Lagos, 14 October 2026 – Africa Finance Corporation (AFC) announce say dem don appoint Mr. Olayemi Cardoso, wey be Governor of Central Bank of Nigeria (CBN), as Chairman of im Board of Directors.
He dey take over from immediate past Chair, Ireti Samuel-Ogbu, wey serve di Corporation well during her tenure and still dey serve as board member.
AFC talk say Mr Cardoso carry plenty experience from international banking, investment management, economic policy and public sector leadership.
Since he assume office as CBN Governor in September 2023, he don lead far-reaching programme of monetary, financial sector and institutional reforms wey aim to restore macroeconomic stability, strengthen policy credibility and rebuild investor confidence for Nigeria economy.
Under im leadership, CBN don implement significant reforms for Nigeria foreign exchange market, address longstanding foreign exchange obligations, strengthen monetary policy transmission and enhance institutional governance and transparency.
Di Bank also don conclude recapitalisation programme for banking sector, aimed at strengthening resilience and capacity of Nigeria financial system to support sustainable economic growth.
Before he become Governor, Mr Cardoso build distinguished career for international banking and public service. E serve 12 years as Chairman of Citibank Nigeria and also serve as Commissioner for Economic Planning and Budget in Lagos State.
For that role, he contribute to economic planning and fiscal management for one of Africa largest economies. He hold degree from Aston University for United Kingdom and master’s degree in public administration from Harvard Kennedy School, where he also serve on Alumni Board.
Mr. Cardoso appointment come as AFC dey continue to expand im role for financing and developing strategic infrastructure assets wey address Africa infrastructure gap, accelerate industrialisation and strengthen regional integration.
Im experience for financial sector reform, institutional governance and capital markets go bring valuable perspective to Corporation strategic direction as e dey mobilise investment to unlock Africa economic potential.
Samaila Zubairu, President & CEO of AFC, talk say: ‘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. His leadership will strengthen 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. We also sincerely thank Mrs Samuel-Ogbu for her dedication and contribution to AFC’s board during her tenure.’
Mr. Cardoso comment on im appointment, saying: ‘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. 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.’
AFC continues to advance transformational infrastructure and industrial investments across Africa, with recent milestones including achieving financial close on di US$753 million Lobito Corridor Railway Project for Angola, to support rehabilitation, upgrade, and long-term operation of di 1,300-kilometre brownfield rail corridor; supporting a US$600 million facility for Dangote Group’s US$7 billion fertiliser expansion programme to scale production for Nigeria; and committing to combined US$300 million investment alongside Vision Invest in WIOCC Group to accelerate expansion of critical digital infrastructure across di continent.
These investments reflect AFC unique approach to developing strategic infrastructure platforms wey connect markets, strengthen industrial value chains and mobilise capital at scale to drive Africa economic transformation.
About AFC: AFC establish for 2007 to be catalyst for pragmatic infrastructure and industrial investments across Africa.
AFC approach combine specialist industry expertise with focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa infrastructure development needs and drive sustainable economic growth.
Nineteen years on, AFC don develop track record as partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets wey provide essential services for core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications.
AFC get 49 member countries and don invest over US$20 billion for 36 African countries since its inception.
