AFC Appoints Cardoso As Board Chairman

The Africa Finance Corporation (AFC), a premier multilateral financial institution driving infrastructure development across the continent, has named Central Bank of Nigeria (CBN) Governor Olayemi Cardoso as the new chairman of its board of directors.

According to an official corporate release issued on Wednesday, Mr. Cardoso steps into the role succeeding Ireti Samuel-Ogbu, who transitions to continue serving as a member of the board.

The appointment coincides with the institution’s ongoing expansion of strategic infrastructure financing aimed at closing Africa’s infrastructure deficit, fostering industrial growth, and deepening regional integration.

Commenting on the leadership transition, AFC President and CEO Samaila Zubairu stated, Mr Cardoso shares our 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, mobilising African capital to build the infrastructure and industries that create jobs, prosperity and dignity for our people.

Accepting the appointment, the CBN governor emphasized the vital link between economic productivity and continental stability, noting that tangible outcomes will define the corporation’s impact.

Expressing his vision for the institution, Cardoso remarked, 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 further added, I look forward to working with the Board, management and member states to advance The Africa We Build 2050. Our measure of success must be the productive capacity we create, the industries we enable and the jobs we support.

Mr. Cardoso assumes the chairmanship with a robust background spanning international banking, investment management, public-sector leadership, and economic policy.

Since taking the helm at the Central Bank of Nigeria in September 2023, he has steered comprehensive financial and monetary policy reforms designed to restore macroeconomic stability, rebuild foreign exchange market credibility, and strengthen investor trust.

Key milestones under his tenure include clearing legacy FX backlogs, refining monetary transmission mechanisms, boosting institutional transparency, and executing a rigorous banking sector recapitalization program to fortify financial system resilience.

Before entering his current national role, Cardoso built a distinguished career spanning over a decade as chairman of Citibank Nigeria, alongside public service experience as commissioner for economic planning and budget in Lagos State.

He holds a Bachelor of Science degree in Managerial and Administrative Studies from Aston University, UK, and a Master’s in Public Administration from the Harvard Kennedy School.

According to the AFC, Mr. Cardoso’s extensive expertise in capital markets, institutional governance, and financial-sector restructuring will offer critical strategic guidance as the corporation mobilizes global and regional capital to unlock Africa’s vast economic potential.