Africa Finance Corporation (AFC) has appointed Central Bank of Nigeria (CBN) Governor Olayemi Cardoso as Chairman of its Board of Directors, effective October 14, 2026.
Cardoso succeeds Ireti Samuel-Ogbu, the Corporation’s immediate-past Board Chair, who will remain on the board following her tenure as chairman.
The appointment comes as AFC expands its investments in strategic infrastructure and industrial projects across Africa, with Cardoso expected to bring experience in international banking, investment management, economic policy and public sector leadership to the Corporation’s strategic direction.
Since becoming CBN governor in September 2023, Cardoso has led monetary, financial-sector and institutional reforms aimed at restoring macroeconomic stability, strengthening policy credibility and rebuilding investor confidence in Nigeria’s economy.
Under his leadership, the CBN has implemented reforms to the foreign exchange market, addressed outstanding foreign exchange obligations, strengthened monetary policy transmission and enhanced institutional governance and transparency. The bank has also concluded a banking-sector recapitalisation programme designed to strengthen the resilience and capacity of Nigeria’s financial system to support sustainable economic growth.
Before his appointment as CBN governor, Cardoso spent 12 years as chairman of Citibank Nigeria and served as Lagos State Commissioner for Economic Planning and Budget, contributing 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 degree in public administration from Harvard Kennedy School, where he also served on the Alumni Board.
AFC Targets Infrastructure-Led Economic Transformation
Cardoso’s appointment comes as AFC continues to mobilise capital for infrastructure and industrial development aimed at addressing Africa’s infrastructure deficit, accelerating industrialisation and strengthening regional integration.
AFC President and Chief Executive Officer Samaila Zubairu said Cardoso’s appointment would reinforce the Corporation’s focus on expanding Africa’s 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 support AFC’s The Africa We Build 2050 initiative, which seeks to mobilise African capital for infrastructure and industries that create jobs and economic opportunities.
Zubairu also thanked Samuel-Ogbu for her dedication and contributions to the board during her tenure.
In his remarks, Cardoso said AFC’s track record and ability to mobilise capital positioned it to support infrastructure and industries capable of driving economic transformation across the continent.
“A more productive Africa is a more stable Africa,” he said.
Cardoso added that he looked forward to working with the board, management and member states to advance The Africa We Build 2050, noting that success should be measured by the productive capacity created, industries enabled and jobs supported.
AFC Highlights Major Infrastructure Investments
AFC cited several recent investments and financing milestones as evidence of its expanding role in Africa’s economic development.
These include achieving financial close on the US$753 million Lobito Corridor Railway Project in Angola, which is intended to support the rehabilitation, upgrade and long-term operation of the 1,300-kilometre existing rail corridor.
The Corporation also supported a US$600 million facility for Dangote Group’s US$7 billion fertiliser expansion programme in Nigeria, aimed at increasing production capacity.
In addition, AFC committed to a combined US$300 million investment alongside Vision Invest in WIOCC Group to accelerate the expansion of digital infrastructure across Africa.
According to the Corporation, the investments reflect its approach to developing strategic infrastructure platforms that connect markets, strengthen industrial value chains and mobilise capital at scale.
About Africa Finance Corporation
Established in 2007, Africa Finance Corporation provides financial and technical advisory services, project structuring, project development and risk capital to support infrastructure and industrial investments across Africa.
The Corporation operates across key sectors including power, natural resources, heavy industry, transport and telecommunications. It says it has 49 member countries and has invested more than US$20 billion across 36 African countries since its establishment.
More information is available at www.africafc.org.
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