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.
Cardoso succeeds Ireti Samuel-Ogbu, who served as the corporation’s board chairman and will continue as a board member.
The appointment, announced on Wednesday, October 14, 2026, is expected to strengthen AFC’s strategic direction as it expands investments in infrastructure and industrial development across Africa.
Cardoso, who became CBN governor in September 2023, brings experience spanning international banking, investment management, economic policy and public sector leadership to the role.
Since assuming office, he has led reforms aimed at restoring macroeconomic stability, improving monetary policy effectiveness, strengthening institutional governance and rebuilding investor confidence in Nigeria’s economy.
The reforms include changes to the foreign exchange market, settlement of outstanding foreign exchange obligations, improved monetary policy transmission and enhanced transparency in the banking sector.
The CBN has also concluded a recapitalisation programme for the banking sector to strengthen financial institutions and improve their capacity to support sustainable economic growth.
Before his appointment as CBN governor, Cardoso served for 12 years as Chairman of Citibank Nigeria 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.
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.
“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 capital for infrastructure and industries capable of generating employment, prosperity and improved living standards across the continent.
In his remarks, Cardoso said expanding Africa’s productive capacity was essential to achieving lasting economic stability.
“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 added that the corporation’s success should be measured by its contribution to productive capacity, industrial development and job creation.
The appointment comes as AFC advances major infrastructure and industrial investments across the continent.
Among its recent milestones is the achievement of financial close on the $753 million Lobito Corridor Railway Project in Angola, which will support the rehabilitation, upgrading and long-term operation of a 1,300-kilometre railway corridor.
The corporation has also supported a $600 million facility for the Dangote Group’s $7 billion fertiliser expansion programme in Nigeria, aimed at increasing production capacity.
In addition, AFC has committed to a combined $300 million 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 attract capital to strategic sectors of African economies.
Established in 2007, AFC provides financial and technical advisory services, project structuring, project development and risk capital to support infrastructure and industrial investments across Africa.
The corporation said it has 49 member countries and has invested more than $20 billion in 36 African countries since its establishment.
Samuel-Ogbu, Cardoso’s predecessor, will remain on the board as the corporation continues to pursue investments aimed at addressing Africa’s infrastructure deficit and accelerating economic transformation.
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