Business
Uganda’s Dr. Ojangole Takes Helm of African Development Finance Body
Uganda Development Bank’s Managing Director, Dr. Patricia Ojangole, has been appointed Chairperson of the Association of African Development Finance Institutions (AADFI), the umbrella organization for development finance institutions in Africa.
Dr. Ojangole’s appointment was announced during the 51st Ordinary General Assembly of AADFI, held on May 26, 2025, at the Sofitel Hotel Ivoire in Abidjan, Côte d’Ivoire, as part of the Association’s Annual General Assembly and the celebration of AADFI’s 50th Anniversary.
“Dr. Ojangole distinguished herself as the first Vice Chairperson of AADFI from 2019 to 2025, and her elevation to Chairperson marks a historic moment – she is the first woman to hold this esteemed position since the Association’s inception,” a citation from AADFI read in part.
Adding; “Her leadership reflects UDB’s commitment to excellence, inclusion, and transformative development across Africa.”
The UDB Managing Director succeeds Mr. Thabo P. Thamane, the CEO of – Citizen Entrepreneurial Development Agency (CEDA) Botswana, who has chaired the AADFI Board since June 2019.
In her acceptance speech during the General Assembly in Côte d’Ivoire on Monday, Dr. Ojangole acknowledged that it is an honour to accept the position of the Chairperson of AADFI, appreciating the General Assembly for the confidence bestowed upon her to serve both the Association and the African people.
She challenged AADFI members – who comprise over 91 member institutions made up of national, regional, and multilateral development finance institutions in Africa, and from other continents engaged in development finance activities in Africa, to reflect on whether they are making the African people prosperous.
“Are we creating good jobs in numbers that correspond with the population growth in our countries? Are we industrialising our economies? And what measures are we taking, if anything, to significantly boost exports, substitute imports, and create local value chains?” she further reflected.
These, she noted, are the issues that motivated her to accept the position of Chairperson of AADFI. Adding that, her tenure will focus on creating thriving, prosperous and advanced economies across Africa through strong national DFIs.
“We will only make good progress if we are not afraid of doing new things, accepting big challenges and coming out of our comfort zone, where we follow age-old ways of governing DFIs across Africa.”
The AADFI Board is responsible for conducting the Association’s activities and for supervising the General Secretariat. It comprises the Bureau, composed of the Chairman and two Vice-Chairmen. Five members representing the five sub-regions of the Continent as defined by the UN Economic Commission for Africa or as may be determined from time to time by the General Assembly, and a member elected by the Special and Honorary members.
Members of the General Assembly of AADFI pose for a photo during the event at the Sofitel Hotel Ivoire in Abidjan, Côte d’Ivoire.
Created under the auspices of the African Development Bank in 1975, AADFI’s objectives are; to stimulate cooperation for the promotion and financing of sustainable development in Africa, and to encourage the process of economic integration in the African region.
The Association is a founding member of the World Federation of Development Financing Institutions, which brings continental DFIs’ Associations under one global platform. It is also a member of the Global Sustainable Finance Network. The AADFI has an Observer Status at the World Bank.
About Dr. Ojangole
Dr. Ojangole is a professional accountant with over 20 years of experience in Banking and Finance.
She holds a PhD in Development Finance and a Master of Philolosophy in Development Finance (cum laude) both from the University of Stellenbosch Business School, South Africa. She also holds an Executive Master of Business Administration from Eastern and Southern Africa Management Institute (ESAMI), Arusha, Tanzania; a Bachelor of Commerce (Hons) Degree from Makerere University, Uganda and has completed several leadership and management programs.
Dr. Ojangole is a Fellow of the Association of the Certified Chartered Accountants (UK); a member of the Certified Public Accountants of Uganda (ICPAU), as well as The Institute of Internal Auditors Uganda (IIA).
She is a member of the Board of Uganda Development Bank Ltd, Uganda Bankers’ Association, Trademark Africa, Liberty Life Assurance (U) Ltd, Uganda and serves as a Council member at Busitema University Ltd.
Dr. Ojangole has been instrumental in transforming Uganda Development Bank into a modern and efficient institution, playing a catalytic role in the government’s agenda of private sector development and job creation. Under her tenure, UDB’s balance sheet has grown tenfold from UGX 109 billion in 2013 to UGX 1.78 trillion in 2024.
Uganda Development Bank Limited (UDB) is the country’s national Development Finance Institution (DFI), mandated to accelerate socio-economic development through sustainable financial interventions, debt and equity. UDB also offers non-financial services geared at fostering enterprise investment readiness. Consistent with this mandate, the Bank supports projects within the private sector that demonstrate the potential to deliver high socio-economic value, including job creation, improved production output, tax contributions, and foreign exchange generation, among other outcomes.
UDB aligns its interventions with the strategic objectives under the National Development Plan IV (NDP IV). These objectives include sustainably increasing production, productivity and value addition in agriculture, industry, tourism, ICT and financial services; enhancing human capital development; and supporting the private sector to drive growth and create jobs.
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