AFC Appoints CBN Governor Yemi 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, succeeding Ireti Samuel-Ogbu, who will remain a member of the board.

The corporation, a leading African infrastructure solutions provider, announced the appointment, expressing confidence that Cardoso’s extensive experience in international banking, economic policy, investment management and public sector leadership would strengthen its strategic direction.

Cardoso, who assumed office as CBN governor in September 2023, has spearheaded major monetary, foreign exchange and institutional reforms aimed at restoring macroeconomic stability, strengthening policy credibility and rebuilding investor confidence in Nigeria’s economy.

Under his leadership, the apex bank has introduced significant reforms to the foreign exchange market, addressed longstanding foreign exchange obligations, improved monetary policy transmission and strengthened institutional governance and transparency.

The CBN has also concluded a banking sector recapitalisation programme designed to enhance the resilience of financial institutions and increase their capacity to support sustainable economic growth.

Before becoming CBN governor, Cardoso built a distinguished career in international banking and public service. He served as Chairman of Citibank Nigeria for 12 years and was 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 in the United States, where he also served on the Alumni Board.

His appointment comes as AFC intensifies efforts to mobilise investment for strategic infrastructure projects across Africa, with a focus on addressing the continent’s infrastructure deficit, accelerating industrialisation and strengthening regional integration.

AFC President and Chief Executive Officer, Samaila Zubairu, said Cardoso’s leadership and shared commitment to strengthening Africa’s productive capacity would support the corporation’s long-term development ambitions.

“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 strengthen AFC’s efforts under its The Africa We Build 2050 initiative to mobilise African capital for infrastructure and industrial development, create jobs and promote shared prosperity.

Zubairu also expressed appreciation to Samuel-Ogbu for her dedication and contributions to the corporation during her tenure as board chairman.

In his remarks, Cardoso said Africa’s economic stability depended significantly on its ability to expand productive capacity, develop industries and create employment opportunities.

“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 expressed his commitment to working with the board, management and member states to advance the corporation’s long-term development agenda, stressing that success should be measured by the productive capacity created, industries enabled and jobs supported.

AFC has continued to expand its infrastructure financing activities across the continent, with several major investments supporting transportation, industrial production and digital connectivity.

Among its recent milestones is achieving financial close on the $753 million Lobito Corridor Railway Project in Angola, which will support the rehabilitation, upgrading and long-term operation of the 1,300-kilometre rail 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 scaling up production.

Additionally, 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.

The investments underscore the corporation’s strategy of developing infrastructure platforms that connect markets, strengthen industrial value chains and attract capital to support Africa’s economic transformation.