The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has been appointed Chairman of the Board of Directors of the Africa Finance Corporation (AFC), the pan-African infrastructure financing institution announced on Wednesday.
Cardoso succeeds Ireti Samuel-Ogbu, who has completed her tenure as board chair but will remain a member of the corporation’s board.
The appointment, announced in Lagos on October 14, 2026, places the CBN governor at the helm of an institution financing strategic infrastructure and industrial projects across Africa.
Cardoso brings experience spanning international banking, investment management, economic policy and public-sector leadership to the role.
Since becoming CBN governor in September 2023, he has overseen monetary, financial-sector and institutional reforms aimed at restoring macroeconomic stability, strengthening policy credibility and rebuilding investor confidence in Nigeria’s economy.
Under his leadership, the central bank has introduced foreign exchange market reforms, addressed outstanding foreign exchange obligations, strengthened monetary policy transmission and enhanced institutional governance and transparency.
The CBN has also concluded a banking-sector recapitalisation programme designed to strengthen financial institutions’ resilience and capacity to support sustainable economic growth.
Before his appointment as governor, Cardoso served for 12 years as chairman of Citibank Nigeria and as Lagos State Commissioner for Economic Planning and Budget, 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.
AFC President and Chief Executive Officer, Samaila Zubairu, said Cardoso’s appointment would strengthen the corporation’s strategic direction as it mobilises capital for infrastructure and industrial development across the continent.
“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 The Africa We Build 2050 agenda, which seeks to mobilise African capital for infrastructure and industries that create jobs and drive prosperity.
Zubairu also acknowledged Samuel-Ogbu’s contributions to the corporation during her tenure as board chair.
In his remarks, Cardoso said Africa’s economic stability depended on expanding its productive capacity, building industries and creating employment opportunities.
“A more productive Africa is a more stable Africa,” he said, adding that he looked forward to working with the board, management and member states to advance the corporation’s long-term development agenda.
AFC expands infrastructure investments
The appointment comes as AFC expands its financing of major infrastructure and industrial projects across Africa.
Recent milestones include achieving financial close on the $753 million Lobito Corridor Railway Project in Angola, which will support the rehabilitation, upgrading and long-term operation of a 1,300-kilometre existing rail corridor.
The corporation has also supported a $600 million facility for the Dangote Group’s $7 billion fertiliser expansion programme in Nigeria, aimed at increasing production capacity.
Additionally, AFC committed to a combined $300 million investment alongside Vision Invest in WIOCC Group to accelerate the expansion of critical digital infrastructure across the continent.
According to the corporation, these investments are designed to connect markets, strengthen industrial value chains and mobilise capital for Africa’s economic transformation.
Cardoso’s appointment places his financial-sector and economic-policy experience within AFC’s leadership as the institution pursues its infrastructure development and industrialisation objectives across the continent.
