Africa Finance Corporation, AFC, the continent’s leading infrastructure solutions provider, has announced the appointment of Mr Olayemi Cardoso, Governor of the Central Bank of Nigeria, CBN, as Chairman of its Board of Directors.
According to a statement by Yewande Thorpe, from AFC’s Communications Department, Cardoso succeeds the immediate-past Chair, Ireti Samuel-Ogbu, who will continue to serve as a board member.
Thorpe said that Cardoso would bring extensive experience spanning international banking, investment management, economic policy and public sector leadership.
“Since assuming office as governor of the CBN in 2023, he has led a far-reaching programme of monetary, financial-sector, and institutional reforms.
“The reforms were to restore macroeconomic stability, strengthen policy credibility, and rebuild investor confidence in Nigeria’s economy.
“Under his leadership, the CBN has implemented significant reforms to Nigeria’s foreign exchange market, addressed longstanding foreign exchange obligations, strengthened monetary policy transmission, and enhanced institutional governance and transparency,” Thorpe said.
She said that the CBN had also concluded a recapitalisation programme for the banking sector, aimed at strengthening the resilience and capacity of Nigeria’s financial system to support sustainable economic growth.
“Prior to his appointment as governor, Cardoso built a distinguished career in international banking and public service, including a 12-year tenure as Chairman of Citibank Nigeria.
“He also served as Commissioner for Economic Planning and Budget in Lagos State.
“In the latter role, he contributed to economic planning and fiscal management in one of Africa’s largest economies,” she said. .
She said that Cardoso’s appointment came as AFC continued to expand its role in financing and developing strategic infrastructure assets that address Africa’s infrastructure gap, accelerate industrialisation and strengthen regional integration.
She said that his experience in financial sector reform, institutional governance and capital markets would provide valuable perspective on the Corporation’s strategic direction as it mobilised investment to unlock Africa’s economic potential.
Meanwhile, Samaila Zubairu, President and CEO of AFC, expressed delight on the appointment and welcome Cardoso as 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,” Zubairu said.
Commenting on his appointment, Cardoso said that a more productive Africa was a more stable Africa.
According to the CBN governor, 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,” he said.
The News Agency of Nigeria (NAN) reports that AFC was established in 2007 to be the catalyst for pragmatic infrastructure and industrial investments across Africa.
Its approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.
Overtime, the corporation has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets.
It focuses on assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications.
AFC has 49 member countries and has invested over 20 billion dollars in 36 African countries since its inception.
NAN