• BOAD appointed Adji Sokhna M’Baye as Chief Executive Officer of BOAD Market Solutions, its new structured finance and advisory subsidiary.
• The Lomé-based entity holds share capital of CFA 2.3 billion and will support complex financing operations across the WAEMU region.
• The initiative forms part of BOAD’s “Djoliba” strategic plan to expand into higher value-added financial services, including derivatives markets.

The West African Development Bank announced the appointment of Adji Sokhna M’Baye as Chief Executive Officer of BOAD Market Solutions, its newly created subsidiary dedicated to financial advisory and structured products.

The bank established the Lomé-based entity in August 2025 as a single-shareholder joint-stock company with a board of directors and capital of CFA2.3 billion.

According to filings in Togolese registers, the board appointed Serge Ekué, President of BOAD, as Chairman of the subsidiary’s board for the duration of his mandate as director, which will expire at the general meeting approving the accounts of the second fiscal year. The board appointed Adji Sokhna M’Baye as Chief Executive Officer for a three-year term.

BOAD Market Solutions will support governments, companies and financial institutions within the West African Economic and Monetary Union in structuring complex financing transactions. The entity will structure bond issuances, design refinancing programs, advise on mergers and acquisitions, and arrange interest rate and currency hedging solutions through approved counterparties.

Recognized expertise in finance and engineering

The new subsidiary relies on a team with more than 40 years of cumulative experience in investment banking and financial engineering gained at major international banks and investment funds. The bank said the entity will align its execution standards with leading global financial centers such as London, Paris and Hong Kong while maintaining a strong regional footprint in West Africa.

“BOAD Market Solutions is designed as a bridge between the financing needs of African economies and an international investor base seeking structured and secure opportunities,” Adji Sokhna M’Baye said.

M’Baye will also retain her position as Chief Executive Officer of BOAD Titrisation, the group’s asset securitization subsidiary. Over the past three years, that unit has executed multiple transactions for BOAD and other regional entities to lighten and optimize their balance sheets. The strategy has aimed to help institutions mobilize new resources to finance projects in energy, agriculture and infrastructure.

Toward a more sophisticated regional market

BOAD created BOAD Market Solutions under its “Djoliba” 2021–2025 strategic plan, which Serge Ekué renewed under a new plan currently being finalized. The bank seeks to broaden its business model by expanding into higher value-added financial services beyond traditional project finance.

One structural priority involves developing a derivatives market within the WAEMU zone, where such instruments remain underdeveloped. These tools allow issuers and investors to hedge risks linked to interest rate and currency fluctuations at a time when bond issuances are increasing and financing sources are diversifying.

In March 2024, the Regional Stock Exchange signed a memorandum of understanding with the Montreal Exchange to prepare the launch of a derivatives market within the Union. BOAD Market Solutions could eventually play a structuring role in that emerging financial ecosystem.

Since 2023, BOAD has multiplied hybrid operations, including deeply subordinated debt, sustainable bonds and partial capital openings, to strengthen its equity base and broaden its investor base. In an interview in November 2025, Serge Ekué said the institution was preparing to launch a listed composite index correlated with its financial performance to attract new investors without diluting its capital.

BOAD said it aims to attract a broader investor base and support the increasing sophistication of regional markets as West African economies continue to face significant financing needs.

Fiacre E. Kakpo