Shelter Afrique has been trying to regain its footing after the revelation of accounting scandals and bad loans pushed it into a financial crisis.
Pan-African mortgage financier Shelter Afrique is set to hold a full board meeting today ahead of Friday’s annual general meeting (AGM) in which shareholders are expected to review the firm’s turnaround.
Shelter Afrique is set to name a new chief executive to steer its turnaround following tumultuous recent years.
Outgoing CEO Femi Adewole left the helm of the mortgage financier after a one-year term during which he came under pressure to raise additional capital and improve the financial health of the distressed lender.
Shelter Afrique, which is owned by 44 African countries together with the African Development Bank (AfDB) and African Reinsurance, has been trying to regain its footing after the revelation of accounting scandals and bad loans pushed it into a financial crisis.
“The Cabinet secretary for Transport, Infrastructure, Housing and Urban Development, James Macharia will be the guest of honour and declare the 37th Annual General Meeting and Symposium open,” said the lender in a statement.
“Shelter Afrique is expecting over 200 delegates and participants from its 44-member countries and participants in Nairobi this week for its meeting.”
Mr Adewole, a Sierra Leonean, exited office on June 30 having served at the helm in an acting capacity and then as substantive managing director since early 2017 following the resignation of Ugandan James Mugerwa.
The pan-African financier early this year faced huge losses after the structural fitness of housing units worth more Sh730 million in Kenya was put into question by the National Construction Authority.
Shelter Afrique and Everest Park Limited have since said they would bear the cost of repairs at their Athi River residential estate, which was found to be structurally unsound.
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