Panel -- Africa Capital Markets

Panel Summary:

There has been an unprecedented amount of capital inflows into the African capital markets in the past five years.  Despite the credit crisis that has been engulfing the world financial markets, international investors deem these markets attractive as they do not move in tandem with the world markets.  Last year, over $5billion of equity was sold in Africa and in 2006, $10 billion of foreign investment went into Sub-Saharan Africa’s debt markets. With the capital markets still generating double digit returns, it is no wonder why Africa is depicted as the final frontier.  Our panelists will discuss these great opportunities with African securities as well as the opportunities to address the challenges with the capital markets: mainly illiquidity, few institutional investors, underdeveloped corporate debt markets and less stringent investor protections.

As African firms develop into emerging giants in the world economy, they have looked to the capital markets to finance their strategic needs. Some firms have issued depository receipts to access the international markets. Our panelists will share their experiences in how they have assisted African firms in achieving their goals, and the pros and cons of several financing approaches. This panel will also address how to increase the efficiency and investor appetite of the African capital markets so that they can play a larger role in financing the continent’s growing enterprises and developmental projects.

Atedo N. A. Peterside (an Officer of the Order of the Niger) is the founder and Chairman of IBTC Chartered Bank Plc (“IBTC”). He was the Chief Executive Officer of IBTC from inception in 1989 until 25 October 2007.

A highly experienced banker, Mr. Peterside  has overseen numerous path-breaking financial advisory and capital market assignments undertaken by IBTC. Mr. Peterside is a regular commentator on the Nigerian economy and the domestic financial system.
 
Mr. Peterside had his secondary school education at King’s College Lagos. He then obtained a B.Sc. degree in Economics from The City University, London and an M.Sc. (also in Economics) from London School of Economics & Political Science. His executive educational experience is wide and varied and includes the Owner/President Management Programme of the Harvard Business School.
 
Mr. Peterside was the Chairman of the Committee on Corporate Governance of Public Companies in Nigeria which crafted a Code of Best Practices for Public Companies operating in Nigeria. The Code was published in October 2003. He is a Director of the Nigerian Economic Summit Group and is also a member of the Private Sector Advisory Board set up by the World Bank to assist in setting up a Country Assistance Strategy (CAS) for Nigeria.

Andrew Cornthwaite
Deputy CEO
Renaissance Capital

Andrew Cornthwaite is the Deputy CEO of Renaissance Capital. Andrew Cornthwaite has overall responsibility for the firm's investment banking activities. Prior to joining Renaissance Capital, Andrew was a Managing Director and head of the Equity Corporate Finance department at Credit Suisse in London.

In that role he was responsible for the origination, structuring and execution of all of CS’ European primary equity transactions, including initial public offerings (IPOs), block trades, rights issues and equity-linked transactions for clients across Europe, the Middle East and Africa. Andrew has worked on over 100 equity transactions, raising over USD20 billion in finance for corporate and government clients.

He has extensive experience in the Russian and CIS capital markets, including the IPOs of Efes Breweries International, Sistema and Pyaterochka. Andrew Cornthwaite has a first class law degree from Oxford University and also attended the College of Law, Chester.

Dr. Olaolu Mudasiru is the Deputy Managing Director/COO of Vetiva Capital Management Limited, an Investment Banking Boutique based in Lagos, Nigeria with investments and affiliates in sub-Saharan Africa. He has over 17 years of experience spanning the spectrum of Investment Banking - covering Wealth Management, Financial Intermediation, Trading & Dealing as well as Executing Various Transactions in the Financial Services Industry. Prior to co-founding Vetiva, Olaolu worked at Oando Plc, Asset Resource & Management Company (a subsidiary of Guaranty Trust Bank Plc) and Standard Trust Bank (now UBA Plc).

Olaolu is an alumnus of the Stanford Executive Programme and he has a Masters Degree in Investment Banking & Finance from the ICMA Centre, University of Reading, UK and an M.B;B.S. degree from the College of Medicine, University of Lagos, Nigeria. He is a Dealing Member of the London Stock Exchange, an Associate of the Chartered Institute of Stockbrokers, Nigeria as well as being a member of the Medical & Dental Council of Nigeria.

John Tudor is a Principal at Bain Capital where he focuses on private equity investing in leverage buy-out transactions.  His recent investing activities have been concentrated in the retail sector and have included Toys R Us, Burlington Coat Factory, and the South African retailer Edcon.    

Prior to joining Bain Capital, John worked at Monitor Company on strategy consulting assignments based in Europe and Asia.  He also spent time as a research associate at Harvard Business School working with Professor Michael Porter in competition and strategy.

John was born in South Africa and holds a Bachelors degree from the University of Cape Town and a Masters degree from Oxford University, where he was a Rhodes Scholar.  He received his MBA from Harvard Business School where he was a Baker Scholar.  John currently lives in Newton with his wife and young sons.     

Laura Alfaro earned her Ph.D. in Economics from the University of California, at Los Angeles (UCLA) in 1999, where she was recipient of the Dissertation Fellowship award. She received a B.A in economics with honors from the Universidad de Costa Rica in 1992 and a 'Licenciatura' from the Pontificia Universidad Catolica of Chile in 1994, where she graduated with highest honors. In 1992, she was awarded a Francisco Marroquin Foundation scholarship. She is also Faculty Research Fellow in the National Bureau of Economic Research’s International Macroeconomics and Finance Program and Faculty Associate at Harvard's Weatherhead Center for International Affairs.

Professor Alfaro is the author of multiple articles published in leading academic journals, and of Harvard Business School cases related to the field of international economics and in particular international capita flows, foreign direct investment and sovereign debt. Other research interests include political economy, capital controls, and exchange-rate-based stabilization programs.