CBN Governor Cardoso Appointed Chairman of Africa Finance Corporation Board

CBN Governor Cardoso Appointed Chairman of Africa Finance Corporation Board

The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has been appointed Chairman of the Board of Directors of the Africa Finance Corporation (AFC), a leading provider of infrastructure solutions across Africa.

Cardoso succeeds Ireti Samuel-Ogbu, who served as the corporation’s immediate past board chair and will continue as a board member.

The appointment was announced by AFC, which said Cardoso brings extensive experience in international banking, investment management, economic policy and public sector leadership.

Since assuming office as CBN Governor in September 2023, Cardoso has overseen 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 introduced reforms to the foreign exchange market, addressed outstanding foreign exchange obligations, strengthened monetary policy transmission and improved institutional governance and transparency.

The bank has also concluded a recapitalisation programme for the banking sector to enhance the resilience and capacity of financial institutions to support sustainable economic growth.

Before his appointment as CBN Governor, Cardoso served for 12 years as Chairman of Citibank Nigeria and as Commissioner for Economic Planning and Budget in Lagos State, where he contributed to economic planning and fiscal management.

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 said Cardoso’s appointment comes as the corporation expands its investments in strategic infrastructure projects aimed at addressing Africa’s infrastructure deficit, accelerating industrialisation and strengthening regional integration.

The corporation added that his experience in financial-sector reforms, institutional governance and capital markets would support its strategic direction as it mobilises investments to unlock Africa’s economic potential.

Commenting on the appointment, AFC President and Chief Executive Officer, Samaila Zubairu, said Cardoso’s leadership would strengthen the corporation’s efforts to mobilise African capital for infrastructure and industrial development.

Zubairu also expressed appreciation to Samuel-Ogbu for her dedication and contributions to the corporation during her tenure.

In his remarks, Cardoso said Africa’s long-term stability depended on expanding its productive capacity, adding that AFC had the credibility and track record to mobilise capital for infrastructure and industries that drive economic transformation.

He said he looked forward to working with the board, management and member states to advance the corporation’s The Africa We Build 2050 agenda.

AFC highlighted several recent investment milestones, including achieving financial close on the $753 million Lobito Corridor Railway Project in Angola, supporting a $600 million facility for Dangote Group’s $7 billion fertiliser expansion programme in Nigeria, and committing to a combined $300 million investment alongside Vision Invest in WIOCC Group to expand digital infrastructure across Africa.

The corporation said the investments reflect its strategy of developing infrastructure platforms that connect markets, strengthen industrial value chains and attract capital to support Africa’s economic transformation.

CBN Governor Cardoso Appointed Chairman of Africa Finance Corporation Board