The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, is the new Chairman of the Board of Directors of the Africa Finance Corporation (AFC).
Cardoso succeeds the immediate-past Chair, Ireti Samuel-Ogbu, at the end of her tenure, although she remains a member of the board of the continent’s leading infrastructure solutions provider.
The CBN governor brings extensive experience spanning international banking, investment management, economic policy and public sector leadership.
Since assuming office as Governor of the CBN in September 2023, he has led a far-reaching programme of monetary, financial-sector, and institutional reforms to restore macroeconomic stability, strengthen policy credibility, and rebuild investor confidence in Nigeria’s economy.
Under his leadership, the CBN has implemented significant reforms to Nigeria’s foreign exchange market, addressed longstanding foreign exchange obligations, strengthened monetary policy transmission, and enhanced institutional governance and transparency.
The Bank has also concluded a recapitalisation programme for the banking sector, aimed at strengthening the resilience and capacity of Nigeria’s financial system to support sustainable economic growth.
Prior to his appointment as CBN Governor, Mr Cardoso built a distinguished career in international banking and public service, including a 12-year tenure as Chairman of Citibank Nigeria and service as Commissioner for Economic Planning and Budget in Lagos State.
In the latter role, he contributed to economic planning and fiscal management in one of Africa’s largest economies.
He holds a degree from Aston University in the United Kingdom and a master’s in public administration from Harvard Kennedy School, where he also served on the Alumni Board.
Mr Cardoso’s appointment comes as AFC continues to expand its role in financing and developing strategic infrastructure assets that address Africa’s infrastructure gap, accelerate industrialisation and strengthen regional integration.
His experience in financial sector reform, institutional governance and capital markets will provide valuable perspective on the Corporation’s strategic direction as it mobilises investment to unlock Africa’s economic potential.
The President/CEO of AFC, Samaila Zubairu, expressed delight in welcoming Mr Cardoso as our Board Chairman, adding that he shares the Corporation’s conviction that Africa’s lasting stability depends on its productive capacity.
“His leadership will strengthen the AFC as we advance ‘The Africa We Build 2050’ agenda to mobilise African capital to build the infrastructure and industries that create jobs, prosperity and dignity for our people,” he said. “We also sincerely thank Mrs Samuel-Ogbu for her dedication and contribution to AFC’s board during her tenure,” he added.
Reacting to his appointment, Mr Cardoso said a more productive Africa is a more stable Africa, adding that the AFC has the credibility and track record to mobilise capital and build the infrastructure and industries that drive transformation.
“I look forward to working with the Board, management and member states to advance ‘The Africa We Build 2050 agenda. Our measure of success must be the productive capacity we create, the industries we enable and the jobs we support”, he said.
AFC continues to advance transformational infrastructure and industrial investments across Africa, with recent milestones, including achieving financial close on the $753 million Lobito Corridor Railway Project in Angola, to support the rehabilitation, upgrade, and long-term operation of the 1,300-kilometre brownfield rail corridor; supporting a $600 million facility for Dangote Group’s $7 billion fertiliser expansion programme to scale production in Nigeria, and committing to a combined $300 million investment alongside Vision Invest in WIOCC Group to accelerate the expansion of critical digital infrastructure across the continent. These investments reflect AFC’s unique approach to developing strategic infrastructure platforms that connect markets, strengthen industrial value chains and mobilise capital at scale to drive Africa’s economic transformation.
About AFC
AFC was established in 2007 to be the catalyst for pragmatic infrastructure and industrial investments across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.
Nineteen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has 49 member countries and has invested over $20 billion in 36 African countries since its inception.
