Governor, Central Bank of Nigeria (CBN), Olayemi Cardoso, has been appointed Chairman of the Board of Directors of the Africa Finance Corporation (AFC), a leading infrastructure investment institution focused on addressing Africa’s development needs.
The corporation announced the appointment in Lagos yesterday, October 14, 2026, saying Cardoso would succeed Ireti Samuel-Ogbu, who served as chairman and will remain on the board as a member.
Cardoso’s appointment comes as AFC intensifies efforts to mobilise investment for major infrastructure and industrial projects across Africa, including railways, fertiliser production and digital infrastructure.
The corporation said Cardoso’s experience in banking, investment management, economic policy and public service would help guide its strategic direction as it seeks to close Africa’s infrastructure gap, create jobs and support economic growth.
Since becoming CBN governor in September 2023, Cardoso has led reforms aimed at stabilising Nigeria’s economy, improving confidence in monetary policy and strengthening the financial system.
Under his leadership, the apex bank has introduced changes to the foreign exchange market, addressed outstanding foreign exchange obligations, strengthened monetary policy operations and improved transparency and governance.
The CBN also completed a recapitalisation programme for banks, designed to increase their financial strength and capacity to support businesses and economic growth.
Before his appointment as CBN governor, Cardoso spent 12 years as chairman of Citibank Nigeria. He also served as Lagos State Commissioner for Economic Planning and Budget, where he was involved in economic planning and public finance management.
He holds a degree from Aston University in the United Kingdom and a master’s degree in public administration from Harvard Kennedy School in the United States, 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 finance infrastructure and industries capable of driving Africa’s economic transformation.
He said the appointment aligned with AFC’s The Africa We Build 2050 vision, which seeks to mobilise African capital for infrastructure development, industrial growth and job creation.
“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 the corporation’s efforts to build infrastructure and industries that create jobs, improve living standards and promote prosperity across the continent.
Zubairu also thanked Samuel-Ogbu for her contributions to the corporation during her tenure as chairman.
In his response, Cardoso said Africa needed to expand its productive capacity by investing in infrastructure and industries that could support long-term 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.
Cardoso said he looked forward to working with the board, management and member countries to advance the corporation’s development agenda.
He added that the success of the initiative should be measured by the productive capacity created, industries established and jobs supported across Africa.
AFC, established in 2007, has invested more than $20 billion in 36 African countries and has 49 member countries. Its activities cover power, natural resources, heavy industry, transport and telecommunications.
Among its recent projects is the $753 million Lobito Corridor Railway Project in Angola, which is expected to support the rehabilitation, upgrade and long-term operation of a 1,300-kilometre railway corridor.
The corporation has also supported a $600 million financing facility for the Dangote Group’s $7 billion fertiliser expansion programme in Nigeria, aimed at increasing production capacity.
In the digital infrastructure sector, AFC has committed a combined $300 million investment alongside Vision Invest in WIOCC Group to support the expansion of digital infrastructure across Africa.
The projects reflect AFC’s strategy of investing in infrastructure that connects markets, strengthens industries and supports trade and economic activity across the continent.
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