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NCDF Group operates under a governance framework designed to meet international institutional standards for investment management, development finance, and public-private partnership execution.
Our governance model ensures transparency, accountability, disciplined capital deployment, and long-term value creation for investors, partners, and communities.
NCDF believes sustainable development outcomes are achieved through strong institutions, responsible leadership, and transparent decision-making.
Our governance framework is built on four core principles:
Our governance framework is built on four core principles: These principles guide all investment, operational, and partnership activities across the NCDF ecosystem.
NCDF Group maintains a multi-layered governance system separating strategic oversight, investment decision-making, and operational execution
This structure ensures independent oversight while enabling efficient execution.
The Board provides strategic direction, governance oversight, and fiduciary supervision of NCDF Group’s activities.
Define long-term strategy and institutional vision
Approve investment policies and governance frameworks
Oversee risk management and compliance systems
Ensure alignment with regulatory and ESG standards
Safeguard stakeholder interests
The Board operates independently from day-to-day management functions to maintain objective oversight.
Nicholas John Connell serves as Group Managing Director of the Nigerian Capital Development Fund (NCDF Group), where he provides executive leadership for the organisation’s investment operations, portfolio management, and institutional growth strategy.
With extensive experience in private equity, venture capital, investment strategy, and risk management, he oversees NCDF’s diversified investment portfolio and ensures that the Group’s projects maintain a strong balance between financial sustainability, development impact, and long-term value creation.
Nicholas works closely with the leadership team, investment committees, and strategic partners to guide the structuring and execution of investment initiatives across sectors, including infrastructure, renewable energy, healthcare, education, housing, financial services, and industrial development. His leadership focuses on disciplined capital deployment, strong governance, and effective portfolio oversight to support NCDF’s mission of mobilising capital for sustainable economic development.
Otega Owumi serves as Chief Financial & Risk Officer of the Nigerian Capital Development Fund (NCDF Group), where she leads the organisation’s financial strategy, capital management, and enterprise risk governance across its development investment platform. She oversees financial planning, capital structuring, and risk management frameworks supporting NCDF’s initiatives in infrastructure, healthcare, education, housing, and enterprise development.
With more than two decades of experience across international banking and financial services, she brings deep expertise in financial governance, institutional risk management, and organisational transformation. Before joining NCDF, she held senior roles at American Express Europe, MetLife Europe, Oceanic Bank International, and United Bank for Africa, where she gained extensive experience in financial systems, governance, and operational leadership.
Otega holds an Executive MSc in Health Economics, Policy and Management from the London School of Economics, an MBA from Cranfield University, and executive training in Value-Based Health Care Delivery from Harvard Business School.
Tajudeen Kareem serves as Chief Strategic Partnerships & Strategic Communications of the Nigerian Capital Development Fund (NCDF Group), where he leads stakeholder engagement, strategic communications, and partnership development across the organisation’s development investment platform.
With over thirty-five years of experience in mass communication, media management, public relations, and policy engagement, he brings deep expertise in shaping institutional narratives, managing high-level stakeholder relationships, and supporting engagement across government, media, and the public sphere.
Over the course of his career, Mr. Kareem has contributed to several significant national initiatives, including the relocation of commercial farmers to Kwara State, the GSM telecommunications expansion in Nigeria, the Agriculture Policy under President Umaru Musa Yar’Adua, and the national risk communication strategy during the COVID-19 pandemic.
His background across print and electronic media, corporate communications, and public policy advisory positions him strongly to support NCDF’s strategic partnerships, public sector engagement, and institutional visibility. He holds a Bachelor’s degree in Mass Communication from the University of Nigeria, Nsukka, and is affiliated with the Nigerian Institute of Management (NIM) and the Nigerian Institute of Public Relations (NIPR).
Charles Idowu Ademilua serves as a Non-Executive Director of the Nigerian Capital Development Fund (NCDF Group), where he provides strategic oversight on healthcare systems, social infrastructure investments, and development-focused initiatives across the organisation’s investment platform.
A versatile physician with multiple board certifications, Dr. Ademilua brings extensive experience spanning clinical medicine, emergency care, community health practice, and hospital administration. His multidisciplinary background provides valuable insight into healthcare systems development, hospital operations, and community-based health programmes.
In his role on the Board, he contributes sector expertise to support the evaluation and governance of healthcare infrastructure projects, public-private partnerships, and social impact investments, helping ensure that NCDF’s initiatives deliver both sustainable financial performance and meaningful development outcomes.
Cliff Southcombe serves as Non-Executive Director – Impact & Sustainability of the Nigerian Capital Development Fund (NCDF Group), providing strategic oversight on the organisation’s sustainability agenda, development impact strategy, and stakeholder engagement across its investment platform.
A committed social entrepreneur and community advocate, Cliff brings extensive experience in social innovation, community development, and public sector collaboration. He is the co-founder of Community Routes (CLG), recognised as England’s first community cooperative initiative, reflecting his longstanding dedication to empowering communities and advancing socially driven enterprise models.
In his role on the Board, he contributes independent oversight on impact measurement, ESG integration, and sustainability governance, helping ensure that NCDF’s investments deliver both strong financial performance and measurable social and environmental outcomes. His experience supports the organisation’s broader mission of mobilising capital for inclusive economic growth, sustainable infrastructure, and long-term community development across Nigeria and emerging markets.
Uta Nkposong serves as an Independent Non-Executive Director of the Nigerian Capital Development Fund (NCDF Group) and Chair of the Investment Committee, where she provides independent oversight on investment strategy, portfolio governance, and capital allocation decisions across the organisation’s development investment platform.
She brings extensive experience in banking, investment management, and public sector finance, having held several senior roles at Equatorial Trust Bank, including Regional Business Head, Head of Public Sector (West), Branch Manager, Senior Relationship Officer, Relationship Manager, Trade Finance Manager, Operations Manager, and Marketing Officer.
Mrs Nkposong also served as Director of Investment and Private Equity at the Nigeria Agricultural and Cooperative Bank Ltd., where she led investment initiatives supporting agricultural development and cooperative enterprises. Earlier in her career, she worked as Director of Liaison and Accounts at ALRAINE (Nig) Ltd for over a decade, strengthening institutional and corporate financial relationships.
She holds a B.Sc. in Economics from the University of Ibadan and an MBA from the same institution, obtained in 1999. She is a member of the Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Bankers of Nigeria (CIBN). Her experience strengthens the Board’s oversight of investment decisions, financial discipline, and portfolio risk management.
Cleopas Chiyangwa serves as Independent Non-Executive Director of the Nigerian Capital Development Fund (NCDF Group) and Chair of the Audit & Risk Committee, where he provides independent oversight of financial reporting, internal controls, enterprise risk management, audit processes, and regulatory compliance across the organisation’s development investment platform. His role supports the Board in maintaining strong financial discipline, institutional accountability, and transparent governance in line with international best practices.
He brings over fifteen years of experience in audit, risk assurance, financial advisory, and institutional governance, gained through professional engagements with global advisory firms and public sector institutions. Throughout his career, Cleopas has advised organisations on strengthening internal control frameworks, improving financial reporting systems, managing enterprise risk, and enhancing operational performance, supporting both private and public sector institutions in navigating complex financial and regulatory environments.
Cleopas also has extensive experience in financial modelling, strategic planning, and infrastructure project feasibility analysis, contributing valuable insight into the financial and risk dynamics that underpin long-term investment programmes. His expertise strengthens NCDF’s governance architecture by ensuring that capital deployment, portfolio oversight, and financial management operate within robust risk management and audit frameworks that support sustainable institutional growth.
Prof. Sunday Babatunde Akinde serves as an Independent Non-Executive Director of NCDF Group and Chair of the Governance, Nomination & Remuneration Committee, where he provides independent oversight on board governance, leadership succession, director nominations, remuneration policy, and board effectiveness.
A distinguished academic, environmental sustainability scientist, and institutional leader, he brings extensive experience in governance, public policy, research leadership, and organisational development. He is a Professor of Applied Microbiology and Biotechnology at Osun State University and Director of the Multidisciplinary Research Laboratory, where he has led major research, institutional development, and cross-sector partnership initiatives.
Prof. Akinde has also served in key university governance roles, including University Senate, Governing Council, and other statutory committees, giving him strong experience in policy oversight, institutional accountability, and governance systems. His role at NCDF strengthens the Group’s commitment to international standards of governance, transparency, and board performance.
To strengthen governance effectiveness, specialised committees oversee critical functions:
Audit & Risk Committee
Investment & Strategy Committee
Governance & Nominations Committee
ESG & Impact Committee
The Executive Leadership Team is responsible for implementing strategy and managing NCDF’s integrated investment platform.
Execution of approved investment strategies
Partnership development and stakeholder engagement
Operational management across funds and platforms
Financial performance and impact delivery
Leadership operates under Board supervision and defined governance mandates.
Investment decisions across NCDF funds follow structured institutional processes.
Investment Oversight
No investment proceeds without formal committee approval aligned with fiduciary standards.
Risk Management & Compliance
NCDF maintains enterprise-wide risk management systems aligned with international investment practices. Key focus areas include:
ESG & Responsible Investment
Environmental, Social, and Governance (ESG) considerations are integrated into all investment decisions. NCDF aligns its approach with:
Transparency & Reporting
NCDF is committed to maintaining transparent engagement with stakeholders. Reporting practices include:
No investment proceeds without formal committee approval aligned with fiduciary standards.
Partnership Governance
NCDF structures partnerships through clearly defined frameworks ensuring alignment between investors, governments, and operating partners.
Partnership governance includes:
Leadership Commitment
NCDF leadership is guided by a commitment to responsible stewardship of capital and sustainable economic transformation. Our leaders combine experience across:
This multidisciplinary expertise supports the execution of complex investment programmes.
Strong governance is fundamental to NCDF’s mission.
By combining global standards with local expertise, NCDF creates a trusted platform through which partners can confidently deploy capital into transformative opportunities.
Governance Enquiries
For governance or institutional partnership discussions:
📧 info@ncdfgroup.com
🌐 www.ncdfgroup.com
