadership follows the appointment of new Board Members by ATIDI’s Annual General Meeting in line with ATIDI’s continued commitment to strong corporate governance.
The new Board, which includes ATIDI’s first Independent Director, will play a critical role in steering the organization’s strategic direction and governance, further enhancing the organization’s efforts to foster sustainable growth across the continent.
Professor Kelly is the Director of Finance Operations at the Ministry of Finance’s Directorate General of Treasury in Cameroon. In this capacity, he has been instrumental in designing and implementing strategies for monitoring public revenue and expenditure, preparing comprehensive financial reviews and spearheading public finance reforms.
In addition to his role at the Ministry of Finance, Professor Kelly serves as the Censor at the Central Bank of Central African States (BEAC) and represents Cameroon at the Regional Advisory Commission on Financial Markets (COSUMAF). His recent appointment as Cameroon’s designated representative with the United Nations Development Program and the European Investment Bank for GEF projects underscores his commitment to managing climate finance and enhancing regional debt resilience.
Accepting his appointment, Prof. Kelly said his vision is to support best corporate governance practices within ATIDI and drive economic growth that benefits the continent by working closely with ATIDI’s leadership.
“I aim to expand ATIDI’s outreach and visibility across Africa. I encourage all the Central African Economic and Monetary Community (CEMAC) countries to consider applying for membership in ATIDI, as this will further strengthen regional cooperation and open new avenues for economic collaboration,” prof. Kelly said.
Prof. Kelly’s election as the first Cameroonian Board Chair has a significant impact on fostering relationships and networks within the CEMAC and the broader West African region. His role is set to facilitate collaboration among member states, enhance trade relations and promote regional integration. For more information on the membership process, visit
https://www.atidi.africa/investorrelations/membership-process/
Prof. Kelly succeeds Dr. Yohannes Ayalew Birru who has diligently served for two consecutive terms of three years. He was deputised by Ms. Hope Murera, the Managing Director of Zep-Re. During their leadership, ATIDI’s member states increased from 14 to 24 (current member states include Kenya, Cameroon, Nigeria, Ethiopia, Ghana, Malawi, South Sudan, Tanzania, Zimbabwe, Uganda, Zambia, Rwanda, Burundi, Côte d’Ivoire, Benin, Mali, Democratic Republic of Congo, Chad, Senegal, Togo, Madagascar, Niger, Burkina Faso, and Angola). Similarly, gross exposure increased from USD 4.8 million to USD9.6 billion, profits from USD12 million to USD69.1 million and assets from USD419 million to USD837 million.
“I take this opportunity to express my deep appreciation to the outgoing Board Chairman and his team for their outstanding leadership in bringing ATIDI to such a level of performance,” prof. Kelly said.
The new Vice Chairperson, Ms. Westholm-Schröder is Sovereign’s Chief Underwriter and Senior Vice President, with more than 35 years of experience in the political risk insurance industry. She is responsible for all aspects of Sovereign’s transactional underwriting and also leads Sovereign’s successful cooperation with multilaterals and export credit agencies.
Welcoming the new Board of Directors, ATIDI CEO Manuel Moses the new board’s vision and leadership would be instrumental in guiding ATIDI’s future.
“With the Board’s diverse expertise, we expect that we will drive impactful initiatives that foster sustainable trade and investment across Africa. This new leadership team will further enhance our outreach efforts and engage our stakeholders more effectively, creating a stronger and more connected community. Together, we are poised to make a significant difference in the economic landscape of the continent,” Mr. Manuel said.
Rating upgrade
ATIDI was recently upgraded by Moody’s from A3/Positive to A2/Stable – while S&P affirmed its A/Stable rating, reflecting the organization’s strong financial management and strategic direction. This positive assessment positions ATIDI well as it implements its 2024-2027 strategy, which aims to expand its footprint and strengthen its impact across the region. The Board’s support will be crucial in navigating this ambitious strategy, ensuring that ATIDI leverages its strengths and address challenges effectively. Their insights and networks will be vital ATIDI seeks to build new partnerships and enhance its investment initiatives.
Press Release 2024/10/14/
Nairobi Press Contacts:
Lawrence Mensah
Sr. Communications Officer African Trade & Investment Development Insurance
T: +254 701 774 873
Note to editors:
About ATIDI
ATIDI was founded in 2001 by African States to cover trade and investment risks of companies doing business in Africa. ATIDI predominantly provides Political Risk, Credit Insurance and, Surety Insurance. Since inception, ATIDI has supported USD85 billion worth of investments and cross border trade into Africa. For over a decade, ATIDI has maintained an ‘A/Stable’ rating for Financial Strength and Counterparty Credit by Standard & Poor’s, and in 2019, ATIDI obtained an A3/Stable rating from Moody’s, which has now been upgraded to A2/Positive. www.atidi.africa
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