AFC appoints Cardoso as board chairman

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.

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

According to a statement by Yewande Thorpe of AFC, Cardoso brings experience in international banking, investment management, economic policy and public sector leadership.

Since becoming CBN governor in September 2023, he has led monetary, financial sector and institutional reforms aimed at restoring macroeconomic stability, strengthening policy credibility and rebuilding investor confidence in Nigeria’s economy.

The statement said the CBN had introduced reforms in the foreign exchange market, addressed outstanding foreign exchange obligations, strengthened monetary policy transmission and improved institutional governance and transparency under his leadership.

It added that the bank had completed a recapitalisation programme for the banking sector to improve 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 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.

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The corporation said Cardoso’s appointment came as it continued to expand its role in financing and developing strategic infrastructure projects to address Africa’s infrastructure deficit, accelerate industrialisation and strengthen regional integration.

It added that his experience in financial sector reform, institutional governance and capital markets would contribute to the corporation’s strategic direction as it mobilised investment across the continent.

AFC President and Chief Executive Officer, Samaila Zubairu, welcomed the appointment, saying Cardoso shared the corporation’s belief that Africa’s long-term stability depended on its 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. 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.”

Cardoso said he looked forward to working with the board, management and member states to advance the corporation’s development agenda.

“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.”

The statement highlighted some of AFC’s recent investments, including achieving financial close on the $753m Lobito Corridor Railway Project in Angola. The project is intended to support the rehabilitation, upgrade and long-term operation of the 1,300-kilometre railway corridor.

The corporation also supported a $600m facility for the Dangote Group’s $7bn fertiliser expansion programme in Nigeria to increase production.

In addition, AFC committed to a combined $300m investment with Vision Invest in WIOCC Group to expand digital infrastructure across Africa.

The corporation said the investments reflected its approach to developing strategic infrastructure platforms that connect markets, strengthen industrial value chains and mobilise capital to support Africa’s economic transformation.