The Emir of Kano and former Governor of the Central Bank of Nigeria, Mr. Lamido Sanusi, has been appointed as the Chairman of the Board of Directors of Blackstone’s portfolio company, Black Rhino..
Blackstone, a global investment and advisory firm founded in 1985 and listed on the New York Stock Exchange, in a statement on Thursday confirmed the development.
Black Rhino was formed in January 2012 to develop and invest in transformational infrastructure projects in sub-Saharan Africa’s power generation and fuel transportation sectors.
The Founder and Chief Executive Officer, Black Rhino, Brian Herlihy, was quoted in the statement as saying, “One can scarcely imagine a stronger addition to the Black Rhino Board. The Emir has unparalleled insights into Africa’s regional and local socio-economic development needs and the role that power and infrastructure development can play.
“We know that as Chairman of Black Rhino, the Emir will provide business as well as moral guidance in all our endeavors across Africa. It is an honour and a privilege to announce His Highness, the Emir of Kano as the Chairman of Black Rhino.”
A Senior Managing Director at Blackstone, Mr. Sean Klimczak, who oversees the firm’s global private equity investments in power generation and natural resources, said the firm was pleased with the development.
“We look forward to working closely together as we develop energy solutions for sub-Saharan Africa.
“I am honored to join the Board of Black Rhino, a company that is looking to develop infrastructure projects in places where there is the most need to transform communities,” Sanusi was quoted in the statement as saying.
“We live in a time of intense competition for capital and I do hope that by joining the Board I can play some part in bringing some of that capital nearer to home.”
According to the statement, prior to his appointment, Sanusi had a 25-year career in banking. He began his career in 1985 at ICON Merchant Bankers, a subsidiary of Morgan Guaranty Trust and Baring Brothers, and later ran the credit and risk management division at the United Bank for Africa. In 2005, Sanusi moved to First Bank of Nigeria Limited, where he was named the managing director in 2009.
“Emir Sanusi has a comprehensive mastery of the interdependence of Africa with the global economy,” the Chair of Blackstone African Infrastructure LP and Managing Director at Black Rhino, Mimi Alemayehou, said.
Last year, Black Rhino and Dangote Industries announced a commitment to jointly invest up to $5bn over the next five years in energy infrastructure projects across sub-Saharan Africa.