AFC Appoints CBN Governor Cardoso as Board Chairman
Oru Leonard
The Africa Finance Corporation (AFC) has appointed the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, as Chairman of its Board of Directors.
The corporation announced the appointment in a statement issued on Wednesday, October 14, 2026, saying Cardoso would succeed Ireti Samuel-Ogbu, who remains a member of the board after completing her tenure as chairman.
Cardoso brings extensive experience in international banking, investment management, economic policy and public sector administration to the position.
Since assuming office as CBN governor in September 2023, he has overseen monetary and financial sector reforms aimed at restoring macroeconomic stability, strengthening policy credibility and rebuilding investor confidence in Nigeria’s economy.
Under his leadership, the apex bank has introduced reforms in the foreign exchange market, addressed outstanding foreign exchange obligations and strengthened monetary policy transmission, institutional governance and transparency.
The CBN has also completed a recapitalisation programme for the banking sector aimed at enhancing the resilience and capacity of financial institutions to support sustainable economic growth.
Before his appointment as CBN governor, Cardoso served as chairman of Citibank Nigeria for 12 years and as Lagos State Commissioner for Economic Planning and Budget, where he contributed to economic planning and fiscal management.
He holds a degree from Aston University, United Kingdom, and a master’s degree in public administration from Harvard Kennedy School, where he also served on the Alumni Board.
The AFC said Cardoso’s appointment came at a time when the corporation was expanding its role in financing and developing strategic infrastructure projects to address Africa’s infrastructure deficit, promote industrialisation and strengthen regional integration.
His experience in financial sector reforms, institutional governance and capital markets is expected to contribute to the corporation’s strategic direction as it mobilises investments to support Africa’s economic development.
Commenting on the appointment, AFC President and Chief Executive Officer, Samaila Zubairu, said Cardoso shared the corporation’s belief that Africa’s long-term stability depended on strengthening its productive capacity.
“We are delighted to welcome Mr Cardoso as our Board Chairman. He shares our conviction that Africa’s lasting stability depends on its productive capacity,” Zubairu said.
He added that Cardoso’s leadership would strengthen the corporation’s efforts to advance its The Africa We Build 2050 initiative, which seeks to mobilise African capital for infrastructure and industrial development, job creation and economic prosperity.
Zubairu also thanked Samuel-Ogbu for her contributions to the corporation during her tenure as board chairman.
In his remarks, Cardoso said the continent’s economic stability depended on its ability to expand production, develop industries and create employment opportunities.
“A more productive Africa is a more stable Africa. AFC has the credibility and track record to mobilise capital and build the infrastructure and industries that drive transformation,” he said.
He expressed readiness to work with the board, management and member states to advance the corporation’s long-term development agenda, adding that success should be measured by the productive capacity created, industries enabled and jobs supported.
The AFC highlighted several infrastructure and industrial investments as part of its efforts to transform African economies.
Among them is the financial close of the $753m Lobito Corridor Railway Project in Angola, which is expected to support the rehabilitation, upgrading and long-term operation of a 1,300-kilometre railway corridor.
The corporation also supported a $600m financing facility for the Dangote Group’s $7bn fertiliser expansion programme in Nigeria, aimed at increasing production capacity.
Additionally, AFC committed to a combined $300m investment alongside Vision Invest in WIOCC Group to accelerate the expansion of critical digital infrastructure across Africa.
According to the corporation, the investments are designed to improve connectivity between markets, strengthen industrial value chains and mobilise capital for large-scale economic transformation.
Established in 2007, the Africa Finance Corporation provides financing, technical and financial advisory services, project development and risk capital for infrastructure and industrial investments across the continent.
The corporation said it had 49 member countries and had invested more than $20bn in 36 African countries since its establishment.
